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Dollar To Naira: Naira Plummets To Record Low At Black Market, Trades At N730/$1

The exchange rate between Nigeria’s national currency, the naira, and the US dollar has fallen to a record low on the black market as it was traded at a minimum of N730/$1 on Thursday morning. Compared to Wednesday, this represents a 0.69% depreciation of the local currency, Nairametrics reports.

According to FX traders, the fall can be attributed to the continuous scarcity of forex and increased demand in the market, Nairametrics.

Dollar to Naira Black Market rate today 29th September 2022

The fall in the exchange rate is following the move by the apex bank to raise the interest rate to a 20-year high of 15.5%, representing 150 basis points increase from the 14% stated at the previous MPC meeting. 

Dollar to Naira Official Market rate today 29th September 2022

According to Nairalytics exchange rate tracker, the rate at N730/$1 is the highest on record, while traders told Nairametrics Research that they sell dollars for as high as N735/$1 and buy between N725/$1 and N730/$1.  

Dollar to Naira Black Market rate today 29th September 2022

SellingN725/$1 to N730/$1

Meanwhile, at the official market trading, the exchange rate at the official Investors and Exporters window closed at N436.37/$1 on Wednesday, 28th September 2022, a slight depreciation of 0.01% as against N436.33/$1 recorded on Tuesday, 27th September 2022. 

Also note that the Central Bank of Nigeria, CBN, does not recognise black market trading and has warned the general public not to patronise them but rather approach their bank if they need dollars.

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