• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Currencies

Naira falls big to N740/$1 on black market 

Samuel Oyekanmi by Samuel Oyekanmi
October 4, 2022
in Currencies, Economy, Macros
Nigeria’s Central Bank one-year treasury Bills rate for the month of September 2022 rose to 12% from 8.5% recorded in the previous month, one day after the apex bank raised the benchmark interest rate to 15.5%.
Share on FacebookShare on TwitterShare on Linkedin

The exchange rate between the naira and the US dollar has fallen further to a record low on the black market, trading at a minimum of N740/$1 on Tuesday morning. This is according to information from black market operatives interviewed by Nairametrics.  

According to FX traders, the fallen currency can be attributed to the continuous scarcity of forex and increased demand in the market. In a discussion with Mr. Saheed, an FX trader around the Lagos International Airport, he stated that they sell dollars for an average of N740/$1 and buy for a maximum of N730/$1. 

He also added that it sold for as high as N745/$1 yesterday, Monday, and has just moderated. He explained that the rising demand and continuous liquidity crunch continue to drive the exchange rate upward in the unofficial market, considering the price is determined by demand and supply. 

RelatedStories

Ugodre Obi-Chukwu named EY Entrepreneur (emerging category) of the year 2023

Banking sector sell-offs present buying opportunity — Nairametrics CEO, Ugodre Obi-Chukwu 

June 19, 2025
Wema Bank, Custodian Investment exits NGX 30 index

Agusto & Co upgrades Wema Bank rating to A- amid stronger financial performance 

June 19, 2025

 

Recommended Reading: What you should know about CBN interest rate

 

The exchange rate has maintained a downward trend, following the move by the apex bank to raise the interest rate to a 20-year high of 15.5%, representing 150 basis points increase from the 14% stated at the previous MPC meeting. 

According to the Nairalytics exchange rate tracker, the rate at N740/$1 is the highest on record. Indicating a market differential of N302.97/$1 between the official market and the parallel market. 

Meanwhile, at the peer-to-peer cryptocurrency exchange, the exchange rate moderated to N716.4/$1 against the US dollar on Tuesday morning from N736.8/$1 recorded in the previous session. 

Official market trading 

The exchange rate at the official Investors and Exporters window closed at N437.03/$1 on Friday, 30th September 2022, the same as recorded in the previous trading session. Meanwhile, when compared to the previous week, it depreciated from N436.33/$1 recorded on Friday, 23rd September 2022. 

A total of $566.21 million in FX value was traded in the official market last week, compared to $524.35 million that exchanged hands in the previous week. The highest daily forex turnover was recorded on Thursday, 29th September, when a sum of $223.3 million exchanged hands. 

Despite the volatility in the unofficial market, the Central Bank has been able to maintain the stability of the currency in the official market by constant intervention, which has constrained the country’s foreign reserve. 

According to the data from the CBN, Nigeria’s foreign reserve has already lost over $2 billion year-to-date to stand at $38.28 billion, from over $40 billion recorded as of the end of last year. 

 


Follow us for Breaking News and Market Intelligence.
Tags: Black MarketCBNExchange Rate
Samuel Oyekanmi

Samuel Oyekanmi

For further inquiries about this article, contact: Email: samuel.oyekanmi@nairametrics.com Twitter: @OYEKANMISAMUEL Linkedln: Samuel Oyekanmi

Related Posts

Ugodre Obi-Chukwu named EY Entrepreneur (emerging category) of the year 2023
Financial Services

Banking sector sell-offs present buying opportunity — Nairametrics CEO, Ugodre Obi-Chukwu 

June 19, 2025
Wema Bank, Custodian Investment exits NGX 30 index
Financial Services

Agusto & Co upgrades Wema Bank rating to A- amid stronger financial performance 

June 19, 2025
CBN, forex
Bank Recapitalization

CBN says forbearance-affected banks under close supervision 

June 18, 2025
CBN, forex
Financial Services

No recapitalisation deadline extension for BDCs, CBN says 

June 11, 2025
Naira , dollar, exchange rate
Currencies

Naira holds below N1,600/$ in the holidays

June 10, 2025
CBN, forex
Financial Services

Private sector credit rises to N77.9 trillion in April 2025 

May 30, 2025
Next Post
NBC calls for sustained climate action at annual stakeholders forum

NBC calls for sustained climate action at annual stakeholders forum

Comments 1

  1. John just says:
    October 6, 2022 at 6:31 am

    Hmmm, I smell real falling of legends country Nigeria.. with huge inflation and from that… I see war!!!!! 😭

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • SEC warns Nigerians against unregistered trading platform CMTrading 
  • The digital dilemma of Nominal Identity: Why your name alone is not enough
  • NIRSAL Contract: Appeal Court upholds N1.5 billion forfeiture against Consultant Ogidan

Follow us on social media:

Recent News

SEC warns Nigerians against unregistered trading platform CMTrading 

SEC warns Nigerians against unregistered trading platform CMTrading 

June 21, 2025
The digital dilemma of Nominal Identity: Why your name alone is not enough

The digital dilemma of Nominal Identity: Why your name alone is not enough

June 21, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics