Connect with us

Forex

Pound to Naira Exchange Rate Unchanged at N550 on Black Market

Published

on

British pound

Pound to Naira Exchange Rate Stood at N550 on Saturday

Pound to Naira exchange rate stood at N550 on the black market on Saturday, according to the Investors King’s daily naira exchange rate.

The Naira slid against the pound to a record low of N550 due to the drop in liquidity supply by the Central Bank of Nigeria to the foreign exchange market.

The central bank had suspended sales of forex to the bureau de change operators during the COVID-19 lockdown to ensure BDCs abide by the lockdown restrictions.

However, while the apex bank had promised to resume sales of forex soon, the weak foreign reserves, low capital importation and weak oil prices remained a challenge.

On February 26, 2020 pound to naira was exchanged at N471 before plunging to N535 on June 1st, 2020 and N550 on Saturday, today.

That was because businesses are reopening but forex scarcity remains despite efforts by the central bank to deepen its availability across key forex markets.

Godwin Emefiele, the governor of the central bank, had blamed the wide exchange rates on speculators and currency hoarders looking to profit from market irregularity.

He said “I know some of you are involved, stop now. By going to the parallel market, you are helping to overheat that market. Not only that, you will lose money because you would have bought it at a price that is not realistic.

“I can tell you that you are going to lose money. But we have seen your account already. We are appealing to you, please stop and let’s do what is right, what is legal, so that Nigeria can continue to be a good place for you and to live in.”

Speaking further, he said, “We are taking note of some of you and I can tell you, go ahead and do your business, nothing will stop your forward, your forward will be at a committed price, we are going to provide more liquidity in the market so that people can stop going to the parallel market. Don’t go there because it is not good for you. But be patient, it’s going to be orderly’’.

Pound to naira official exchange rate remains N456.66 stipulated by the central bank of Nigeria.

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.

Naira

Naira Exchange Rates; Tuesday, May 18, 2021

Published

on

nigerian currency - Investors King

Nigerian Naira opened at N484 to a United States Dollar on Tuesday at the parallel market, popularly known as the black market. Against the British Pound, it exchanged at N678 and N581 to a single Euro.

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
18/05/2021 480/484* 670/678* 577/581* 62/68 390/402 292/320
17/05/2021 480/484 670/678 577/581 62/68 390/402 292/320
14/05/2021 480/484 670/680 576/581 62/69 390/400 292/320
13/05/2021 479/483 665/673 576/581 62/69 391/402 292/320
12/05/2021 479/483 665/673 576/581 62/69 395/400 292/320

Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
18/05/2021 475/482 670/677 575/584
17/05/2021 475/482 670/677 575/584
15/05/2021 475/482 670/677 575/584
14/05/2021 475/482 670/677 575/584
13/05/2021 475/482 665/674 573/584
12/05/2021 475/482 665/674 573/584

Central Bank of Nigeria’s Official Naira Rates

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
5/10/2021 US DOLLAR 379 379.5 380
5/10/2021 POUNDS STERLING 535.4891 536.1956 536.902
5/10/2021 EURO 461.3946 462.0033 462.612
5/10/2021 SWISS FRANC 421.8141 422.3706 422.9271
5/10/2021 YEN 3.4868 3.4914 3.496
5/10/2021 CFA 0.6777 0.6877 0.6977
5/10/2021 WAUA 543.4332 544.1502 544.8671
5/10/2021 YUAN/RENMINBI 58.9792 59.0574 59.1357
5/10/2021 RIYAL 101.0451 101.1784 101.3117
5/10/2021 SOUTH AFRICAN RAND 26.8863 26.9218 26.9572

 

Continue Reading

Naira

Naira Exchange Rates; Monday, May 17, 2021

Published

on

Naira - Investors King

The Nigerian Naira opened the week at N484 to a United States Dollar on Monday at the parallel market. The local currency remained stable against the  British Pound at N678 and N581 to a single Euro.

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
17/05/2021 480/484 670/678 577/581 62/68 390/402 292/320
14/05/2021 480/484 670/680 576/581 62/69 390/400 292/320
13/05/2021 479/483 665/673 576/581 62/69 391/402 292/320
12/05/2021 479/483 665/673 576/581 62/69 395/400 292/320

Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
17/05/21 475/482 670/677 575/584
15/05/21 475/482 670/677 575/584
14/05/21 475/482 670/677 575/584
13/05/21 475/482 665/674 573/584
12/05/21 475/482 665/674 573/584

Central Bank of Nigeria’s Official Naira Rates

Continue Reading

Forex

Nigeria’s Diaspora Remittances Decline by 28 Percent to $16.8 Billion in 2020

Published

on

US dollar - Investors King

Nigeria’s diaspora remittances declined by 27.7 percent or $4.65 billion from $21.45 billion in 2019 to $16.8 billion in 2020, according to the World Bank Migration and Development report.

A critical look into the report shows remittances to sub-Saharan Africa declined by 12.5 percent in 2020 to $42 billion. This was largely due to the 27.7 percent recorded by Africa’s largest economy, Nigeria, which accounted for over 40 percent of the total remittance inflows into the region.

The report noted that once Nigeria’s remittance inflows into the region are excluded, remittances grew by 2.3 percent in 2020 with Zambia recording 37 per cent.

Followed by 16 percent from Mozambique, 9 percent from Kenya and 5 percent from Ghana.

The decline was a result of the global lockdown that dragged on the livelihood of most diaspora and unclear economic policies.

In an effort to change the tide, the Central Bank of Nigeria (CBN) introduced a Naira 4 Dollar Scheme to reverse the downward trend and boost diaspora inflows into the economy.

However, the reports revealed that other external factors like insecurities, global slow down, weak macroeconomic fundamentals, etc continue to discourage capital inflows.

On Tuesday, the CBN, in a new directive, announced it has halved dollar cash deposit from $10,000 to $5000 per month.

The move is geared towards discouraging overreliance on the United States Dollar and encourage local patronage and production.

Mr. Guy Czartoryski, Head of Research at Coronation Asset Management, had said in the report, “We looked at the top 10 banks and the breakdown of their deposits showed that 40 per cent of their deposits are in dollars and it is quite astonishing.”

Continue Reading

Trending