The Naira To Dollar has crashed to all time low and is exchanged above 720/$.
The black market exchange rate of the naira and the US dollar fell dramatically on Wednesday morning, September 28th, 2022, to trade at N722/$1, a 1.26% drop from N713/$1 traded the previous trading session.
According to report, the exchange rate between the naira and the US dollar, on the other hand, closed at N436/$1 at the official Investors and Exporters window on Tuesday, September 27th 2022.
A slight increase of 0.08% from N436.33/$1 recorded the previous session. Despite the uptrend in the exchange rate, forex turnover fell to $78.1 million on Monday, a 26.4% drop from $106.11 million last Friday.
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Meanwhile, the local currency gained 0.84% on the cryptocurrency peer-to-peer FX market, trading at a low of N723/$1 on Wednesday morning, up from N729.1/$1 at the same time on Monday, September 26th, 2022.
Nigeria’s external reserve stood at $38.46 billion on September 23, 2022, a 0.06% decrease from the previous day’s figure of $38.49 billion. The country’s foreign reserves have been declining as a result of the CBN’s ongoing intervention in the official market to keep the local currency stable.
The official market exchange rate closed at N436/$1 on Monday, September 26th, 2022, representing a 0.08% increase over the previous day’s rate of N436.33/$1.
On September 26th, 2022, the dollar to naira exchange rate remains stable at N713/$1. On Monday morning, September 26th, 2022, the parallel market exchange rate between the naira and the US dollar was N713/$1, a 0.14% depreciation from the previous week’s rate of N712/$1.
According to information obtained from black market traders, this is the case. Meanwhile, the official Investors and Exporters window exchange rate rose by 0.04% to close at N436.33/$1 on Friday, September 23, 2022, compared to N436.5/$1 the previous session.
On Friday, a total of $106.11 million was traded at the window, representing a 4.3% increase over the previous session’s total of $101.74 million. The local currency, on the other hand, depreciated further to a new record high in the cryptocurrency peer-to-peer FX market, trading at a minimum of N729.1/$1 on Monday morning, a drop of 1.14% from N720.9/$1 at the same time last week.
On the black market on September 23, 2022, the exchange rate dollar to Naira remains stable at N712/$1. The parallel market exchange rate between the naira and the US dollar was N712/$1 on Friday morning, September 23, 2022, the same as in the previous trading session.
According to information obtained from black market traders, this is the case. Similarly, the official Investors and Exporters window remained stable, closing at N436.5/$1 on Thursday, September 22nd 2022, the same as the previous session.
Meanwhile, a total of $101.74 million was traded at the window, a decrease of 24.06% from the previous session’s total of $133.97 million. The local currency, on the other hand, depreciated further to a new record high in the cryptocurrency peer-to-peer FX market, trading at a minimum of N720.9/$1 on Friday morning, a decline of 0.31% from N718.69/$1 at the same time on Thursday.
On September 22, 2022, the black market exchange rate between the naira and the dollar is N712/$1. The parallel market exchange rate between the naira and the US dollar was N712/$1 on Thursday morning, September 22nd, 2022, compared to N712.5/$1 at the close of trade on Wednesday.
According to information obtained from black market traders, The local currency, on the other hand, depreciated further in the cryptocurrency peer-to-peer FX market, trading at a low of N718.6961 on Thursday morning, a 0.29% drop from N716.59/$1 at the same time on Wednesday. In addition, the naira fell marginally against the US dollar on Wednesday, closing at N436.5/$1, down from N436.25/$1 the previous trading session.
Meanwhile, a total of $133.97 million was traded at the window, a 5.33% decrease from the previous session’s total of $141.5 million.
On September 21, 2022, the black market exchange rate of naira to dollar falls to N713/$1. On Wednesday, September 21st, 2022, the parallel market exchange rate between the naira and the US dollar fell to N712.5/$1, representing a 1.1% depreciation from the close of trade on Tuesday.
This is according to black market traders’ information. Similarly, the local currency fell in the cryptocurrency peer-to-peer FX market, trading at a low of N716.59/$1 on Wednesday morning, a 0.3% drop from the previous day’s low of N714.4/$1.
Meanwhile, the naira rose marginally against the US dollar on Tuesday, closing at N436.25/$1, up from N436.5/$1 the previous trading session.
Meanwhile, a total of $141.51 million was traded at the window, representing a 244.98% increase over the $41.02 million recorded on Monday.
The CBN Governor Godwin Emefiele who made the decision to ban the sale of foreign exchange to BDC, the rate of exchange between the two currencies was approximately N501 to a dollar.
The value of the naira to dollar, on the other hand, dropped to N710 to the dollar one year after the ban was implemented. In an effort to further restrict the flow of foreign exchange on the parallel market, the apex bank in Nigeria threatened the previous week to detain and prosecute Nigerians who were using naira to purchase dollars.
This was done in an effort to further restrict the flow of foreign exchange. It is against the law for anyone to take money out of a bank in order to buy dollars. During a meeting of the Monetary Policy Committee (MPC) in Lagos.
Mr. Emefiele stated that if you are detained by the security agencies, you will understand the implications of their actions.
However, Mr. Emefiele has come under fire for failing to implement measures that would have helped to stabilise the value of the nation’s currency on the foreign exchange market.
These measures could have been implemented to help stabilise the value of the currency. The value of the naira against the dollar at the Investors and Exporters window has decreased from N234 to N430 as of Friday.
This decline in value has occurred since March 2014, when Godwin Emefiele took over as governor of the central bank. What is the USD to Naira exchange rate when Godwin Emefiele took Over? On Thursday one dollar was worth N695 in the parallel market, which is a significant decrease from 2014, when one dollar was worth N180.
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