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Black Market Rate

Daily Naira Exchange Rates; Monday December 14, 2020

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NAIRA - Investors King

Naira Remained Unchanged Against US DOllar, Slides Further Against Pound, Euro

Naira exchange rate to a United States Dollar remained unchanged on Monday at the black market while the local currency plunged against the British Pound and the Euro as shown in the table below.

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
14/12/2020 470/475 620/628 570/580 55/68 340/362 250/295
11/12/2020 470/475 615/625 570/580 50/65 340/362 245/293
10/12/2020 470/476 612/624 567/577 50/65 330/362 245/293
09/12/2020 470/478 610/620 560/570 50/70 330/362 245/294
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

Bureau De Exchange Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
14/12/2020 460/477 615/630 565/580
12/12/2020 460/480 610/630 550/580
11/12/2020 450/480 600/630 550/580
10/12/2020 450/480 600/630 550/580
09/12/2020 450/480 600/630 550/580
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

Central Bank Of Nigeria Official Naira Rates

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
12/14/2020 US DOLLAR 379 379.5 380
12/14/2020 POUNDS STERLING 509.0349 509.7065 510.378
12/14/2020 EURO 460.864 461.472 462.08
12/14/2020 SWISS FRANC 428.0068 428.5714 429.1361
12/14/2020 YEN 3.653 3.6578 3.6627
12/14/2020 CFA 0.6816 0.6916 0.7016
12/14/2020 WAUA 542.945 543.6613 544.3776
12/14/2020 YUAN/RENMINBI 57.9103 57.9872 58.064
12/14/2020 RIYAL 101.037 101.1703 101.3036
12/14/2020 SOUTH AFRICAN RAND 25.2881 25.3214 25.3548

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Black Market Rate

Naira Gains on Dollar, Pounds, Others at Black Market, Falls at NAFEX

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New Naira notes

The Naira gained against the US Dollar in the Parallel segment of the foreign exchange market on Thursday, October 17 as it closed at N1,689.51 to the American currency, a gain of N4.41 compared to N1,693.32/$1 it closed during the Wednesday trading session.

The Naira also gained in its value against the British Pound Sterling in the market by N11.19 to sell at N2,147.93/£1 compared with the preceding session’s N2,159.12/£1 and followed the same pattern against the Euro as it appreciated N8.07 to quote at N1,839.87/€1 versus the previous day’s rate of N1,847.94/€1.

The local currency also appreciated N3.59 to close at N1,201.07 per Canadian Dollar, compared to the previous day’s closing value of N1,204.66 per CAD.

Meanwhile, the Naira depreciated marginally for yet another session against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) to N1,660.49/$1.

The local currency rose fell by 0.05 per cent or N91.01 at the window, according to data obtained from FMDQ Securities Exchange compared to N1,659.69/$1 published in the preceding session on Wednesday.

This occurred as supply rose at the penultimate session as turnover published on the FMDQ Group website stood at $330.18 million indicating that the session’s turnover jumped by 86.4 per cent, indicating that there was a decrease of $153.08 million compared to $177.10 million published the previous day.

The surge in supply could be due to peer-to-peer sales as the Central Bank of Nigeria (CBN) has no actively injected liquidity in the market.

Investors King reports that the CBN in August re-introduced the retail Dutch auction system with the aim to sell US Dollar to FX users on demand basis but after the market witnessed more than $1.1 billion injected into the system, there has been slowdown in the auction.

In a different pattern, the local currency closed flat against the Pound Sterling and depreciated on the Euro at the closing session.

Trading against the British currency, the local currency closed at N2,153.90/£1 while it closed at the rate of N1,791.06/€1, a N9.73 appreciation against N1,800.79/€1 against the Euro.

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EFCC Raids Wuse Zone 4 Market, Clashes with Bureau De Change Operators

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EFCC

Tensions escalated in the bustling Wuse Zone 4 Market as operatives from the Economic and Financial Crimes Commission (EFCC) conducted a raid targeting Bureau De Change (BDC) operators on Tuesday.

The raid, intended to curb illegal currency trading and enforce regulatory compliance, quickly turned confrontational, resulting in clashes between the EFCC agents and currency traders.

Eyewitnesses reported scenes of chaos as the operatives attempted to apprehend BDC operators, who resisted the arrests vehemently.

The situation escalated to the point where gunshots were fired, and vehicles belonging to the EFCC were damaged.

Two currency traders, speaking anonymously, confirmed the events, citing frustration and desperation among the traders as the underlying cause of the resistance.

According to one witness, who requested anonymity for fear of reprisal, the traders’ reaction was fueled by their perception that the EFCC’s arrests were becoming excessively frequent and motivated primarily by a desire to extort money from them.

“Yesterday (Monday), they arrested traders, but they faced resistance today. People are getting tired and desperate,” the witness explained.

Another trader echoed similar sentiments, warning that continued raids by the anti-corruption agency could escalate into violence and potentially lead to fatalities. “If this thing continues like this, that means they would kill people,” the trader cautioned.

The growing frustration among traders stems from their belief that the EFCC’s actions, which often culminate in monetary fines, serve more as revenue-generating measures than effective regulatory enforcement.

The EFCC’s resurgence in raiding activities is part of its broader efforts to stabilize the Nigerian naira and combat illegal currency speculation.

In recent weeks, the commission has intensified its crackdown on suspected currency speculators and fraudulent foreign exchange practices.

However, despite these efforts, the naira has continued to depreciate, reflecting the challenges facing Nigeria’s foreign exchange market.

Traders at the Wuse Zone 4 Market highlighted the market’s volatility, with fluctuations in exchange rates making it increasingly difficult to predict trading outcomes. One trader, identified as Malam Yahu, expressed concern over the market’s instability and the challenges it poses for traders.

“Right now, the market is just fluctuating, and the naira is not stable at all,” he lamented. Yahu highlighted the impact of the EFCC raids on trading activities, noting how traders refrained from transactions to avoid potential losses.

At the official market, data from the FMDQ exchange securities revealed a sharp depreciation of the naira, raising concerns about rapid fluctuations and market volatility.

The intraday high and low of the naira against the dollar further underscored the challenges facing Nigeria’s foreign exchange market.

As the EFCC continues its crackdown on illicit currency trading, the clashes in the Wuse Zone 4 Market serve as a stark reminder of the underlying tensions and frustrations prevalent among currency traders.

The agency faces the daunting task of balancing enforcement actions with addressing the root causes of illegal trading, amidst ongoing challenges in Nigeria’s foreign exchange market.

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Black Market Rate

Dollar to Naira Black Market Today, February 20th, 2024

As of February 20th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,710 NGN in the black market, also referred to as the parallel market or Aboki fx.

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Naira - Investors King

As of February 20th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,710 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 N1,650 and sell it at N1,640 on Monday, February 19th, 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: N1,710
  • Selling Rate: N1,700

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