Business & Economy
Naira Falls Massively First Day Of July 2022, See New Exchange Rate
Naira has fallen massively on the first day of July 2022, See New Exchange Rate below.
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Eko Hot Blog reports that the naira on Thursday lost to the greenback at the Investors and Exporters window, exchanging at 424.88 to the dollar against 421.00 traded on Wednesday, a 0.80 per cent depreciation.
The open indicative rate closed at N421.80 to the dollar on Thursday.
An exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N424.88.
The naira sold for as low as 410 to the dollar within the day’s trading.
A total of 112.83 million dollars was traded in foreign exchange at the official Investors and Exporters window on Thursday.
Meanwhile, the local currency opened at N610.00 per $1 at the parallel market otherwise known as the black market today Friday, 1st July 2022, in Lagos Nigeria, after it closed at N605.00 per $1 on Thursday, 30 June 2022.
Even though the dollar to naira opened in the parallel market at ₦609 per $1 today, Eko Hot Blog reports that the Central Bank of Nigeria (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.
Eko Hot Blog reports that on the black market, the players buy a dollar for N609 and sell for N610 on Friday morning, July 1, 2022, after they bought N605 and sold for N609 on Thursday, 30 June 2022.
Meanwhile, Eko Hot Blog reports that the USD started this week at ₦609 in Parallel Market also known as Black Market on Monday, 20 June 2022, in Lagos Nigeria, after it opened at ₦605 last week Monday, 13 June 2022.
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Disclaimer: Eko Hot Blog does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black 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.
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