Dollar To Naira Today 4th August 2022: See Black Market Exchange Rate

According to reports from Bureau De Change Operators, the Dollar to Naira today 4th August 2022 at the Black Market currently stands as N640/$1.

QUICK LOAN ARENA is reporting that the Nigerian Naira is shaking off its losses as it has gained big with respect to the United States Dollar, at the Black Market (also called Parallel Market) with the dollar to Naira today 4th August 2022 standing at N640/$1, compared to N660/$1 it exchanged at the end of last trading session.

Dollar To Naira Today 1st August 2022: See Black Market Exchange Rate
Dollar To Naira Today 4th August 2022: See Black Market Exchange Rate

The exchange rate between the naira and the US dollar (Dollar to Naira today 3rd August 2022) has appreciated to N640/$1 threshold at the parallel mark on Thursday August 4th, 2022. This is according to information from Bureau De Change operators in Lagos State.

Dollar To Naira Today 4th August 2022 at the Black Market: Naira Appreciates By N70 To Exchange At N640/$1 At Black Market

According to Investigations by QUICK LOAN ARENA, the Nigerian Naira has appreciated greatly with respect to the United States Dollar at the Black Market (also called Parallel Market) with the dollar to Naira today 4th August 2022 standing at N640/$1.

Dollar To Naira Black Market 12th July, 2022
Dollar To Naira Today 4th August 2022 at the Black Market is N640/$1

Dollar To Naira Today 4th August 2022 at the Black Market

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CBN Governor, Godwin Emefiele: Dollar To Naira Today 4th August 2022 at the Black Market

Dollar To Naira Today 4th August 2022 at the Black Market appreciated to N640/$1  though last week trading session ended the week at N720/$1. This is according to information obtained from Bureau De Change operators.

The naira yesterday continued its recovery on the parallel market, otherwise called Black Market, appreciating to N640 per dollar a few days after security operatives raided Bureaux De Change (BDC) hub in Abuja.

The nation’s currency had depreciated to about N720 to a dollar on the parallel market last week.

On the official market side, the naira appreciated by 0.03 percent to close at N428.88 to a dollar on Monday, according to data on FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria.

Last week, operatives of the Economic and Financial Crimes Commission (EFCC) raided Wuse Zone 4, Federal Capital Territory, Abuja, over allegations that some Bureaux De Change (BDC) operators are mopping up foreign currencies.

“The raid by EFCC in Abuja BDCs last week dampened demand,” a source told TheCable.

“There were large buyers last week that many had to queue up!

“The current situation tells you that if you allow the market to work, it will find its level. We were blaming aboki fx before.”

President of the Association of Bureaux De Change, Aminu Gwadabe said, the “market surveillance” was done in collaboration with the association.

“We have a cordial relationship with the security agencies and ongoing collaboration with the agencies on the exchange rate issues,” he said.

The Central Bank of Nigeria (CBN) regularly intervenes in the official foreign exchange market to maintain stability.

Last week, Osita Nwasinobi, spokesperson of the CBN, said the apex bank would continue to make deliberate efforts in the forex sector to avoid further downward slides in the value of the naira.

He further advised forex buyers not to succumb to speculative activities of some players in the FX market to save the naira from further decline.

While the pressure on the naira has both local and global perspectives, there has been unabating demand for forex for both goods and services, thereby creating a demand challenge. The deteriorating security situation in the country had also battered investor confidence and affected forex inflows into Nigeria, just as the rising petrol subsidy cost and oil theft were hurting the economy.

However, despite the significant reduction in FX inflows, the CBN has attempted to address the challenge through policies such as the RT200 FX Programme; 100 for 100 Policy on Production and Productivity; Naira4Dollar Scheme; the Anchor Borrowers’ Programme (ABP); Export Development Facility (EDF); and  the Non-Oil Export Stimulation Facility (NESF).

These initiatives of the CBN had been aimed at diversifying the economy; stimulating production; enhancing FX inflows; maintaining the stability of the naira against other currencies; and reducing FX demand pressure.

Naira Shakes Off Losses, Gains N50 To Exchange N660/$
Naira Shakes Off Losses, As Dollar to Naira today 4th August 2022 Gains N70 To Exchange N640/$

Tabular Form For Dollar to Naira today 4th August 2022 at the Black Market

$1 N640
$5 N3,200
$10 N6,400
$15 N9,600
$20 N12,800
$30 N19,200
$40 N25,600
$50 N32,000
$75 N48,000
$100 N64,000
$200 N128,000
$500 N320,000
$750 N480,000
$1,000 N640,000

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Dollar To Naira Today 3rd August 2022: See Black Market Exchange Rate

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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