According to reports from Bureau De Change Operators, QUICK LOAN ARENA has obtained the Dollar to Naira today at the Black Market (Parallel Market).
You may be asking? How much is the US Dollar to Naira Black Market today)?
According to Investigations by QUICK LOAN ARENA, the Nigerian Naira continues to suffer plunge with respect to the United States Dollar at the Black Market (also called Parallel Market).
Naira Crashes To All Time Low, Exchanges N815/$ at Parallel Market
The naira has continued its free fall in the parallel market, depreciating to N815 per dollar in Abuja on Monday.
Bureaux De Change (BDC) operators in the Wuse area of Abuja, who spoke to TheCable, said the naira was falling rapidly against the greenback amid increased demand by Nigerians.
This development comes a few days after the Central Bank of Nigeria (CBN) announced that it has redesigned some naira notes and will start circulating them by December 2022.
The apex bank had explained that it took the decision to reduce excess cash in circulation and check counterfeiting.
Tabular Form For Dollar To Naira Black Market Rate Today
| $1 | N815 |
| $5 | N4,075 |
| $10 | N8,150 |
| $15 | N12,225 |
| $20 | N16,300 |
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Meanwhile, currency traders in the Victoria Island area of Lagos quoted the naira at N805 to the dollar at the street market.
The street traders put the buying price of the dollar on Monday at N785 and the selling price at N805, leaving a N20 profit margin.
“There is always high demand and no supply. The dollar is just going up everyday. Importers are not getting dollars from banks. So, they are coming to us,” a BDC operator told TheCable.
At the official market, the naira depreciated by 0.06 percent against the dollar to close at N444.75 on Friday, according to details on FMDQ OTC Securities Exchange — a platform that oversees official FX trading in Nigeria.
An exchange rate of N447 to the dollar was the highest rate recorded within the day’s trading before it settled at N444.75.
It sold for as low as N438 to the dollar within the day’s trading. A total of $61.89 million was traded in foreign exchange at the official investors and exporters window (I & E) window.
Over the weekend, the Naira had fallen significantly against the U.S. dollar at the parallel market. Our checks on Saturday revealed that the current parallel market rate for the US Dollar is N800 while British pound sterling exchanged at N890.
Black market exchange rates across states showed the naira exchanged hands with the greenback at N800.00 in Abuja and Lagos as against N780 it exchanged on Friday, the previous day trading session.
“The banks are not giving US dollars, individuals are only struggling to get on their own, that’s why the rates are high and irregular,” a currency dealer was quoted by PREMIUM TIMES as saying.
The free fall continues as the ban on Bureau the Change operators remain in place just as the Buhari regime announced plans to redesign the country’s currency in response to the country’s economic woes.
The governor of the central bank, Godwin Emefiele, announced on Wednesday that new naira notes would be issued by December 15.
Mr Emefiele stated that the move, which has since been approved Mr Buhari and other stakeholders, was certain to boost the value of the naira.
Following the latest announcement, politicians have continued to approach BDC operators to easily convert their soon-to-expire stockpiled naira to foreign currencies, as the apex bank gave all Nigerians six weeks to return all old naira notes to the bank’s vault.
In 2021, the CBN prohibited the sale of foreign exchange to BDC operators in a bid to arrest the fast fall of the country’s currency. The apex bank had accused the BDCs of unauthorised sales of foreign exchange above the market they were authorised to serve.
BDC operators were a significant part of the black market before the ban, helping people who couldn’t legally access foreign currencies directly from the CBN to maintain their exchange rates.
Frequently Asked Questions About The Dollar To Naira Black Market Rate
How much is a dollar to naira today?
A dollar to naira today is N815/$1
How much is black market dollar to naira today ?
Black market dollar to Naira today is N815/$1
How much is dollar to naira today black market .
It is still N815/$1
How much is a dollar to naira today?
A dollar to naira today is N815/$1
