Dollar To Naira Exchange Rate: Cost Of Dollar Drops In Official Market, Hits N712 In Black Market

September 21, 2022 Dollar Rates Update: The United States’ dollar appreciated against the naira on Wednesday, after traders on the Investors and Exporters (I&E) window of the foreign exchange market increased the price to sell the greenback. 

Data from the Investors and Exporters window showed that the cost of buying one dollar increased to N436.50/$1. This is N0.25kobo more than the N436.25/$1 it sold for on Tuesday. 

This occurred after value of transactions fell from $141.51 million recorded on Tuesday to $133.97 million the next day. The trading volume depreciated by 5.3 percent, which represents $7.54 million short fall. 

The story is, however, different in the black market, where the Nigerian currency grew in value by N1, as it exchanged with the dollar at N712. The naira appreciated in contrast to the N713/$1 both currencies traded for on Tuesday. 

Naira continued its growth run in the Peer-to-Peer (P2P) market, rising against the US dollar by 0.6%, to sell at N725/$1, below the asking price of N730/$1 the previous day. 

Dollar scarcity has been hindering the growth of naira, strengthening the American greenback despite the Central Bank of Nigeria (CBN) providing over $7.6 billion in five months to increase availability of foreign exchange for transactions.

Fakoyejo Olalekan

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