Dollar to naira today – Dollar to Naira exchange rate stood at N670 on Monday at the parallel market popularly known as the black market as scarcity remained an issue amid rising demand.
The Naira exchange rate to U.S. Dollar improved from N700 recorded last week to N670 today, Monday 15th August 2022. Dollar to Naira today rate is over 50 percent higher than the official exchange rate of the Central Bank of Nigeria (CBN).
Dollar to Naira Today Black Market
| Dollar to Naira (USD to NGN) |
Black Market Exchange Rate Today |
| Buying Rate |
650 |
Selling Rate
|
670 |
Several experts have attributed the decline to a series of factors peculiar to the Nigerian economy. According to Mr. Jimi Ogbobine, Head of Consulting at Agusto Consulting, the wide exchange rate is as a result of supply challenges in the foreign exchange market.
He explained that this happened whenever demand across key exchange sections is higher than forex supply.
“The recent jump we are seeing is basically a result of a supply crisis in the forex market. The foundation of all of these is demand versus supply and when demand outweighs supply you will see this kind of currency depreciation,” he stated.
“If the central bank was able to meet forex demand, then we will not see this kind of price distortion. On one end, Nigeria is not able to meet forex supply and on the other end we are trying to restrict and constrict demand which means that quite a number of legitimate requests for forex are now being diverted to the parallel market.
“So, while the official market seems relatively calm, the reality of the supply shortage is playing out in the parallel market where more legitimate request for forex is being diverted to because the official market is not able to demand.”
Dollar to Naira Today Official Market
At the Investors and Exporters (I&E) forex window, the Nigerian Naira opened on at N429.67 against the United States Dollar and closed at N429.62 on Friday.
Forex trader at the window transacted $46.31 million forex value on Friday.
The Central Bank of Nigeria (CBN) adoped the I&E forex window as its official forex window to converge the nation’s exchange rates in accordance with the World Bank demand.
Dollar to Naira Today CBN Rates
As of Friday, the CBN bought the U.S. Dollar at N418.89 and sold the American currency at a difference of N1 for N419.89 per U.S. Dollar.
The Pounds Sterling was purchased at N508.7419 per unit and sold at N506.9564. The Euro common currency was exchanged as shown below.