Naira Reverses Gain, Drops to N670/$1 At Black Market

Naira Reverses Gain, Crashes to N670/$1 At Black Market

The naira fell against the United States dollar from N655 to N670 at the parallel market, otherwise called Black Market on Monday, August 8th, 2022, reversing part of the gain it had recorded against the greenback last week.

The local currency, which had fallen to 710/dollar on Monday last week, recorded some gains and closed at N655/dollar on Friday.

During the middle to the end of Friday, the naira flunctuated between N660 to N655 to N640 but eventually closed at 655/dollar at the parallel market.

Currency experts have predicted the naira will weaken against the greenback due to excessive imports, fall in crude sales due to pipeline vandalization, rush for dollar among other things.

The naira has been under severe and continuous pressure as the scarcity of the US currency continues to create ripples in the financial markets and economy.

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 N670/$1 threshold at the parallel market on Monday 8th August 2022.

Dollar To Naira Today 8th August 2022 at the Black Market: Naira Reverses Gain Again, Sells For N670/$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 N670/$1.

Dollar To Naira Black Market 12th July, 2022
Dollar To Naira Today 8th August 2022 at the Black Market N670/$1

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

$1 N670
$5 N3,350
$10 N6,700
$15 N10,050
$20 N13,400
$30 N20,100
$40 N26,800
$50 N33,500
$75 N50,250
$100 N67,000

Dollar to Naira today 8th August 2022 at the Black Market crashed to N670/$1 compared to N640/$1 recorded in the previous trading session

In the parallel market popularly called the black market, the local currency reversed the previous gains as the dollar was sold for N670 on Monday compared to N655 sold on Friday.

“If you want to buy Dollars today, you will get it at N670. That’s the rate we are selling,” a Bureau De Change Operator told QUICK LOAN ARENA this morning. Another operator told us she doesn’t have the dollar available and therefore cannot give us a price now.

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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