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Naira Exchange Rates; Wednesday, March 24, 2021

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500 and 1000 naira bills (Nigerian currency)

Daily Naira Exchange Rates; Wednesday, March 24, 2021

Naira opened at N486 against the United States Dollar at the parallel market on Wednesday, March 24, 2021, shortly after the Central Bank of Nigeria-led monetary policy committee maintained the interest rate at 11.5 percent.

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
24/03/2021 480/486 672/680 572/581 62/69 393/400 395/320
23/03/2021 480/486 672/680 572/582 60/68 390/400 395/320
22/03/2021 480/486 672/680 582/582 60/68 390/400 385/300
19/03/2021 480/485 672/680 573/583 60/68 390/400 382/300
18/03/2021 480/485 672/680 573/582 60/68 390/400 385/300
17/03/2021 478/485 670/678 572/582 60/68 390/400 385/300
16/03/2021 478/485 670/680 572/582 60/68 386/398 385/300
15/03/2021 478/485 670/676 572/582 60/68 386/398 382/300
12/03/2021 477/485 670/675 570/580 60/68 386/398 382/300
11/03/2021 475/482 668/675 568/575 60/68 386/398 382/300
10/03/2021 477/484 670/675 570/580 60/68 386/398 382/300
09/03/2021 475/484 670/675 578/580 60/68 385/395 382/300
08/03/2021 475/482 670/675 578/583 60/68 385/395 382/300
05/03/2021 475/480 670/675 577/582 60/68 385/395 382/300
04/03/2021 475/480 665/672 574/580 60/68 385/395 382/300
03/03/2021 475/480 662/672 574/580 60/68 385/395 382/300
02/03/2021 475/480 662/672 574/580 60/68 385/395 382/300
01/03/2021 475/482 662/672 575/583 60/68 385/395 382/300
26/02/2021 475/482 660/672 575/583 60/68 385/395 382/300
25/02/2021 475/480 660/670 572/580 60/68 385/395 282/300
24/02/2021 475/480 655/670 570/580 60/68 385/395 282/300
23/02/2021 475/480 655/665 575/582 60/68 385/395 282/300
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
24/03/2021 475/485 668/678 570/577
23/03/2021 475/485 668/678 570/577
22/03/2021 475/485 670/678 570/577
19/03/2021 475/485 670/678 570/578
18/03/2021 475/485 668/675 569/578
17/03/2021 475/485 667/674 569/578
16/03/2021 475/485 667/674 569/578
15/03/2021 470/480 665/674 560/578
12/03/2021 470/480 665/674 560/578
11/03/2021 470/480 665/674 560/578
10/03/2021 470/480 665/674 560/578
09/03/2021 470/480 665/674 567/580
08/03/2021 470/480 662/672 570/580
05/03/2021 470/480 662/672 570/580
04/03/2021 470/480 662/672 570/580
03/03/2021 470/480 662/670 573/580
02/03/2021 470/480 660/669 573/580
01/03/2021 470/480 660/669 574/580
26/02/2021 470/480 660/669 574/580
25/02/2021 470/480 658/665 574/580
24/02/2021 470/478 654/660 570/578
23/02/2021 470/478 654/660 570/578
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

 

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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Naira

Demand Pressure Weakens Naira At Official FX Market

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The Naira fell 8.3 percent against the US Dollar at the official market, the Nigerian Autonomous Foreign Exchange Market (NAFEM), as the local currency exchanged for the US Dollar at N1,669.15/$1 on Tuesday, October 2.

This meant the local currency slid by N127.21 from N1,541.94/$1 it closed at the previous session on Monday.

The official market was closed on Tuesday for the country’s 64th Independence Day.

As the fourth quarter commences, demand for FX has surged but recent efforts to bring some stability to the market through a series of auctions held by the Central Bank of Nigeria (CBN) for official dealers and Bureau de Change (BDCs) have not been able to tackle high seasonal demand.

Secondary data showed that there was a decrease in daily supply as the midweek turnover published on the FMDQ Group website stood at $176.45 million, indicating that the session’s turnover dipped by 2.9 percent or $5.41 million compared to $181.86 million published in the last trading session.

The local currency was flat against the Pound Sterling and the Euro as it wrapped the session at N2,143.65/£1 and N1,789.71/€1, respectively.

At the black market, the Naira was relatively flat against the Dollar as it retained the recent trading value of N1,656.

In a different outcome, it pulled a N3 gain on the Pound Sterling at the segment to sell at N2,158/£1 from N2,161/€1 and also added N3 on the Euro to wrap the midweek session at N1,844/€1 from N1,847/€1.

The Naira weakened on the Canadian Dollar by N5 to end the day at N1,220/CAD from N1,215/CAD quoted on Tuesday.

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Naira

Naira Steady on Dollar, Gains on Pounds, Others as Nigeria Marks Independence

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New Naira notes

 The Naira was steady against the Dollar on Tuesday, October 1, as it traded at N1,656 per Dollar at the unofficial foreign exchange (FX) market as the country marked its 64th Independence Day celebration.

It also gained against the British Pound Sterling, Euros, and Canadian Dollar.

The Naira rose by N8 on the English currency to sell at N2,161 per Pound from N2,169 and also rose N8 on the European currency to go from N1,855 in the recent day to N1,847 while it appreciated N13 on the Canadian Dollar to close at N1,215 from N1,228 on Tuesday.

The local currency which has faced volatility in recent months got relative ease after the Central Bank of Nigeria (CBN) sold a fresh batch of FX to authorised Bureau De Change (BDC) traders last week.

Throughout September, the CBN sold $20,000 twice to BDC operators to help meet the rising demand for foreign currency. On September 6, 2024, the CBN sold dollars to the BDCs at a rate of N1,580 per Dollar, and on September 25, 2024, at a rate of N1,590.

This intervention was aimed at reducing the pressure in the FX market and ensuring adequate liquidity for smaller traders. So the move saw demand spread away from the official channels and in turn, eased the value of the local currency.

At the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency closed the month of September at N1,541.94 to the Dollar. It didn’t trade on Tuesday due to the holiday.

Upon resumption on Wednesday, the Naira could depreciate as pressure from Q4 seasonal demands could pile on it.

However, this could be prevented by external reserve buffers which have seen sharp increases in the last nine months.

According to the Central Bank of Nigeria (CBN), the country’s external reserves surged by 15.26% as of September 27, 2024, amounting to a $5.04 billion rise.

This development has pushed Nigeria’s total foreign currency reserves to $38.06 billion, up from $33.02 billion recorded at the beginning of the year.

 

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Naira

Naira Gains 2.29% Against Dollar as Forex Liquidity Declines

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New Naira notes

The Naira gained 2.29% or N35.32 against the dollar to N1,540.78 per dollar from N1,576.10 reported on Thursday.

On a week-on-week basis, the Nigerian Naira gained 1% according to the Nigerian Autonomous Foreign Exchange Market (NAFEM) data.

On Friday, the dollar supplied by willing buyers and sellers declined by 36.44 percent from $334.05 million on Thursday to $212.31 million at the NAFEM window.

Breaking down foreign currency supply for last week, the supply of dollars rose by 111.9%, from $100.21 million on Monday to $212.31 million on Friday.

It was noted that in the parallel market, also known as the black market, the Naira depreciated by N5 per dollar, from N1,695 on Thursday to N1,700 on Friday.

Moreover, during the week, the Naira fell by 2.1%, losing N35 compared to the N1,665 traded on Monday.

According to a statement signed by the Acting Director of the Trade and Exchange Department of the Central Bank of Nigeria (CBN), W. J. Kenya, the CBN sold $60 million to commercial banks and provided dollars to Bureau De Change (BDC) operators at a rate of N1,590 per dollar to stabilise the foreign exchange market and improve liquidity.

It was also gathered that eligible BDCs could purchase up to $20,000 to meet the growing demand for invisible transactions, which include personal travel allowances, medical bills, and educational expenses.

However, BDC operators interested in the intervention are required to sell dollars to end-users at no more than a one percent margin above the CBN’s purchase rate, and they must deposit the required Naira equivalent in the CBN’s designated accounts while submitting the necessary documentation at specific branches located in Abuja, Awka, Kano, and Lagos.

“Our goal is to maintain stability in the foreign exchange market and ensure that eligible end-users can meet their transaction needs,” Kenya stated.

“This move is to ensure adequate liquidity and meet the growing demand for invisible transactions in the market,” the statement read.

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