Dollar To Naira Exchange Rate: Dollar Rate Rises Again, As Supply Reaches New High

July 7, 2022 Dollar Rate Update: Investors and Exporters window closed trading on Thursday with the naira depreciating in value, just a day after improving. It shared the same fate in the black market.

Prime Business Africa had reported that the official foreign exchange market traded $1 at the rate of N427.75 on Wednesday, dropping from the N430 United States currency was sold on Tuesday.

However, the appreciation that naira enjoyed on Wednesday was halted the next day, as the Nigerian currency fell by 0.1%, with traders closing transactions of the dollar at N428.16/$1.

The fall occurred despite the supply of the foreign currency reaching a high of $222.84 million on Thursday. Forex supply rose by 172.9% compared to the $81.64 million traded on Wednesday, meaning trade volume increased by $141.2 million. Note that on Tuesday, $47.56 million was traded.

In the black market, the exchange rate for the US currency and the naira didn’t record any movement, with the Bureau De Change operators maintaining the N616/$1 both currencies exchanged for the previous day.

Meanwhile, on Friday, the naira also experienced a negative movement in the peer-to-peer section of the parallel market, where traders exchanged the US dollar at N618.2/$1 on Friday, marginally above the N618/$1 that was demanded on Thursday morning.