Connect with us

Naira

Naira Exchange Rates Today, Tuesday, July 6, 2021

Published

on

Naira to Dollar Exchange- Investors King Rate - Investors King

Naira remains unchanged across key foreign exchange markets as forex liquidity continues to weigh on the currency outlook.

The local currency opened at N503 against the United States Dollar on Tuesday at the parallel market while it traded at N710 and N595 to a British Pound and Euro, respectively.

The Bureau De Change operators exchanged the Naira at N500 to a United States Dollar on Tuesday morning and N710 to a British Pound and N600 to a Euro. See the complete exchange rates in the table 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
06/07/2021 499/503 698/710 590/595 62/69 407/417 300/325
05/07/2021 498/503 700/710 590/595 62/69 400/410 300/325
02/07/2021 498/503 700/710 588/595 62/69 400/410 300/325
01/07/2021 498/503 705/710 590/595 62/69 400/410 300/325
30/06/2021 498/503 705/710 590/598 62/69 400/410 300/325
29/06/2021 498/502 705/710 590/595 62/69 400/410 300/325
28/06/2021 498/502 705/710 590/600 62/69 400/410 300/322
25/06/2021 496/500 705/710 595/600 62/69 400/410 300/322
24/06/2021 495/500 705/710 590/595 62/69 400/410 300/322
23/06/2021 495/500 705/710 585/592 62/69 400/410 300/322
22/06/2021 495/500 703/713 585/595 62/69 400/410 300/322
21/06/2021 495/500 703/710 585/592 62/69 400/410 300/325
18/06/2021 492/498 700/710 585/595 62/69 400/410 300/325
17/06/2021 483/493 700/710 590/600 62/69 400/410 300/322
16/06/2021 497/502 707/713 600/606 62/69 400/410 300/322

Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
06/07/2021 490/500 697/710 585/600
05/07/2021 490/500 700/714 585/600
02/07/2021 490/500 700/714 585/600
01/07/2021 490/500 700/714 590/605
30/06/2021 490/500 704/718 590/605
29/06/2021 490/500 704/718 585/605
28/06/2021 490/500 700/718 585/605
25/06/2021 485/495 700/718 588/605
24/06/2021 485/495 700/718 580/605
23/06/2021 485/495 700/718 580/605
22/06/2021 485/495 700/718 580/605
21/06/2021 480/490 680/710 550/603
19/06/2021 475/490 680/715 580/603
18/06/2021 475/485 680/715 580/603
17/06/2021 478/490 690/710 590/603
16/06/2021 495/500 707/718 600/609
15/06/2021 495/500 707/718 600/609
14/06/2021 490/498 705/718 600/608

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.

Naira

Naira Falls Across Multiple FX Windows as Trump Emergence Boost Dollar Value

Published

on

Naira Exchange Rates - Investors King

The Naira weakened to N1,681 per Dollar on Wednesday, November 6 in the official foreign exchange market, the Nigerian Autonomous Foreign Exchange Market (NAFEX) as the American Dollar strengthened in the global market following the emergence of Donald Trump as the US president.

The local currency fell by N10.33 or 0.61 percent to close at N1,681.65/$1 compared with Tuesday’s closing rate of N1,671.32/$1.

The daily supply of FX as measured by secondary data from FMDQ Securities Exchange Limited indicated that turnover slumped by $21.99 million or 10.1 percent to $196.78 million from $218.77 million.

The decline in supply comes as the Central Bank of Nigeria (CBN) limited the sale of forex in order to regulate cash sales in the FX market to ensure stability and compliance.

Also, the emergence of Donald Trump as the next US president made the Dollar stronger and weakened a host of other currencies, like the Naira.

The market will be looking forward to Trump’s potential policies and what it would mean for the global economy.

However, the Naira weakened in its value against the Pound Sterling in the official market by N8.74 to sell at N2,169.37/£1 compared with the preceding session’s N2,160.63/£1.

It closed flat against the Euro in the midweek to trade at the rate of N1,819.86/€1.

The local currency also weakened across the Dollar, Pound Sterling, and the Canadian Dollar in the black market.

The Naira lost N7.38 against the greenback to close at N1,715.73 to the US Dollar compared to N1,708.35/$1 it closed on Tuesday.

The Naira lost N3.33 to sell at N2,219.79/£1 compared with the preceding session’s N2,216.46/£1 and against the Canadian Dollar as it depreciated further by N6.61 to close at N1,231.23 per Canadian Dollar, compared to Tuesday’s N1,224.62 per CAD.

However, it followed a different pattern against the Euro as it appreciated N4.48 to quote at N1,860.09/€1 versus the previous day’s rate of N1,864.57/€1 and it extended losses

Continue Reading

Naira

Naira Rises on Dollar at NAFEM, Black Market as American Currency Weakens Globally

Published

on

NAIRA - Investors King

The Naira rose at the official market, the Nigerian Autonomous Foreign Exchange Market (NAFEM) as well as at the unofficial parallel market on Tuesday, giving a lifeline to the local currency which latched on to a weaker US Dollar in the global market.

The local currency gained 0.33 percent on the US Dollar at the official market to exchange at N1,671.32 /$1 on Tuesday, November 5 amid an improvement in supply at the official market.

The local currency rose on the American currency by N5.58 versus N1,676.90/$1 which it closed at the previous session on Monday.

Data showed a jump in supply as the turnover published on the FMDQ Group website stood at $218.77 million. This indicated that the session’s turnover fell by 175.3 percent, indicating an appreciation of $139.30 million compared to the $79.47 million published in the last trading session.

In the black market, the Naira added 52 Kobo against the greenback to close at N1,708.35 to the US Dollar compared to N1,708.87/$1 it closed on Monday.

Traders had adjusted their position, leading to a weaker position for the Dollar as voters went to the polls to choose the 47th president of the US.

There was a flat outcome for the Naira against the Pound Sterling but it depreciated against the Euro in the official market. The domestic currency closed on the British currency at N2,160.63/£1.

Meanwhile, against the Euro, the Nigerian currency closed at N1,819.86/€1 versus N1,816.40/€1, indicating an N3.46 depreciation.

The Naira gained against the British currency in the black market as it added by 93 Kobo to sell at N2,216.46/£1 compared with the preceding session’s N2,217.39/£1.

However, it followed a different pattern against the Euro as it depreciated N1.65 to quote at N1,864.57/€1 versus the previous day’s rate of N1,862.98/€1 and it extended losses against the Canadian Dollar as it depreciated further by N2.29 to close at N1,224.62 per Canadian Dollar, compared to Monday’s N1,222.33 per CAD.

Continue Reading

Naira

Naira Falls to N1,676.90/$1 at Official Market, Slides to N1,708.87/$1 at Alternative Window

Published

on

New Naira notes

The Naira depreciated at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by 0.61 percent and sold against the US Dollar at N1,676.90/$1 on Monday, November 4.

At the official market, the domestic currency recorded a N10.18 drop versus N1,666.72/$1,  valued at the previous session on Friday.

Equally at the black market, the Naira lost N4.76 against the greenback to close at N1,708.87 to the US Dollar compared to N1,704.11/$1 it closed on Friday.

The outcomes came as the weak supply gripping the marker cross paths with high seasonal demand placing pressure on the local currency.

This occurred as supply dropped further at the session as turnover published on the FMDQ Group website stood at $79.47 million indicating that the session’s turnover fell by 15.7 per cent, indicating that there was a decrease of $14.75 million compared to $94.22 million published the previous day.

With the year coming to a close, there has been a higher demand for FX but with the Central Bank of Nigeria (CBN) limiting interventions, constraints have seen a volatile outcome for the local currency.

Equally, the domestic currency also witnessed losses against the British currency and the Euro in the week’s opening session.

On the Pound Sterling, the local currency made a loss of N3.38 to wrap the session at N2,160.63/£1 from N2,157.25/£1 that it sold at the previous session and against the Euro, the Nigerian currency closed at N1,816.40/€1 versus N1,814.79/€1, indicating an N1.61 depreciation.

The local currency also declined in its value against the British currency in the black market as it dropped by N9.63 to sell at N2,217.39/£1 compared with the preceding session’s N2,207.76/£1 and followed the same pattern against the Euro as it depreciated N10.73 to quote at N1,862.98/€1 versus the previous day’s rate of N1,852.25/€1.

The Naira, however, had a different trend against the Canadian Dollar as it appreciated by N1.66 to close at N1,222.33 per Canadian Dollar, compared to Friday’s N1,223.99 per CAD.

CBN’s limited capacity to sufficiently intervene across the market segments and suboptimal inflows from Foreign Portfolio Investors will continue to impact the trajectory of the local currency in coming weeks, analysts said.

Measures that don’t translate to more injection of FX into the pressured market will only provide temporary reprieve, they added.

Meanwhile, the CBN will soon begin to test run its automated FX platform to increase market confidence and reduce speculative trading.

Continue Reading

Trending