Naira Gains Big At Black Market: See New Exchange Rate

QUICK LOAN ARENA is reporting that the Nigerian Naira has gained big with respect to the United States Dollar, at the Black Market (also called Parallel Market) with the exchange rate, 3rd August, 2022 standing at N695/$1, compared to N710/$1 it exchanged last trading session.

Dollar To Naira Today 1st August 2022: See Black Market Exchange Rate
Exchange Rate Today 3rd August 2022: See Black Market Exchange Rate

The exchange rate between the naira and the US dollar (Dollar to Naira today) has appreciated to N695/$1 threshold at the parallel market on Wednesday August 3rd, 2022. This is according to information from Bureau De Change operators in Lagos State.

Dollar to Naira today at the Black Market: Naira Falls To Record Low N695/$1 At Black Market

Dollar To Naira Black Market 12th July, 2022
Exchange rate today at the Black Market: Naira falls To Record Low N695/$1

Dollar To Naira Black Market Rate Today: Naira Crashes To Record Low N695/$1

Naira Crashes To Record Low N630/$1 At Black Market
CBN Governor, Godwin Emefiele: Dollar to Naira today at the Black Market : Naira Falls To Record Low N695/$1 At Black Market

Dollar To Naira Black Market Rate Today appreciated to N695/$1  though last trading session ended the day at N720/$1. This is according to information obtained from Bureau De Change operators.

Tabular Form For Dollar to Naira today at the Black Market

$1 N695
$5 N3,475
$10 N6,950
$15 N10,425
$20 N13,900
$30 N20,850
$40 N27,800
$50 N34,750
$75 N52,125
$100 N69,500
$200 N139,000
$500 N347,500
$750 N521,250
$1,000 N695,000

Dollar to Naira today at the Black Market, crashed to N695/$1 compared to N720/$1 recorded in the previous trading session. This is according to information from Bureau De Change operators.

The naira, on Tuesday, appreciated against the dollar at the parallel section of the foreign exchange market.

Bureaux De Change (BDC) operators say the naira exchaged at between N690 to N695  to N700 to a dollar.

The figure represents a gain of N12 or 1.7 percent compared to the N707 it traded last week.

The traders put the buying price of the dollar at N680 and the selling price at N695, leaving a profit margin of N15.

They attributed the appreciation in the value of the naira to the adequate availability of dollars in the market to meet demand.

“The rates have been dropping. Some people have bought dollars from different states like Kano where it is cheap. They brought it to Lagos. Now, we have more dollars in the market compared to last week,” Musa, a BDC operator, told TheCable.

A parallel (street/black) market is characterised by noncompliant behaviour with an institutional set of rules.

The Central Bank of Nigeria (CBN) stopped forex sales to BDC operators in July last year, accusing them of being involved in illegal financial flows and money laundering in Nigeria.

Recently, the Economic and Financial Crimes Commission (EFCC) raided a BDC hub in Abuja over allegations that some operators are mopping up foreign currencies.

According to reports, the invasion was a covert operation to “dislodge currency speculators who are alleged to be massively mopping up available foreign currencies”.

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Dollar To Naira Black Market Rate Today — 31st July 2022

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