Dollar To Naira Today 8th August 2022: See Black Market Exchange Rate

How much is Dollar to Naira today 8th August 2022? How much is Dollar to Naira Black Market rate today 8th August 2022?

According to reports from Bureau De Change Operators in Lagos and other States, the Dollar to Naira today at the Black Market, Monday, 8th August, 2022 is reported below.

Dollar To Naira Today 1st August 2022: See Black Market Exchange Rate
Dollar To Naira Today 8th August 2022: See Black Market Exchange Rate Below

The exchange rate between the naira and the US dollar (Dollar to Naira today 8th August 2022) has fallen to N655/$1 threshold at the parallel market on Monday 8th August 2022.

Dollar To Naira Today 8th August 2022 at the Black Market: Naira Falls Again To N6550/$1

According to Investigations by QUICK LOAN ARENA, the Nigerian Naira has plunged again with respect to the United States Dollar at the Black Market (also called Parallel Market) with the dollar to Naira today 8th August 2022 standing at N655/$1.

Dollar To Naira Black Market 12th July, 2022
Dollar To Naira Today 8th August 2022 at the Black Market N655/$1

Tabular Form For Dollar To Naira Today 8th August 2022 at the Black Market

$1 N720
$5 N3,600
$10 N7,200
$15 N10,800
$20 N14,400
$30 N21,600
$40 N28,800
$50 N36,000
$75 N54,000
$100 N72,000

Dollar to Naira today 8th August 2022 at the Black Market crashed to N655/$1 compared to N640/$1 recorded in the previous trading session. This is according to information from Bureau De Change operators.

In the parallel market popularly called the black market, the local currency reversed the previous gains as the dollar was sold for N655 on Friday compared to N640 sold on the previous day.

“There is demand in the market today, I think that is the reason why the dollar has gone up again,” a trader was quoted by BusinessDay Newspaper as saying.

The local currency had last week peaked at the rate of N710 per dollar following increased demand at the black market as the banks could not meet the genuine demand for forex by end users due to shortage of dollars at the official market.

There was low activity at the I&E window as the daily foreign exchange market turnover declined by 10.95 percent on Thursday to $110.22 million from $123.78 million recorded on Wednesday, data from the FMDQ indicated.

After trading on Thursday, the dollar was quoted at the rate of N428.12/$ as against N429.20 quoted on Wednesday at the official market.

Most currency dealers who participated in the FX auction maintained bids between N415.00 (low) and N444.00 (high) per dollar.

Meanwhile Tunde Lemo, a former deputy governor (Operations) of the Central Bank of Nigeria has said that the
threat from the Economic and Financial Crimes Commission (EFCC) to arrest Bureau de Change operators who hoard dollars and other foreign currencies will worsen the dire economic situation of the country.

Abdulrasheed Bawa, EFCC Chairman had said that intelligence report linked persons and organisations to the hoarding of foreign currencies, especially US dollars in key commercial cities of Kano, Lagos, Port Harcourt, Enugu and Calabar and warned the hoarders to desist or risk arrest, as a major offensive against the speculators was underway.

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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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