Black Market Dollar To Naira Exchange Rate Today October 22 2022

LAGOS PARALLEL MARKET RATES October 22, 2022 (BLACK MARKET): dollar to naira exchange rate today black market

October 22 dollar to naira black market exchange rate: $1 dollar to naira = ₦750

Lagos parallel market (black market dollar exchange rate today)

The local currency opened at N750.00 per $1 at the parallel market otherwise known as the black market today Saturday, October 22, 2022, in Lagos Nigeria, after it closed at N750.00 per $1 on Friday 21,  October 2022.

Even though the dollar to naira opened in the parallel market at ₦750 per $1 today, Newsonline 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.

Newsonline Nigeria reports that on the black market, the players buy a dollar for N745 and sell for N750 on Saturday morning, October 22, 2022, after they bought N745 and sold for N750 on Friday, October 21 2022.

However, the FX turnover at the I&E window dipped by 14.95% to $108.56 million on Thursday from the $65 million that was traded on Wednesday. 

Nigeria’s external reserve stood at $37.71 billion as of 19th October 2022, 0.12% decline compared to $37.76 billion recorded the previous day. The nation’s foreign reserve has been on a downward trend due to the continuous intervention by the CBN in the official market to maintain the local currency’s stability.