The forex market opened today, Thursday, May 5, 2022, with diverse rates at various levels in the market, including the BDC rate, inflow or bank transfer rate, and the official and bank rate.
But don’t worry, from the streets of Lagos, Abuja to Ibadan and Osogbo, we received market rate reports from buyers and sellers who are active in the market.
The forex market is the most dynamic market in Nigerian and, of course, around the Let’s take see the rates in the various markets
USD/NGN CBN Exchange Rate
The CBN rate begins the day with NGN415.62 (sell) and NGN414.62 (buy) on the official FX website of the Central Bank of Nigeria.
There are concerns about the rate at which the apex bank sells to the commercial banks. This is because there are no Nigerian banks that sell FX, especially US dollar, at NGN425/USD, going by the NGN10 which is believed to be a fair margin.
The lowest one can find at the financial institutions is NGN450, some sell a dollar above NGN500. This has raised questions, including who is the real black marketer of foreign exchange in Nigeria?
The FX market in Nigeria remains shady, thereby causing trust issues between investors and the Nigerian authority.
That said, let see what the rate is like at the commercial banks.
USD/NGN Bank Rate
On Thursday, May 5, 2022, the bank exchange rate maintained the same price as we reported on May 4, 2022 market rate.
At GTB, it’s NGN490/$, there are reports from online users that Access bank sells at NGN520/USD, we can’t confirm this at the time of publication.
The last, we made an online purchase using the Access Debit card, it was NGN505/$ while it’s NGN503/$ at United Bank for Africa (UBA)
BDC Exchange Rate
Some people prefer to call the Bureau De Change operators forex black marketers, but are they really are? We’ll come up with another article to analyse this. Tere are allegations that the CBN manipulates the FX
USD/NGN BDC rate remains at NGN590 (sell) and NGN580 (buy), at the time of publication. But this depends largely on negotiation. The margin of NGN10 is the commonest among their rates.
Recalled that the CBN stop selling forex to BDC operators on July 27, 2021, following what the apex bank called illegal operations by their operators, including money laundering and terrorism financing. Up till now, the federal government has not made the names of the bad eggs public.
P2P Exchange Rate
Cryptocurrency traders have their own rates, especially on popular peer-to-peer trading platforms like Binance.
On Thursday, May 5, 2022, the P2P exchange rate moved up to 593.97 naira/$ as against NGNNGN591/USD a day earlier.