The naira weakened to 382 per United States dollar on Friday, down from 379/dollar it closed on Thursday.
On the back of sustained dollar injection by the Central Bank of Nigeria, the local currency had rebounded to 380/dollar on Wednesday after closing at 381/dollar on Monday and Tuesday.
The central bank has continued to supply dollars to the foreign exchange market.
The CBN injected $205m into the forex market on Monday. A week earlier, the regulator offered $457.3m to various segments of the forex market.
Meanwhile, the naira is seen trading within a range on both the black market and official interbank window as the CBN continues to inject more dollars to boost liquidity in the forex market, according to a Reuters report.
On the newly created ‘investors FX window’, the local unit was quoted at 379.07 per dollar on Thursday, according to the market regulator, FMDQ OTC Securities Exchange.
Commercial banks were yet to put up a quote on the official interbank market, but the naira closed at 305.90 a dollar on Wednesday on the market.
Currency analysts have said the forex measures, including the creation of investors’ FX window by the CBN, was a right move.
They said the moves had helped to narrow the gap between the official interbank and parallel market rates of the local unit.
They, however, stressed the need for exchange rate unification by the central bank.
Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.
The Central Bank of Nigeria’s directive to remove the rate cap on the naira at the official Investors and Exporters’ Window has triggered a significant decline in the country’s foreign exchange reserves.
From June 14 to December 1, 2023, the reserves have plunged by $1.6 billion from $34.62 billion to $32.97 billion.
The decision aimed at fostering a free float of the national currency against global currencies has faced challenges, leading to a weakened naira by more than 40%.
The limited capacity to earn foreign exchange from both non-oil and oil exports, coupled with increasing FX demand, has contributed to the decline, raising concerns about the nation’s economic stability.
Economists, including Obadan Mike, a member of the Monetary Policy Committee, highlight the persistent pressure on foreign exchange demand amidst weak accretion to external reserves.
The fundamental issues include low productivity, inadequate export earnings, and limited foreign capital inflows.
The Economist Intelligence Unit’s Africa Outlook report questions Nigeria’s ability to support its exchange rate unification policy due to insufficient FX reserves.
It predicts ongoing instability, periodic devaluations, and foreign investors’ unease, indicating the need for robust measures.
While JP Morgan estimates Nigeria’s net FX reserves at $3.7 billion, the Central Bank Governor, Mr. Olayemi Cardoso, remains optimistic.
He anticipates positive economic impacts in the medium-term, driven by policies such as the removal of the petrol subsidy and the adoption of a floating exchange rate.
However, challenges persist, necessitating a careful balancing act to secure the nation’s financial stability.
Black Market Dollar to Naira Exchange Rate Today 6th December 2023
What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 6th, 2023, the dollar to naira exchange rate is 1 USD to 1165 NGN at the black market.
What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 6th, 2023, the dollar to naira exchange rate is 1 USD to 1165 NGN at the black market.
This means that for every one US dollar, you can exchange it for ₦1165, Investors King reports.
How Much is Dollar to Naira Today in the Black Market?
This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦1165 and ₦1160 as of the time of writing today.
What is the current exchange rate of the dollar to naira in the black market today?
According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1165 and sold for ₦1160.
Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Selling Rate
1160
Buying Rate
1165
Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks
Date
Currency
Buying(NGN)
Central(NGN)
Selling(NGN)
12/5/2023
US DOLLAR
951.441
951.941
952.441
12/5/2023
POUNDS STERLING
1202.2408
1202.8726
1203.5044
12/5/2023
EURO
1030.2203
1030.7617
1031.3031
12/5/2023
SWISS FRANC
1089.1037
1089.6761
1090.2484
12/5/2023
YEN
6.4781
6.4815
6.4849
12/5/2023
CFA
1.3327
1.3427
1.3527
12/5/2023
WAUA
1086.9063
1087.4775
1088.0487
12/5/2023
RIYAL
253.6635
253.7968
253.9301
12/5/2023
DANISH KRONA
138.1603
138.2329
138.3055
12/5/2023
SDR
713.9734
714.3486
714.7238
Investors King understands that although the dollar to naira opened at N1165 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.
On Wednesday, December 6th, 2023, individuals in the black market purchased one US dollar for N1165 and sold it for N1160. This shows that the value of the Naira improved when compared to Tuesday, December 5th, 2023 when the local currency was exchanged at N1170 to a Dollar and a Dollar was purchased at N1160.
To stay informed about the dollar to naira exchange rate, there are several reliable sources that you can turn to. Here are some tips for staying up-to-date:
Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.
By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.
How Much is Dollar to Naira Today December 5th 2023 in Black Market
What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 5th, 2023, the dollar to naira exchange rate is 1 USD to 1170 NGN at the black market.
What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 5th, 2023, the dollar to naira exchange rate is 1 USD to 1170 NGN at the black market.
This means that for every one US dollar, you can exchange it for ₦1170, Investors King reports.
How Much is Dollar to Naira Today in the Black Market?
This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦1170 and ₦1165 as of the time of writing today.
What is the current exchange rate of the dollar to naira in the black market today?
According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1170 and sold for ₦1165.
Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Selling Rate
1165
Buying Rate
1170
Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks
Date
Currency
Buying(NGN)
Central(NGN)
Selling(NGN)
12/4/2023
US DOLLAR
815.955
816.455
816.955
12/4/2023
POUNDS STERLING
1030.3064
1030.9377
1031.5691
12/4/2023
EURO
883.8425
884.3841
884.9257
12/4/2023
SWISS FRANC
934.3353
934.9078
935.4804
12/4/2023
YEN
5.5522
5.5556
5.559
12/4/2023
CFA
1.5594
1.5694
1.5794
12/4/2023
WAUA
1267.6093
1268.386
1269.1628
12/4/2023
RIYAL
217.5068
217.6401
217.7734
12/4/2023
DANISH KRONA
118.5292
118.6018
118.6745
12/4/2023
SDR
1087.0968
1087.763
1088.4291
Investors King understands that although the dollar to naira opened at N1170 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.
On Tuesday, December 5th, 2023, individuals in the black market purchased one US dollar for N1170 and sold it for N1165. This shows that the value of the Naira declined when compared to Friday, December 1st, 2023 when the local currency was exchanged at N1155 to a Dollar and a Dollar was purchased at N1150.
To stay informed about the dollar to naira exchange rate, there are several reliable sources that you can turn to. Here are some tips for staying up-to-date:
Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.
By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.