Dollar To Naira Exchange Today, Monday 22nd August, 2022

By Tolulope Oke

The unregulated market (black market) exchange rate for the US Dollar to Naira today, Monday 22nd of August 2022 is set at N685/$1, according to currency traders in Lagos.

The local currency appreciated by N1 against the counterpart, as it closed the previous session at N686/$1.

In the Peer-to-Peer trading segment, the local currency further suffered in value as the currency closed at N691 against Friday’s session which concluded at N683, thereby depreciating by N8 against the American currency.

On Friday, the naira and the US dollar exchanged hands at N429.38/$1 at the Investors and Exporters (I&E) window, where official foreign exchange trades are conducted, indicating a flat rate since the previous session ended with the same figure.

In the official Central Bank of Nigeria (CBN) forex market, the value of the Naira also settled flat on Friday to be sold at N420.83/$1.

• READ ALSO: Dollar To Naira Exchange Rate Today, Friday 19th, August 2022
• READ ALSO: Dollar To Naira Exchange Rate Today, 18th August, 2022

Adefemi Adegoke a public affairs analyst stated: “A review of the Central Bank of Nigeria’s (CBN) data suggests that Nigeria’s educational sector has suffered massive capital flight in the last 10 years. Specifically, using the CBN’s balance of payment statistics, Nigerians have spent a hefty sum of $28.65 billion on foreign education in the past 10 years (2010 to 2020). This humongous sum is sourced from the official foreign exchange window. To compound the woes of the CBN and by extension the economy of the nation, most of the applications for this money are fake and the proceeds are round-tripped in the black market. It is a highly lucrative business.

“Also, it is estimated that Nigeria loses about $1.3 billion to medical tourism yearly, which has caused a huge burden on the nation’s economy. As if this is not disappointing enough, the black market is thriving exponentially to the point that it dictates the foreign exchange market.

“Now, as 2023 election comes closer, politicians are mopping up all the foreign currencies in the market place and warehousing same for campaigns. A bit of that was seen during the parties’ primaries. These are not production processes and they are certainly beyond the control of the CBN even if they are hurting the economy and making the task of financial system stability a lot more arduous…”