Naira Hits All-Time Low – Sells ₦658 To Dollar In Parallel Market

Naira has fallen to its all time low, ₦658 per Dollar on Friday, 22 July, 2022.

Gatekeepers News reports that the depreciation can be attributed to the ongoing foreign exchange (FX) supply constraints.

With the profit margin of ₦18, traders put the buying price of the Dollar at N640 and the selling price at N658.

Today’s official dollar to the naira exchange rate in Nigeria today, including the Bureau De Change (BDC) rate and CBN rates had further confirmed this reality and can be found below:

What Is The Official Exchange Rate For Dollar To Naira Today?

The exchange rate between the Naira and the US dollar according to the data released on the FMDQ Security Exchange the official forex trading portal showed that the Naira opened at  ₦462.88 per dollar on Thursday, July 22, 2022, and closed at ₦426.00 per $1 on Thursday, July 22, 2022.

Exchange Rate of Dollar To Naira in The Parallel Market

Even though the dollar opened in the parallel market for ₦658 per $1 today, the CBN does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” said the CBN Governor, Godwin Emefiele.

“I am sorry to say that I do not, and I do not intend to recognise any FX in the market.

“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. If you want to sell the dollar, go to your bank and sell it,” he said during a press briefing on September 17, 2021.

Checks by Gatekeepers News reveal uncertainty in the market as prices move up and down in a directionless manner, thereby making it unreliable.

Disclaimer: Gatekeepers News does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.