Forex

Naira to a Dollar Exchange Rate Dips to N462 at Black Market Amid Social Unrest

Published

3 years ago

October 15, 2020

Youth Protests Weigh on Naira to a Dollar Exchange Rate on Black Market

The ongoing youth protest in Nigeria continues to weigh on the economic outlook and investors’ sentiment across the board.

The Nigerian Naira to a US dollar exchange rate declined by N1 from N461 on Tuesday to N462 on Wednesday and in the early hours of Thursday at the black market.

Against the British Pounds, the Naira exchanged at N600, down from the N592 it traded on Tuesday. This decline continues against Europe’s common currency as the Naira dipped against the Euro by N2 from N538 to N540 on the black market.

The nationwide protest by the Nigerian youth to curb police brutality and harassment on daily basis continues to disrupt business activities in Africa’s largest economy.

Nigerian youths are saying enough is enough after the death of several youths by the law enforcement agency, Special Anti-Robbery Squad (SARS), that was constituted to curb robbery but gone rogue and made extortions, harassments and in some cases killing of innocent citizens their means of livelihood.

Despite the government disbanding the unit and promise to redeploy officers to other existing units, commands and formations, the youths are saying they want a total discharge of corrupt officers and the entire reform of the Nigerian Police Force (NPF) before they will even consider backing down on the ongoing protest, especially after politicians started sponsoring thugs to attack peaceful protesters in Lagos and Abuja.

The Nigerian Stock Exchange closed flat on Wednesday amid rising uncertainty surrounding the government’s ability to de-escalate the situation given the fact that the youths no longer trust the administration or Nigerian government.

The Naira remained weak against global counterparts and expected to plunge further once the National Bureau of Statistics (NBS) release third-quarter Gross Domestic Product (GDP) report expected by many experts to plunge the nation into its second recession in four years.

Up Next

Naira to Dollar Rate Today: Naira Exchanges at N463 to Dollar on Black Market

Don't Miss

Naira Declines on the Black Market on Tuesday

Samed Olukoya

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.

Comments

Forex

Nigeria’s FX Reserves Dwindle by $1.6 Billion Amid Unification Efforts, Straining Naira

Published

3 days ago

December 6, 2023

Investors King

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.

Forex

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.

Published

3 days ago

December 6, 2023

Investors King

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.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

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.

Business

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.

Published

4 days ago

December 5, 2023

Investors King

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.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How Much is Dollar to Naira Today in the Black Market?

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.