Dollar To Naira Exchange Today, August 29th, 2022

By Tolulope Oke

Currency traders of the unregulated forex market (black market) in Lagos and the Bureau De Change have revealed the Dollar to Naira exchange rate today, August 29th, 2022 is set at N700.

This is coming on the heels of the local currency’s 2N gain against the foreign currency to be sold at N698 at the closing trade on Friday after a long week of pressure and bearish movement.

In the peer-to-peer foreign currency exchange segment, Naira commences the week on a 2N dip against the dollar. Compared to Friday’s closing exchange rate of N700, the local currency is currently traded at N702.77/$1.

Meanwhile, at the Nigerian Autonomous Foreign Exchange Fixing (NAFEX) trading segment, Naira closed at N430.33/$1 on Friday as opposed to N430.67/$1 on Thursday, revealing the value of the local currency increased by 34 Kobo or 0.08 percent against the US dollar.

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The value of forex deals at the spot market during the session was $82.38 million as opposed to the $82.88 million reported the day prior, indicating a fall of 0.60 percent, according to data from the FMDQ Securities Exchange.

According to the Central Bank of Nigeria (CBN), the value of Naira traded at N422.7/$1 on Friday as against N422.39 it traded on Thursday.

When we consider the entire month, we can see that the USD to Naira exchange rate on August 1st, 2022 was 416.9. With the US dollar currently trading at 422.7, the August CBN exchange rate for the USD to Naira is up 1.39% as of this writing.

In the cryptocurrency world, all major coins recorded a bearish movement in the past 24 hours only Litecoin responded positively to the market.

Bitcoin (BTC) declined by 0.88% to be sold at, $19,824.69, Ethereum (ETH) depreciated by 2.73% to be sold at $1,448.6, while Litecoin (LTC) responded positively with a 2.00% to be sold at $53.96. BCH recorded 0.86% to be exchanged at $114.6, IOTA dipped by 2.03% to be sold at $0.275, XRP dropped by 4.08% to exchange at $0.3199, ADA also recorded a bear of 3.12% to go at  $0.432  and DSH changed at 0.89% to be sold at $44.7.