Dollar to Naira exchange rate today Wednesday December 22, 2021 at the black market and official trading channel remained largely unchanged despite the expected Christmas rush. According to Investors King, Dollar scarcity amid Nigeria’s growing economic uncertainty are some of the factors weighing on the Nigerian Naira against its global counterparts. All efforts by the Central Bank of Nigeria to arrest the situation are yet to crystalise.
Dollar to Naira at Black Market
Naira exchange rate to United States Dollar at the parallel market, known as the black market, stood at N565 on Wednesday, representin an improvement of N565 to a United States Dollar. Forex buyers continue to patronise the black market for their forex needs despite CBN warnings to discourage people from embracing quotes determined by speculators.
The central bank had attributed all the challenges confronting the Nigerian Naira to the activities of speculators and hoarders at the unregulated black market.
Dollar to Naira Official Market Today
Dollar to naira exchange rate closed lower on Tuesday at the official forex market managed by the FMDQ. On Wednesday December 22, 2022, Dollar to Naira exchange rate opened the day at N414.11, an improvement from Tuesday’s close.
Even though the Naira is officially traded at N414 to a United States Dollar, majority of Nigerian can not access the greenback at that rate. Partly due to dollar scarcity and the inability of the central bank to meet Nigeria’s growing demand for imported goods.
Weak local manufacturing sector and low crude oil production are some of the challenges hurting Nigeria’s ability to improve foreign revenue and effectively service its growing demand for the United States Dollar.
Bitcoin to Naira Exchange Rate
Bitcoin gained 1.44 percent in the last 24 hours to trade at N20.234 million a coin. Coindesk attributed the increase bitcoin price to Asian pump. Ethe, owned by Ethereum also increased by 0.94 percent to N1.664 million.