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Dollar To Naira: Naira In Free Fall, Traded N718/$1 At Black Market

Nigeria’s official currency, Naira has depreciated to a record low on the black market after it closed trading on Thursday at N718/$1 compared to N700/$ recorded on Wednesday. 

This is according to information gathered by Nairametrics from Bureau De Change, BDC operators in Lagos State.

Dollar To Naira, Naira Traded N718/$1 At Black Market

Naira had fallen below the N700/$1 threshold on Wednesday, driven by a surge in the demand for forex in the country, amidst sustained scarcity. With the exchange rate now at N718 per dollar, it indicates that Naira has depreciated by N100 in just 10 days.

Bureau De Change operators cited a lack of FX and a surge in demand for the recent uncontrolled uptrend recorded in the market. Meanwhile, some bank users have complained that they have not been able to access their funds in their domiciliary accounts due to a lack of liquidity, Nairametrics reports.

Similarly, in the cryptocurrency, Peer-to-Peer, P2P, Exchange market, the rate has fallen to N705/$1, a 0.6% depreciation compared to N701/$1 recorded in the previous trading session. Naira has been under immense pressure in the past two weeks, falling from an average of N618 to a dollar recorded two weeks ago.

Dollar To Naira Today, Naira Traded N718/$1 At Black Market

Meanwhile, on the flip side, the exchange rate at the official market recorded a significant gain on Thursday, 28th July 2022 as Naira closed at N426.2/$1 from N430/$1 recorded in the previous trading session. 

Also, forex turnover in the Investors and Exporters (I&E) window increased marginally by 1.93% to stand at $129.13 million.

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