Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,228,542 members, 8,077,100 topics. Date: Wednesday, 12 February 2025 at 10:22 PM

Naira Crashes At Black Market - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Crashes At Black Market (206 Views)

Naira Crashes To ₦1,210 To US Dollar / Naira Crashes To Record Low At Official Market / Dollar Sells For N420, Naira Crashes In Value (2) (3) (4)

(1) (Reply)

Naira Crashes At Black Market by manuelkel(m): 9:44pm On Jul 27, 2022
The exchange rate between the naira and the US dollar has fallen to a record low at N685.5/$1 at the peer-to-peer (P2P) forex market, findings by Nairametrics from cryptocurrency P2P exchange market shows.

The dollar which was traded at N667/$1 yesterday has now fallen further by 2.8% to N685.5/$1, as demand for foreign exchange remains elevated amidst sustained scarcity.

The P2P market often traded in small volumes and the unit of exchange is the cryptocurrency USDT, which is a stablecoin that trades 1:1 with the dollar.

Similarly, Bureau De Change operators sold forex at N665/$1 on Tuesday, indicating continuous nosediving of the local currency.

Meanwhile, in a conversation with a BDC operator at the Lagos International Airport, he stated that he sells dollars for N675/$1, while he buys from customers at the rate of N665/$1, indicating a N10 margin on every dollar.

(1) (Reply)

Cashapp Available / Time To Move Forward / Crypto Relief Rally Runs Out Of Steam As $50B Exits The Market

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2025 Oluwaseun Osewa. All rights reserved. See How To Advertise. 5
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.