How Much is Dollar to Naira and the official Exchange Rate today, 5th August 2022?
Naira gained significantly against the U.S. dollar at the parallel market on Tuesday, after crashing to an all-time low of N710.00 last week.
Currency traders in Abuja and Uyo said they bought the dollar at about N635 and sold between N640 and N645 on Tuesday, against N685 it traded in the previous session on Monday.
The I & E window as foreign reserves record their first gain in two weeks after naira appreciated. (The Investors & Exporters FX window ( I&E FX Window) is the market trading segment for investors, exporters and End Users that allows for FX trades to be made at market determined exchange rate.)
Barely 4 days ago, we read about the decline in the value of naira. Naira depreciated to 710 Naira to $1 as of 1st of August 2022.
We have come to understand that the value of naira fluctuates often but it has been on a decline for a long time. This incident came as a shock to some.
At the parallel market or Black market, naira fell to N651/$1 on Friday morning, July 29 from N616.66/$1 recorded as of the same time on Thursday, representing a 5.6% decline compared to the previous day.
The exchange rate at the black market appreciated on Wednesday 3rd of August to close at N665/$1 compared to N670/$1 recorded on Tuesday, representing a 0.75% currency appreciation against the US dollar.
Nigeria’s external reserves rose for the first time in over two weeks, gaining marginally by 0.01% to stand at $39.07 billion from $39.07 billion recorded in the previous day. The reserve level had depreciated for eleven consecutive days, largely due to the constant intervention by the apex bank in the I&E window.
A currency dealer mentioned the day naira appreciated that the market had surpassed them all and many dealers inquired losses
“The demand for dollars was very low today,” he also mentioned.
The currency’s rise comes just days after the Economic and Financial Crimes Commission (EFCC) besieged Abuja’s Wuse Zone 4 axis, the city’s bureau de change trading hub, in an attempt to stabilize the country’s tumbling currency.
The raid was prompted after the anti-graft agency received intelligence that some individuals were buying American dollars in large quantities, a move projected to create scarcity of the green and further sink the naira.
“The raid by EFCC in Abuja BDCs last week dampened demand,” some sources mentioned.
Dollar to Naira Black Market Rate Today, 5th August 2022
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 635
Buying Rate 630
It is still very important to keep up with the exchange rates in Nigeria. As we have mentioned, the rates can change at any given time, either positively or negatively.
Naira gained significantly against the U.S. dollar at the parallel market on Tuesday, after crashing to an all-time low of N710.00 last week.
Currency traders in Abuja and Uyo said they bought the dollar at about N635 and sold between N640 and N645 on Tuesday, against N685 it traded in the previous session on Monday.
The I & E window as foreign reserves record their first gain in two weeks after naira appreciated. (The Investors & Exporters FX window ( I&E FX Window) is the market trading segment for investors, exporters and End Users that allows for FX trades to be made at market determined exchange rate.)
Barely 4 days ago, we read about the decline in the value of naira. Naira depreciated to 710 Naira to $1 as of 1st of August 2022.
We have come to understand that the value of naira fluctuates often but it has been on a decline for a long time. This incident came as a shock to some.
At the parallel market or Black market, naira fell to N651/$1 on Friday morning, July 29 from N616.66/$1 recorded as of the same time on Thursday, representing a 5.6% decline compared to the previous day.
The exchange rate at the black market appreciated on Wednesday 3rd of August to close at N665/$1 compared to N670/$1 recorded on Tuesday, representing a 0.75% currency appreciation against the US dollar.
Nigeria’s external reserves rose for the first time in over two weeks, gaining marginally by 0.01% to stand at $39.07 billion from $39.07 billion recorded in the previous day. The reserve level had depreciated for eleven consecutive days, largely due to the constant intervention by the apex bank in the I&E window.
A currency dealer mentioned the day naira appreciated that the market had surpassed them all and many dealers inquired losses
“The demand for dollars was very low today,” he also mentioned.
The currency’s rise comes just days after the Economic and Financial Crimes Commission (EFCC) besieged Abuja’s Wuse Zone 4 axis, the city’s bureau de change trading hub, in an attempt to stabilize the country’s tumbling currency.
The raid was prompted after the anti-graft agency received intelligence that some individuals were buying American dollars in large quantities, a move projected to create scarcity of the green and further sink the naira.
“The raid by EFCC in Abuja BDCs last week dampened demand,” some sources mentioned.
Dollar to Naira Black Market Rate Today, 5th August 2022
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 635
Buying Rate 630
It is still very important to keep up with the exchange rates in Nigeria. As we have mentioned, the rates can change at any given time, either positively or negatively.