Naira appreciates to N665 per Dollar (USD) at Black Market Rate Today

A few days after the operatives of the Economic and Financial Crimes Commission (EFCC) raided Bureaux De Change (BDC) hub in Abuja, the naira sustained its momentum in the parallel market.

As of today, Tuesday, August 2, the Naira at the parallel market (black market) appreciating N665 per USD (Dollar).

The development represents N30 or 4.3 per cent gain compared to the N695 to a dollar on Monday.

Currency traders are known as Bureaux De Change operators (BDCs) in the Ikeja area of Lagos, the buying rate of the greenback at N650 and the selling price at N665 per dollar.

Dollar to Naira Black Market Rate Today, 2nd August 2022

Dollar to Naira (USD to NGN)             Black Market Exchange Rate Today

Selling Rate                                            665

Buying Rate                                           650

According to the traders, the gains are largely influenced by increased dollar liquidity in the market.

“Dollar is plenty in the market now. Some oil companies also brought out dollars to sell,” a BDC operator said.

On the official market side, the naira appreciated by 0.03 per cent to close at N428.88 to a dollar on Monday, according to data on FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria.

Last week, operatives of the Economic and Financial Crimes Commission (EFCC) raided Wuse Zone 4, Federal Capital Territory, Abuja, over allegations that some Bureaux De Change (BDC) operators are mopping up foreign currencies.

“The raid by EFCC in Abuja BDCs last week dampened demand,” a source said.

“There were large buyers last week that many had to queue up!

“The current situation tells you that if you allow the market to work, it will find its level. We were blaming Aboki fx before.”

Aminu Gwadabe, president of the Association of Bureaux De Change (BDC) operators, said that the “market surveillance” was done in collaboration with the association.

“We have a cordial relationship with the security agencies and ongoing collaboration with the agencies on the exchange rate issues,” he said.

The Central Bank of Nigeria (CBN) regularly intervenes in the official foreign exchange market to maintain stability.

Last week, Osita Nwasinobi, spokesperson of the CBN, said the apex bank would continue to make deliberate efforts in the forex sector to avoid further downward slides in the value of the naira.

He further advised forex buyers not to succumb to the speculative activities of some players in the FX market to save the naira from further decline.

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