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Daily Naira Exchange Rates; Tuesday December 22, 2020



Naira Dollar Exchange Rate - Investors King

Daily Naira Black Market Exchange Rates

Morning * Midday** Evening ***

Date USD GBP EURO YUAN Canadian Australian
22/12/2020 472/476 622/630 570/578 60/70 340/362 250/295
21/12/2020 472/476 622/632 570/580 55/68 340/362 250/295
18/12/2020 472/477 622/630 570/577 55/68 340/362 250/295
17/12/2020 472/478 623/633 570/577 55/68 340/362 250/295
16/12/2020 472/476 620/627 570/576 55/68 340/362 250/295
15/12/2020 470/475 615/628 570/580 55/68 340/362 250/295
14/12/2020 470/475 620/628 570/580 55/68 340/362 250/295

Bureau De Exchange Naira Rates

22/12/2020 470/475 620/631 568/577
21/12/2020 470/475 620/631 568/577
18/12/2020 460/475 620/630 568/577
17/12/2020 460/475 618/633 565/580
16/12/2020 460/480 618/633 565/580
15/12/2020 460/480 615/630 565/580
14/12/2020 460/477 615/630 565/580

Central Bank of Nigeria (CBN) Official Naira Rates

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
12/21/2020 US DOLLAR 379 379.5 380
12/21/2020 POUNDS STERLING 502.9709 503.6345 504.298
12/21/2020 EURO 461.2809 461.8895 462.498
12/21/2020 SWISS FRANC 426.6577 427.2205 427.7834
12/21/2020 YEN 3.6551 3.6599 3.6648
12/21/2020 CFA 0.6885 0.6985 0.7085
12/21/2020 WAUA 546.7451 547.4664 548.1877
12/21/2020 YUAN/RENMINBI 57.8052 57.8819 57.9586
12/21/2020 RIYAL 101.0209 101.1541 101.2874
12/21/2020 SOUTH AFRICAN RAND 25.4944 25.5281 25.5617

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

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Goldman Sachs Upgrades Pound Forecast: Sterling Expected to Reach $1.30 in Six Months



Goldman Sachs- Investors King

Financial titan Goldman Sachs has revised its forecast for the British Pound, anticipating a notable uptick.

The sterling, which has already showcased resilience throughout the year, is now expected to reach $1.30 within the next six months from its previous projection of $1.20.

Data from the Commodity Futures Trading Commission reveals a shift in investor sentiment with a net bullish position on the pound recorded for the first time since September during the week ending December 5.

This suggests a growing confidence among investors regarding the currency’s future trajectory.

Despite the global economic landscape facing uncertainties and challenges, the pound has maintained its standing, holding steady around $1.2545 in Asian trading on Monday.

Year to date, the sterling has demonstrated remarkable strength, securing its position as the second-best-performing currency in the Group-of-10, surpassed only by the Swiss franc.

Goldman Sachs’ updated forecast aligns with the market’s inclination towards a more optimistic view of the pound.

Analysts at the financial giant attribute this shift to the expectation of a ‘soft landing’ strategy by the Bank of England, coupled with a more restrained approach to interest rate cuts compared to other major economies.

Swaps markets also echo Goldman’s outlook, with investors pricing in approximately 85 basis points of easing by the Bank of England, a notably lower estimate compared to anticipated cuts by the Federal Reserve and the European Central Bank.

This positions the Bank of England as a less dovish outlier in the global economic landscape.

While the pound’s current trading environment indicates positivity, analysts caution that uncertainties persist.

Nevertheless, Fidelity International remains optimistic, predicting the pound to strengthen further, possibly reaching the $1.40 level in the coming year.

The revised forecast by Goldman Sachs not only underscores the evolving dynamics in currency markets but also reflects a broader market sentiment that sees the British Pound as a robust player in the face of economic challenges.

As the global financial landscape continues to navigate uncertainties, the pound’s potential ascent to $1.30 stands as a testament to its enduring strength and investor confidence.

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Naira Plummets as UK Pound Surges to Over N1000 to £1 on Black Market

The exchange rate has reached over N1000 to £1, leaving many Nigerians worried about the future of their currency.




The Nigerian Naira has experienced a significant decline while the UK Pound has surged to unprecedented heights on the black market.

The exchange rate has reached over N1000 to £1, leaving many Nigerians worried about the future of their currency.

This alarming depreciation of the Naira against the UK Pound has been observed over the past few days, marking a distressing trend for the country’s economy.

The persistent surge in demand for the UK Pound has been a significant driving force behind this ongoing depreciation as Nigerians continue to seek opportunities and stability abroad, the demand for foreign currencies, especially the Pound, has soared.

This mounting pressure on the Naira has contributed to its decline and weakened its value against major currencies.

The depreciation of the Naira against the Pound is just one aspect of a larger issue within Nigeria’s foreign exchange market. The partial float of the Naira has redirected demand away from official rates for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA), prompting more individuals to turn to the black market.

The widening gap between official and black-market exchange rates is a growing concern for analysts, as it may put additional pressure on the country’s official exchange rate market. If the supply of foreign currencies does not improve and the disparity continues to widen, further depreciation of the Naira can be expected.


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Pound to Naira Exchange Rate Hits Record Low of N1005 at Black Market



British pound

The Naira continues its decline against global counterparts as the local currency exchanged at N1005 to a British Pound Sterling on Sunday at the black market.

Against the United States Dollar, the Nigerian Naira traded at about N815 while a unit of Euro common currency was exchanged at N870 to a Naira.

At the interbank forex section, the Nigerian Naira slid to N440.26 against the United States Dollar and dipped marginally against the Euro common currency to N431.2787. Naira, however, appreciated against the Pound to N493.2673.

International Monetary Fund (IMF) and other multilateral financial institutions have said the huge difference between the black market and the Central Bank of Nigeria (CBN) managed interbank section is the bane of Nigeria’s currency racketeering.

In October 2021, Vice President Osibanjo explained why the forex differential is the reason why Nigeria continues to struggle with low capital importation and investment.

According to him, “As for the exchange rate, I think we need to move our rates to [be] as reflective of the market as possible. This, in my own respective view, is the only way to improve supply,” the vice president said.

“We can’t get new dollars into the system, where the exchange rate is artificially low. And everyone knows by how much our reserves can grow. I’m convinced that the demand management strategy currently being adopted by the CBN needs a rethink, and that is just my view.

“Anyway, all those are issues that when the CBN governor has time to address, he will be able to address in full.”

Crude Oil

Crude oil opened lower on Monday following reports that China is planning to up COVID-19 restrictions in an effort to curb the rising number of victims.

Brent crude oil, the international benchmark for Nigerian type of oil, has since pared losses to $98.66 a barrel at 11:20 am, up from $97 it opened when the news of Chinese Covid-19 was made public.


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