Connect with us

Forex

Despite New CBN Forex Policy, Naira Plunges Back to Record Low Against Global Counterparts

Published

on

Naira Dollar Exchange Rate - Investors King

Naira Declines Across the Board Despite New Forex Policy

Efforts of the Central Bank of Nigeria to stimulate productivity and checkmate the activities of speculators and hoarders at the parallel market, popularly known as the Black market, through diaspora remittance is yet to reflect on Naira value as the local currency plunged back to record lows against global counterparts at the nation’s black market.

The Naira plunged to N483 against the United States Dollar on Tuesday morning at the black market, down by N13 from the N470/US$ recorded on Thursday.

This depreciation continues against the British pound and the Euro as the Naira remained under pressure at N615 to a Pound and N570 to European common currency, Euro.

Despite the Central Bank of Nigeria adjusting forex policy to ensure that recipients of diaspora inflows can now receive their funds in foreign currency (United States Dollar) or have it transferred to their ordinary domiciliary account where they also have options to withdraw in cash or transfer, the Naira failed to sustain earlier gains as banks and the International Money Transfer Operators (IMTOs) are either yet to update their systems in line with the new forex policy or struggling with dollar payment due to scarcity.

The CBN had planned to flood the foreign exchange market with an estimated $2 billion per month or $24 billion worth of diaspora remittance per year to ease forex scarcity, fast track economic recovery and cushion the economy. However, with remittance inflows yet to crystalise across the forex market, scarcity remains both at the Bureau De Exchange and parallel market sections of the forex. The Naira slid back to a record low against global counterparts on Tuesday.

At Investors King, the Naira is projected to moderate from the current record low in the first half of the year if diaspora remittance per month consistently hit $2 billion or close to that amount as anticipated by the Central Bank of Nigeria.

But with COVID-19 and other economic issues ravaging the world yet to fully subside, it may take strong COVID-19 vaccine results, the full reopening of economies and the rise in new job creation in key countries like the United States, the United Kingdom, Australia and other top migrant continents like Europe and Asia for CBN to achieve its aims of stabilising the Naira with diaspora inflows.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Naira

Black Market Dollar to Naira Exchange Rate Today, March 18th, 2024

As of March 18th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,620 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

on

Naira to Dollar Exchange- Investors King Rate - Investors King

As of March 18th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,620 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,590 and sell it at N1,580 on Thursday, March 14th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

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

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,620
  • Selling Rate: N1,610

Continue Reading

Naira

Black Market Dollar to Naira Exchange Rate Today, March 14th, 2024

As of March 14th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,590 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

on

NAIRA - Investors King

As of March 14th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,590 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,610 and sell it at N1,600 on Wednesday, March 13th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved slightly when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

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

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,590
  • Selling Rate: N1,580

Continue Reading

Naira

Black Market Dollar (USD) to Naira (NGN) Exchange Rate Today, March 13th, 2024

As of March 13th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,610 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

on

New Naira Notes

As of March 13th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,610 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,620 and sell it at N1,610 on Monday, March 11th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved slightly when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

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

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,610
  • Selling Rate: N1,600

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending