Connect with us

Forex

Daily Naira Exchange Rates; Thursday December 10, 2020

Published

on

naira

The Nigerian Naira gained slightly against the United States Dollar on Wednesday despite the pervasive forex scarcity.

The  Naira gained N5 from N483 it exchanged to a US Dollar to N478 at the parallel market. While the local currency remained unchanged against other global counterparts.

Daily Naira Black Market Exchange Rates

Date USD GBP EURO YUAN Canadian Australian
NGN BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL BUY/SELL
09/12/2020 470/478 610/620 560/570 50/70 330/362 245/293
08/12/2020 470/483 610/620 560/570 50/70 330/362 245/293
07/12/2020 470/482 610/615 560/570 50/70 330/362 245/293
04/12/2020 465/475 615/625 560/570 50/70 330/362 245/293

Central Bank Official Naira Rates

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
12/9/2020 US DOLLAR 379 379.5 380
12/9/2020 POUNDS STERLING 510.0961 510.7691 511.442
12/9/2020 EURO 459.1206 459.7263 460.332
12/9/2020 SWISS FRANC 426.4176 426.9802 427.5428
12/9/2020 YEN 3.6393 3.6441 3.6489
12/9/2020 CFA 0.6808 0.6908 0.7008
12/9/2020 WAUA 543.3841 544.1009 544.8178
12/9/2020 YUAN/RENMINBI 57.9493 58.0262 58.1031
12/9/2020 RIYAL 101.0263 101.1595 101.2928
12/9/2020 SOUTH AFRICAN RAND 25.4234 25.457 25.4905

Bureau De Exchange Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
09/12/2020 440/480 600/630 550/580
08/12/2020 440/480 565/635 530/582
07/12/2020 440/480 565/630 530/582
04/12/2020 440/480 565/630 530/580

 

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

Daily Naira Exchange Rates; Thursday, May 6, 2021

Published

on

Naira Exchange Rates - Investors King

Naira depreciated further at the parallel market on Thursday as the local currency traded at N485 to a United States Dollar. The Nigerian Naira exchanged at N676 to a British Pound and N585 to a Euro as shown 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
06/05/2021 480/485 665/676 575/585 62/69 395/405 292/320

Bureau De Change Naira Rates

Date

USD

GBP

EURO

NGN

BUY/SELL

BUY/SELL

BUY/SELL

06/05/2021

475/482

663/676

575/587

06/05/2021

475/482

663/676

575/587

Central Bank of Nigeria’s Official Naira Rates

Continue Reading

Forex

CBN Extends N5/$ Incentive Period to Boost Dollar Inflow

Published

on

Godwin Emefiele - Investors King

The Central Bank of Nigeria (CBN) has extended the N5 per US Dollar incentive on forex remittance indefinitely to boost liquidity and further deepen economic recovery.

The initiative was scheduled to end on May 8. It was introduced to encourage recipients of dollars to use formal banking channels and help the central bank capture such inflows to boost the stability of the local currency, which has been under pressure after oil prices plunged last year.

“We hereby announce the continuation of the scheme until further notice,” the regulator said in a statement on its website on Thursday.

The naira has been devalued three times since last year after a sharp drop in oil earnings, which accounts for 90% of foreign-exchange inflows, and remittances from workers abroad led to a dollar crunch in the West African nation, which produces the most crude in Africa. The local unit traded for 410.31 on the investors and exporters window, also called Nafex, as of 8:51 a.m. in Lagos.

Continue Reading

US Dollar

Dollar Falls as Risk Appetite Improves, Sterling Dips on BoE

Published

on

US Dollar - Investorsking.com

The dollar dropped to its lowest point in three days on Thursday as global market risk appetite improved, while sterling zig-zagged after the Bank of England slowed the pace of its bond-buying, but left interest rates unchanged.

Fewer Americans filed new claims for unemployment benefits last week, data showed, as COVID-19 vaccination efforts and massive amounts of government stimulus led to a further reopening of the economy.

While the U.S. economy has been gaining steam, Federal Reserve speakers on Wednesday downplayed the risks of higher inflation.

Those statements reinforced “the lower-for-longer mentality with regards to interest rates,” making the greenback less appealing, said Neil Jones, head of FX sales at Mizuho.

The safehaven U.S. dollar was last down 0.31% at 91.977 against a basket of peer currencies.

“What we’ve seen early in New York is a little bit of back-and-forth gyrations, just because of the Bank of England meeting,” said Erik Bregar, director and head of FX strategy at the Exchange Bank of Canada.

The Bank of England said it would slow the pace of its bond-buying as it sharply increased its forecast for Britain’s economic growth this year after its coronavirus slump, but it stressed it was not tightening monetary policy.

“They kept their QE target in place but they said they are going to reduce the weekly pace of purchases, but that’s not a signal and so sterling has kind of gone up and down and done nothing at the end of the day,” Bregar said.

The pound was last down 0.08% against the weaker dollar at $1.3900 .

The euro was up 0.47% versus the dollar at $1.2061 , and up 0.65% against the pound, at 86.88 pence per euro.

Investors were also paying attention to elections in Scotland that could herald a political showdown over a new independence referendum.

The Australian dollar fell sharply overnight when China said it would stop its economic dialogue with Australia, but the currency had recovered to trade close to flat on the day as European markets opened.

The Aussie was up 0.1% versus the U.S. dollar at 0.77515 at 1028 GMT, having hit as low of 0.7701 overnight.

The New Zealand dollar also dropped and was down 0.1% on the day.

“The announcements of the formal suspension of the economic dialogue between China and Australia should not have a lasting impact on markets given the already strained relationship between the two ahead of the event,” wrote ING strategists in a note to clients.

The Canadian dollar hit a three-and-a-half year high, helped by oil price gains and the Bank of Canada’s recent shift to more hawkish guidance.

In cryptocurrencies, ether traded around $3,500 after reaching a record high of $3,559.97 on Tuesday, skyrocketing nearly 800% this month.

Bitcoin declined 0.2% to $57,392.75.

The meme-based virtual currency Dogecoin soared on Wednesday to an all-time high, extending its 2021 rally to become the fourth-biggest digital coin.

Continue Reading

Trending