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Naira Slides to 405/$ Amid Tight Dollar Supply

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nigerian currency - Investors King
  • Naira Slides to 405/$ Amid Tight Dollar Supply

The naira slid to 405 against the United States dollar on the parallel market on Friday amid tight supply of the greenback.

This was despite a series of currency forwards sold by the Central Bank of Nigeria this week aimed at clearing demand for the US currency on the official market, traders said.

The local unit had dropped to 397/dollar on Thursday, after hovering between 390 and 395 earlier in the week.

Following series of CBN interventions in the interbank market and fresh dollar injections for invisible transactions, the naira had appreciated to 375/dollar.

Analysts have reacted to the latest rebound of the dollar, saying speculators might be responsible for the loss recorded by the naira.

“The Nigerian economy is an import-dependent one. It is a question of demand and supply and the issue here has to do with liquidity. However, we cannot rule out the activities of speculators in this regard,” a currency expert at Ecobank Nigeria, Mr. Kunle Ezun, said.

The CBN had on Thursday offered $100m in currency forwards to be settled within 60 days.

The central bank has been selling dollars to try to narrow the spread between the naira’s official and black market exchange rates.

On Wednesday, the CBN intervened in the Bureau de Change segment of the market, selling $10,000 to operators aside the $10,000 it sold to them on Tuesday.

The central bank had also on Monday injected $240m into the foreign exchange market.

Specifically, it released the sum of $90m to meet requests for invisibles such as business travel and personal travel allowances, medical and school fees, while the sum of $150m was also made available to authorised dealers in the interbank wholesale auction window on the same day.

Economic and financial analysts said the spate of interventions and dollar supply by the central bank would determine the direction of the naira in the coming weeks.

The naira closed at 306.2 to the dollar at the interbank market on Thursday, same level it closed the previous day.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Naira

Naira Exchange Rates Today, Friday, July 23, 2021

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Naira Notes - Investors King

The Naira improves slightly against its global counterparts at the parallel market on Friday as liquidity increase marginally across key forex markets. The Naira gained N2 against the United States Dollar from N506 it traded last week Friday to N504 today, Friday, July 23, 2021 at the parallel market. Against the Euro and British Pound, the local currency exchanged at N595 and N705, respectively.

Economic uncertainty amid unclear policy direction has put a lid on Naira against global currencies, especially with Nigeria’s fiscal buffer lacking despite crude oil trading at an almost 2-year high from COVID-19 record-low. The drop in foreign reserves impeded the Central Bank of Nigeria’s ability to consistently intervene at the forex to prop the Naira value as usual.

At the bureau de change section, the Naira exchanged at N500, N705 and N595 to the United States Dollar, British Pound and the Euro, respectively. See the table below for Naira rates.

Naira Black Market Exchange Rates

Morning * Midday** Evening *** Final Rates

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
23/07/2021 500/504 698/705 588/595 62/69 407/415 300/320
22/07/2021 498/503 695/703 585/590 62/69 407/415 300/320
19/07/2021 495/503 698/705 585/592 62/69 407/415 300/320
16/07/2021 502/506 700/708 590/596 62/69 407/415 300/315
15/07/2021 500/505 700/708 590/596 62/69 407/415 300/320
14/07/2021 500/505 702/708 590/595 62/68 407/415 300/320
13/07/2021 500/505 702/708 590/595 62/68 407/415 300/320
12/07/2021 500/505 700/708 590/595 62/69 407/415 300/320
09/07/2021 500/505 700/708 588/593 62/69 407/417 300/320
08/07/2021 499/503 700/708 588/593 62/69 407/417 300/325
07/07/2021 499/503 700/710 588/593 62/69 407/417 300/325
06/07/2021 499/503 698/710 590/595 62/69 407/417 300/325

Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
23/07/2021 490/500 694/705 580/595
22/07/2021 490/500 690/705 580/595
19/07/2021 490/500 690/707 580/595
16/07/2021 490/500 700/710 585/600
15/07/2021 490/500 698/710 585/600
14/07/2021 490/500 698/710 590/595
13/07/2021 490/500 697/710 585/600
12/07/2021 490/500 698/710 585/600
09/07/2021 490/500 698/710 585/600
08/07/2021 490/500 697/710 585/600
07/07/2021 490/500 697/710 585/600
06/07/2021 490/500 697/710 585/600
05/07/2021 490/500 700/714 585/600

Central Bank of Nigeria’s Official Naira Rates

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
7/22/2021 US DOLLAR 409.14 409.64 410.14
7/22/2021 POUNDS STERLING 563.1812 563.8695 564.5577
7/22/2021 EURO 481.8851 482.474 483.0629
7/22/2021 SWISS FRANC 444.7657 445.3093 445.8528
7/22/2021 YEN 3.7114 3.7159 3.7204
7/22/2021 CFA 0.7151 0.7251 0.7351
7/22/2021 WAUA 580.1991 580.9082 581.6172
7/22/2021 YUAN/RENMINBI 63.2522 63.3299 63.4077
7/22/2021 RIYAL 109.0778 109.2111 109.3444
7/22/2021 DANISH KRONA 64.7732 64.8524 64.9315

N.B: These tables are updated three times a day.

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Naira

Naira Exchange Rates Today, Thursday, July 22, 2021

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NAIRA - Investors King

Naira gained slightly across key foreign exchange markets during the holiday and opened at N503 against the United States Dollar at the Parallel market. Against the British Pound, it exchanged at N703 and N590 to Euro.

Despite series of policies deployed at arresting the falling Naira and curb economic stagnation, the crude oil-backed Naira continued to struggle against its global counterparts.

At the Bureau de Change section, the Naira traded at N500 to a United States Dollar, N705 to a British Pound and N595 to a Euro. See other Naira exchange rates below.

Naira Black Market Exchange Rates

Morning * Midday** Evening *** Final Rates

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
22/07/2021 498/503 695/703 585/590 62/69 407/415 300/320
19/07/2021 495/503 698/705 585/592 62/69 407/415 300/320
16/07/2021 502/506 700/708 590/596 62/69 407/415 300/315
15/07/2021 500/505 700/708 590/596 62/69 407/415 300/320
14/07/2021 500/505 702/708 590/595 62/68 407/415 300/320
13/07/2021 500/505 702/708 590/595 62/68 407/415 300/320
12/07/2021 500/505 700/708 590/595 62/69 407/415 300/320
09/07/2021 500/505 700/708 588/593 62/69 407/417 300/320
08/07/2021 499/503 700/708 588/593 62/69 407/417 300/325
07/07/2021 499/503 700/710 588/593 62/69 407/417 300/325
06/07/2021 499/503 698/710 590/595 62/69 407/417 300/325

Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
22/07/2021 490/500 690/705 580/595
19/07/2021 490/500 690/707 580/595
16/07/2021 490/500 700/710 585/600
15/07/2021 490/500 698/710 585/600
14/07/2021 490/500 698/710 590/595
13/07/2021 490/500 697/710 585/600
12/07/2021 490/500 698/710 585/600
09/07/2021 490/500 698/710 585/600
08/07/2021 490/500 697/710 585/600
07/07/2021 490/500 697/710 585/600
06/07/2021 490/500 697/710 585/600
05/07/2021 490/500 700/714 585/600

Central Bank of Nigeria’s Official Naira Rates

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Naira

Naira Exchange Rates Today, Monday, July 19, 2021

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500 and 1000 naira bills (Nigerian currency)

Naira declined further against the United States Dollar at the parallel market, popularly known as the black market ahead of the Sallah Holiday. The Naira dipped by N1 from N505 it traded against the United States Dollar on Thursday to N506 on Friday but moderated to N505 on Monday, July 19, 2021.

Against the British Pound and Euro common currency, the Nigerian Naira exchanged at N708 and N592, respectively.

Lack of liquidity across the foreign exchange markets continued to weigh on the Naira value and economic activities at large given the nature of the Nigerian economy, an import-dependent economy.

The Nigerian Naira traded at N500 against the United States Dollar at the bureau de change section of the forex market. While, it sold at N710 and N595 to a British Pound and Euro, respectively. See other exchange rates below.

Naira Black Market Exchange Rates

Morning * Midday** Evening *** Final Rates

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
19/07/2021 497/505 698/705 585/592 62/69 407/415 300/320
16/07/2021 502/506 700/708 590/596 62/69 407/415 300/315
15/07/2021 500/505 700/708 590/596 62/69 407/415 300/320
14/07/2021 500/505 702/708 590/595 62/68 407/415 300/320
13/07/2021 500/505 702/708 590/595 62/68 407/415 300/320
12/07/2021 500/505 700/708 590/595 62/69 407/415 300/320
09/07/2021 500/505 700/708 588/593 62/69 407/417 300/320
08/07/2021 499/503 700/708 588/593 62/69 407/417 300/325
07/07/2021 499/503 700/710 588/593 62/69 407/417 300/325
06/07/2021 499/503 698/710 590/595 62/69 407/417 300/325

Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
19/07/2021 495/500 695/710 580/595
16/07/2021 490/500 700/710 585/600
15/07/2021 490/500 698/710 585/600
14/07/2021 490/500 698/710 590/595
13/07/2021 490/500 697/710 585/600
12/07/2021 490/500 698/710 585/600
09/07/2021 490/500 698/710 585/600
08/07/2021 490/500 697/710 585/600
07/07/2021 490/500 697/710 585/600
06/07/2021 490/500 697/710 585/600
05/07/2021 490/500 700/714 585/600

Central Bank of Nigeria’s Official Naira Rates

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