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Naira Declines Against the United States Dollar to N475

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Naira - Investors King

Rising demand for the United States Dollar amid persistent scarcity has further widened Nigeria’s foreign exchange rate at the black market.

The Nigerian Naira depreciated by N5 from the N470 it was exchanged against the United States Dollar on Friday to N475 on Tuesday at the black market despite the Central Bank of Nigeria’s official exchange rate remaining at N379/ US$ since August 2020.

The apex bank devalued the Nigerian Naira twice this year when oil prices plunged to a record-low during the peak of the COVID-19 outbreak. The local currency was first devalued from N306/US$ to N360/US$ before it was adjusted again to N379/US$ to halt the surge in capital flight by foreign investors looking to exit the local market and also accommodate the change in the nation’s macro fundamentals.

According to Johnson Chukwu, the Group Managing Director/Chief Executive Officer, Cowry Asset Management Limited, “All the major sources of foreign exchange inflow to support the country’s forex reserves have declined.

The drop in foreign revenue generation plunged Nigeria’s foreign reserves from $45 billion in June 2019 to $35.60 billion as of November 13, 2020. While foreign direct investment used to supplement dwindling reserves has dropped amid rising global risk and weak economic fundamentals.

These coupled with the drop in diaspora remittance, about $21 billion yearly, incapacitated central bank intervention ability across key forex windows and explained the reason for the persistent dollar scarcity.

Last week, Mr Bismarck Rewane, the MD/CEO, Financial Derivatives Company Limited, predicted that the Naira to United States Dollar exchange rate could hit N475 between November and December at the black market given the current situation.

This, he attributed to the weak oil prices, demand for the commodity and production cuts by OPEC plus to artificially support prices. He added that demand for the United States Dollar, due to reopen of airspace, economy and general activities, will surge and further hurt the central bank’s intervention prowess.

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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