According to reports from Bureau De Change Operators, the Dollar to Naira today 5th 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 5th August 2022 standing at N640/$1, compared to N660/$1 it exchanged at the end of last trading session.
The exchange rate between the naira and the US dollar (Dollar to Naira today 5th August 2022) has appreciated to N640/$1 threshold at the parallel mark on Friday August 5th, 2022. This is according to information from Bureau De Change operators in Lagos State.
Dollar To Naira Today 5th August 2022 at the Black Market: Naira Appreciates By N90 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 5th August 2022 standing at N640/$1.
Dollar To Naira Today 4th August 2022 at the Black Market
Dollar To Naira Today 5th August 2022 at the Black Market appreciated to N640/$1 though last week trading session ended the week at N720/$1.
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 was quoted by 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.
Tabular Form For Dollar to Naira today 5th August 2022 at the Black Market
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