Dollar To Naira Exchange Rate: Traders Increase Cost Of Dollar, As CBN’s Intervention Fails To Boost Naira

September 9, 2022 Dollar Rates Update: High demand for dollar and lack of it has seen traders increase the price of the United States currency in the foreign exchange segment of the black market and the peer-to-peer (P2P) window.

Following trading on Friday, the dollar was sold at the cost of N705/$1 in the parallel market, after Bureau De Change operators increased the value from the previous day’s N702/$1. 

This represents a depreciation of -0.43 percent in the value of Naira in the black market. It mirrored the -0.42 percent downward path experienced in the peer-to-peer (P2P) window on Friday. 

Traders on the peer-to-peer (P2P) window upped their asking price for the exchange of naira for dollar by N3, selling the American greenback at N724/$1, against Thursday’s N721/$1. 

Nigeria’s currency continued its bad run in the Investors and Exporters (I&E) window, with Naira depreciating slightly to N430.33/$1, in contrast to the N430.32/$1 that both currencies exchanged for on Thursday. 

The depreciation of Naira across the three foreign exchange markets occurred on a day forex supply was increased, with $66.02 million forex transacted on Friday on the Investors and Exporters (I&E) window, rising from $37.50 million traded a day before.

Naira has been on a bearish run despite the Central Bank of Nigeria (CBN) disbursing over $7.6 billion in five months to increase availability of foreign exchange for transactions, and support the Nigerian currency against the dollar.