Dollar to Naira Exchange Rate: Nigerians in fear and Naira crumbles further

Dollar Exchange Rate today 12th May, 2022 has left many Nigerians in a state of worry, ENigeria Newspaper reports.

IMPORTANT NOTICE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at a certain rate and the price can change (high or low) within minutes or even hours.

How much is exchange rate today – Dollar to Naira?
The official Investors and Exporters (I&E) window closed at N418.27/$1, down 0.12 percent from N418.25/$ the previous day, according to information made available to ENigeria Newspaper.

This is as liquidity constricted, a total of $115.78 million in FX value changed hands at the official market, down 50.64 percent from the previous trading session’s $234.54 million.

In addition, the exchange rate against the US dollar sank further on Thursday morning on the peer-to-peer market, trading at a low of N607.32/$1, down from N602/$1 the day before.

Meanwhile, the parallel market currency rate remained constant at N590 per dollar.
This is according to information obtained from BDCs operating in Nigeria.

Nigeria’s foreign reserve fell by 0.1 percent on Tuesday, May 10th, to $39.12 billion, down from $39.17 billion the day before. The fall in external reserves can be linked to the Central Bank’s ongoing involvement in the foreign exchange market to maintain the local currency’s stability.

https://e-nigeriang.com/2022/05/12/check-jamb-results-latest-jamb-news-today-may-12-2022/

How Much is Black Market Dollar to Naira Exchange rate today?
According to information derived from local black market players, ENigeria Newspaper understands that the naira dropped against the US dollar on the black market and declined further on Thursday morning at the peer-to-peer market, trading at a minimum of N607.32/$1 compared to N602/$1 reported at the same time the previous day.

Meanwhile, the parallel market currency rate remained constant at N590 per dollar. According to information collected from BDCs in Nigeria, this is the case.

Meanwhile, Nigeria’s foreign exchange reserves fell by 0.1 percent on Tuesday, May 10th, to $39.12 billion, down from $39.17 billion the day before. The fall in external reserves can be linked to the Central Bank’s ongoing involvement in the foreign exchange market to maintain the local currency’s stability.

ENigeria Newspaper reports that the declining value of the Naira against the dollar on multiple trading platforms has continued to cause concern among Nigerians.

There is projected to be an increase in the price of commodities, food, and other products brought into the country this week.