Dollar To Naira Exchange Rate: Dollar Falls In Black Market, Sells At N436.50 In Official Market

September 12, 2022 Dollar Rates Update: The Naira continued its depreciation run on Monday at the Investors and Exporters window, with traders selling $1 at N436.50, in contrast to the N436.33 it was sold for last week Friday. 

However, in the black market on Tuesday, the Bureau De Change operators reduced their asking price for $1 to N705, as against the N706 the United States currency was valued a day before. 

Note that on Friday, the Naira had exchanged for the dollar at a rate of N705/$1, with the appreciation of the Nigerian legal tender indicating pressure easing out on demand for the American greenback. 

Prime Business Africa understands that the Naira has not reacted positively in the Investors and Exporters window to reports that the Central Bank of Nigeria (CBN) had flooded the official exchange market with over $7.6 billion. 

The amount had been disbursed within five months, from January to May 2022, to keep the economy running for traders dependent on forex to transact their businesses. 

Recall that the central bank had also provided $265 million to foreign airlines in August to assist the international companies like Emirates Airlines, British Airways, amongst others to repatriate their ticket sales revenue from the Nigerian market. 

CBN made the provision after threat from the foreign airlines to suspend operation in Nigeria, as scarcity of forex trapped $464 million foreign airline funds in the country. 

The foreign airlines are avoiding the use of the black market to repatriate their funds, considering the parallel market exchange rate is significantly high, compared to the official rate.