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Daily Naira Exchange Rates; Monday, February 22, 2021

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Daily Naira Exchange Rates; Monday, February 22, 2021

Naira exchanged at N480 to a United States Dollar on Monday at the parallel market, while Pound and Euro traded at N660 and N580, respectively.

Daily 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
22/02/2021 475/480 652/660 575/580 60/68 385/395 282/300
19/02/2021 474/478 648/655 570/577 60/68 385/395 282/300
18/02/2021 472/477 645/655 570/575 60/68 385/395 282/300
17/02/2021 472/478 645/655 570/575 60/68 385/395 282/300
16/02/2021 465/473 645/652 565/570 60/68 385/395 282/300
15/02/2021 465/473 642/652 562/570 60/68 385/395 282/300
12/02/2021 465/473 642/650 562/570 60/68 385/395 282/300
11/02/2021 465/475 640/650 560/570 60/70 385/400 280/300
10/02/2021 472/478 645/652 565/575 60/70 385/400 280/300
09/02/2021 474/480 645/655 567/575 60/70 385/400 280/300
08/02/2021 474/480 645/655 567/575 60/70 385/400 280/300
05/02/2021 474/480 645/653 567/578 60/70 385/400 280/300
04/02/2021 474/480 645/653 567/578 60/70 385/400 280/300
03/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
02/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
01/02/2021 474/480 642/655 575/580 60/70 385/400 280/300
29/01/2021 474/480 642/652 575/580 60/70 385/400 280/300

 Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
22/02/2021 470/477 650/656 570/577
19/02/2021 465/476 645/656 565/573
18/02/2021 465/475 640/652 563/570
17/02/2021 465/477 640/655 562/572
16/02/2021 460/475 640/652 562/570
15/02/2021 460/475 638/652 561/568
12/02/2021 467/475 635/650 562/570
11/02/2021 465/475 640/655 560/575
10/02/2021 472/478 640/655 565/575
09/02/2021 472/478 640/655 565/575
08/02/2021 472/478 640/655 565/575
05/02/2021 472/478 640/650 565/575
04/02/2021 472/478 640/650 565/575
03/02/2021 471/478 640/650 572/580
02/02/2021 471/478 640/655 572/580
01/02/2021 471/478 640/655 572/580
29/01/2021 471/477 640/648 570/579

Central Bank of Nigeria’s Official Naira Rates

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 Hits N502 Against U.S Dollar at the Black Market

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Naira - Investors King

Persistent dollar scarcity amid devaluation and economic uncertainties plunged the Nigerian Naira to N502 per U.S Dollar at the parallel market, popularly known as the black market.

The local currency traded at N715 to a British Pound and N605 to a Euro on Wednesday morning.

At the Nigerian Autonomous Foreign Exchange Rate Fixing Methodology (NAFEX), the Naira opened at N411.15 to a United States Dollar before dropping to as low as N421.96 and eventually closing at N411.5.

The Central Bank of Nigeria had adopted the NAFEX rate as the nation’s official rate when it became clear that the apex can no long sustain Naira’s fixed-rate amid dwindling foreign reserves and weak revenue generation.

The NAFEX rate, popularly known as the Investors and Exporters Forex Window, was quoted as N410.15 to a United States Dollar on Tuesday, June 8, 2021 on the central bank’s official website.

The apex bank decision to devalue the Naira despite the ongoing economic challenges in Africa’s largest economy was because of the pressure from the World Bank and the International Monetary Fund, demanding the federal government to allow forces of demand and supply to determine the naira exchange rate against pegged Naira-USD rate.

However, with the Federal Government looking for approval from the two multilateral institutions for fresh loans, it became necessary to enforce those demands before new loan applications could be approved.

The World Bank raised Nigeria’s growth rate from 1.1 percent to 1.8 percent in 2021, saying a series of structural reforms and market-determined exchange rates will help boost economic activities.

Also, oil prices were projected to remain high in the near term.

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Naira

Naira Official Exchange Rate Improves to N410/$1

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Naira Exchange Rates - Investors King

The Nigerian Naira improved slightly against the United States Dollar to N410 on Thursday, according to the latest update on the website of the Central Bank of Nigeria (CBN).

The apex bank had listed the Naira-US Dollar exchange rate at N410.25 to a United States Dollar on Wednesday following the adoption of the NAFEX rate as the official rate.CBN Official Forex Rate - Investors King

However, on Thursday the now official rate has been updated to N410 per U.S Dollar, indicating an improvement of N0.25 from N410.25 on Wednesday.CBN Official Forex Rate - Investors King

 

On the NAFEX – FMDQ Group managed window, the local currency closed at N411 to a United States Dollar on Friday, against the N411.50 it exchanged on Thursday.

At the parallel market, popularly known as the black market, the Naira exchanged at N495/$, and N690 and N595 to a British Pound and Euro, respectively.

The Naira plunged against global counterparts immediately the apex bank adopted the NAFEX rate and devalued the Naira by another N31 from N379/$1.

Experts have criticised the move, saying the decision will drag on the nation’s economic productivity and worsen the fragile state of the ongoing economic recovery.

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Naira

Naira Approaches N500/$1 at Black Market Following Devaluation

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Naira - Investors King

The Nigerian Naira plunged to N493 against the United States Dollar on Wednesday at the parallel market, popularly known as the black market, following the Central Bank of Nigeria‘s decision to devalue the local currency again.

The apex bank had replaced the official exchange rate of N379/$1 with NAFEX rate of over N410/$1 to further unify the nation’s foreign exchange rates and ease the pressure on dwindling foreign reserves.

While criticism trailed the decision given the current situation in the country, persistent dollar scarcity occasioned by weak foreign revenue, speculators and hoarders that operates at the nation’s black market section of the forex plunged the Naira against global counterparts on Wednesday.

Against the British Pound, the Naira traded at N688 and N592 to a single Euro.

At the NAFEX window, the local currency exchanged at N411.50 to a United States Dollar. Investors traded $471.85 million during the trading hours of Wednesday.

Weak foreign revenue generation amid fragile growth and escalating inflation rate continues to hurt the Nigerian Naira and the central bank’s ability to defend the embattled local currency.

According to the monetary policy committee, even though “the economy had successfully exited the recession, the recovery was very fragile given that the GDP of 0.51 per cent was still far below population growth rate. Committee, therefore, was of the view that, there is a strong need for the Monetary Authorities to consolidate on all administrative measures taken not only to rein in inflation, but also on the actions so far taken to grow output.”

The committee left interest unchanged to stimulate growth and said the measures put in place by the central bank will help ease rising inflation as seen in April.

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