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Naira Plunges by About 300 Percent Under President Muhammadu Buhari Administration

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President Buhari - Investors King

The Nigerian Naira has plunged by about 300 percent against some of its global counterparts under President Muhammadu Buhari.

A check by Investors King revealed that the local currency which was trading at N212.1 to a Euro as of January 2014 is presently being exchanged at N484.06 a Euro by the Central Bank of Nigeria, representing a 282 percent decline.

At the parallel market popularly known as the black market, the Naira is currently trading at N595, about 300 percent decline. See the details below.

Here is Monthly Average Naira Exchange Rates Since 2004

Year Month DAS (USD) IFEM (USD) BDC (USD) GB Pounds EURO CFA Franc
2004 1 136.08 137.76 147.65 247.93 171.67 0.16
2004 2 135.16 136.44 142.95 252.78 171.09 0.2
2004 3 134.47 134.8 139.92 245.47 164.88 0.25
2004 4 133.51 137.23 138.85 240.26 159.87 0.24
2004 5 133.01 134.81 139.64 237.8 159.75 0.24
2004 6 132.75 133.54 140 242.54 161.53 0.24
2004 7 132.8 134.39 139.84 244.54 162.85 0.25
2004 8 132.83 133.23 140.33 241.61 161.66 0.25
2004 9 132.84 133.77 141.08 237.92 162.06 0.25
2004 10 132.86 133.76 140.54 240.05 165.91 0.25
2004 11 132.87 133.15 140.69 247.14 172.67 0.26
2004 12 132.86 133.14 138.71 256.48 177.95 0.27
2005 1 132.86 133.11 139.8 249.54 174.13 0.27
2005 2 132.85 133.15 139.93 250.51 173.05 0.26
2005 3 132.85 133.09 139.73 254.4 176.26 0.27
2005 4 132.85 133.06 141.77 251.48 171.8 0.26
2005 5 132.82 133.37 141.21 246.4 168.52 0.26
2005 6 132.87 134.35 141.85 241.77 161.67 0.25
2005 7 132.87 135.35 143.94 232.38 160 0.24
2005 8 133.23 135.94 145.82 237.55 162.81 0.25
2005 9 130.81 132.55 145.8 234.2 158.66 0.24
2005 10 130.84 131.09 144.99 228.38 155.75 0.24
2005 11 130.63 130.8 143.94 214.58 144.97 0.23
2005 12 130.29 130.08 141.93 225.33 153.07 0.23
2006 1 130.29 129.93 144.09 227.93 156.43 0.24
2006 2 129.59 129.33 145.47 224.4 153.31 0.23
2006 3 128.7 128.68 148.46 222.72 153.18 0.23
2006 4 128.47 128.58 147.85 224.89 156.24 0.24
2006 5 128.45 128.57 142.33 237.23 162.31 0.25
2006 6 128.45 128.5 136.82 234.41 160.95 0.24
2006 7 128.38 128.43 130.12 234.47 161.29 0.24
2006 8 128.33 128.43 130.46 240.73 162.9 0.25
2006 9 128.29 128.39 130.21 238.67 161.56 0.25
2006 10 128.28 128.42 130.3 238.67 161.56 0.25
2006 11 128.29 128.42 129.82 242.67 155.1 0.25
2006 12 128.29 128.39 129.32 249.37 167.82 0.24
2007 1 128.28 128.37 130.07 248.89 164.87 0.25
2007 2 128.27 128.33 130 248.55 166 0.24
2007 3 128.15 128.25 129.34 247.08 168.02 0.25
2007 4 127.98 128.25 129 252.28 171.45 0.26
2007 5 127.56 127.62 129.16 237.23 162.31 0.25
2007 6 127.41 127.5 128.33 250.57 169.31 0.26
2007 7 127.19 127.2 127.52 256.13 172.92 0.26
2007 8 126.68 126.57 127.43 251.87 170.71 0.26
2007 9 126.03 125.74 126.5 251.85 170.69 0.26
2007 10 124.28 123.56 126.5 251.97 175.36 0.27
2007 11 120.51 119.45 123.8 242.73 173.4 0.26
2007 12 118.21 118.11 121.07 236.79 170.61 0.26
2008 1 117.98 117.72 120.8 230.09 171.88 0.26
2008 2 118.21 117.5 119.57 229.26 172.3 0.26
2008 3 117.92 116.79 119 240.26 181.11 0.27
2008 4 117.87 117.47 118.95 231.24 183.74 0.28
2008 5 117.83 117.79 118.8 229.2 181.52 0.28
2008 6 117.81 117.74 118.7 229.18 181.45 0.27
2008 7 117.77 117.71 119 231.94 183.95 0.28
2008 8 117.74 117.69 119 220.26 174.61 0.27
2008 9 117.73 117.62 119 208.09 169.13 0.26
2008 10 117.72 117.72 119 196.9 154.82 0.24
2008 11 117.74 117.88 119.1 179.07 148.53 0.23
2008 12 126.48 134.33 137.65 192 174.72 0.26
2009 1 145.78 146.59 149.88 206.19 189.34 0.29
2009 2 147.14 149.12 156.93 210.17 186.48 0.28
2009 3 147.72 0 174.32 207.92 191.33 0.29
2009 4 147.23 0 180.27 214.27 192.23 0.29
2009 5 147.84 180.63 225.42 199.6 0.3
2009 6 148.2 148.54 166.14 239.91 205.65 0.31
2009 7 148.59 149.88 155.13 240.66 207.36 0.32
2009 8 151.86 155.23 158.95 248.6 214.48 0.36
2009 9 152.3 153.25 158 247.02 219.02 0.33
2009 10 149.36 150.22 153.05 239.53 219.35 0.33
2009 11 150.85 151.03 152.95 248.34 223.07 0.34
2009 12 149.69 149.8 153.48 240.98 216.82 0.33
2010 1 149.78 150.33 153.55 239.96 211.72 0.32
2010 2 150.22 150.97 152.08 232.66 203.67 0.31
2010 3 149.83 150.08 151.85 223.26 201.38 0.31
2010 4 149.89 150.38 152 217.36 186.52 0.28
2010 5 150.31 151.49 153.26 219.42 186.52 0.28
2010 6 150.19 151.27 153.87 219.42 181.65 0.28
2010 7 150.1 150.27 152.41 227.02 189.83 0.29
2010 8 150.27 150.7 152.23 232.94 191.9 0.29
2010 9 151.03 152.62 153.85 232.86 195.91 0.3
2010 10 151.25 151.78 153.98 237.51 208.34 0.32
2010 11 150.22 150.55 153.13 237.62 203.64 0.31
2010 12 150.48 152.63 154.57 232.78 197.27 0.3
2011 1 151.62 152.57 156.08 236.92 200.57 0.3
2011 2 151.96 152.75 155.11 242.81 205.58 0.31
2011 3 152.54 155.21 157.09 243.95 211.17 0.32
2011 4 153.92 154.6 157.05 249.16 220.08 0.33
2011 5 154.8 156.17 158.05 250.11 219.66 0.33
2011 6 154.46 155.66 158.32 248.14 220.22 0.34
2011 7 151.82 152.6 163.71 242.51 216.08 0.33
2011 8 152.72 152.36 163.14 247.53 216.79 0.33
2011 9 155.26 156.7 158.26 224.88 211.73 0.32
2011 10 153.26 159.82 161.32 239.15 208.22 0.32
2011 11 155.71 158.76 160.35 243.45 208.78 0.32
2011 12 158.23 162.27 163.35 244.53 206.52 0.31
2012 1 158.38 161.31 164.62 243.27 202.52 0.31
2012 2 157.87 158.59 160.85 246.98 206.71 0.31
2012 3 157.59 157.72 159.41 246.92 206.05 0.31
2012 4 157.33 157.44 159.37 249.34 205 0.31
2012 5 157.28 157.46 159.67 248.03 199.42 0.3
2012 6 157.44 162.33 163.43 242.42 193.92 0.3
2012 7 157.43 161.33 163.32 243.06 191.56 0.29
2012 8 157.38 158.97 162.24 244.87 193.28 0.29
2012 9 157.34 157.78 159.8 250.86 200.27 0.3
2012 10 157.31 157.24 159 250.45 202.21 0.31
2012 11 157.31 157.58 159.32 248.69 199.91 0.3
2012 12 157.32 157.33 159.26 251.56 204.3 0.31
2013 1 157.3 156.96 159.12 248.72 206.97 0.31
2013 2 157.3 157.52 158.7 241.1 208.16 0.32
2013 3 157.31 158.63 160 234.75 201.95 0.31
2013 4 157.31 158.2 159.81 238.49 202.88 0.31
2013 5 157.3 158.02 159.57 238.34 202.34 0.31
2013 6 157.31 160.02 160.98 241.11 205.47 0.31
2013 7 157.32 161.12 162.43 235.64 203.12 0.3
2013 8 157.31 161.15 162.28 241.35 207.23 0.31
2013 9 157.32 161.96 163.14 251.43 210.2 0.32
2013 10 157.42 159.83 165 250.86 212.74 0.32
2013 11 157.27 158.79 167.14 250.76 210.17 0.32
2013 12 157.27 159.05 171.4 255.13 213.41 0.32
2014 1 157.29 160.23 171.71 256.59 212.1 0.32
2014 2 157.31 163.62 169.45 257.81 212.72 0.32
2014 3 157.3 164.61 171.5 258.95 215.39 0.33
2014 4 157.29 162.19 170.25 260.67 215.14 0.33
2014 5 157.29 161.86 166.85 262.41 213.98 0.33
2014 6 157.29 162.82 167.17 263.29 211.68 0.32
2014 7 157.29 162.25 167.71 265.93 211.24 0.32
2014 8 157.29 161.99 170.36 260.12 207.41 0.32
2014 9 157.3 162.93 168.64 254.06 201 0.31
2014 10 157.31 164.64 169.43 250.27 197.63 0.3
2014 11 160 171.1 175.85 249.96 197.6 0.3
2014 12 169.68 180.33 188.45 262.86 207.16 0.32
2015 1 169.68 181.78 196.13 254.39 194.85 0.3
2015 2 169.68 194.48 213.03 274.79 204.78 0.31
2015 3 197.07 222.93 295.6 213.74 0.32
2015 4 197 210.7 294.24 212.11 0.32
2015 5 197 219.55 304.79 219.85 0.34
2015 6 196.92 218.98 306.06 220.84 0.34
2015 7 196.97 237.15 306.41 216.87 0.33
2015 8 197 216.64 307.21 219.33 0.33
2015 9 197 222.68 302.55 221.22 0.34
2015 10 196.99 224.83 302.26 221.45 0.34
2015 11 196.99 232.4 299.38 211.53 0.32
2015 12 196.99 258.3 295.39 214 0.32
2016 1 197 289.78 283.62 214.09 0.33
2016 2 197 329.83 281.79 218.55 0.33
2016 3 197 320.93 280.4 218.89 0.33
2016 4 197 320.71 282.07 223.46 0.34
2016 5 197 336.93 286.33 222.85 0.34
2016 6 231.76 351.82 328.53 260.03 0.38
2016 7 294.57 364.47 388.37 325.9 0.49
2016 8 309.73 396.15 406.13 347.33 0.53
2016 9 305.23 431.1 401.08 342.17 0.52
2016 10 305.21 462.03 375.71 336.21 0.51
2016 11 305.18 415.36 379.49 329.84 0.5
2016 12 305.22 455.26 381.39 322.13 0.47
2017 1 305.2 493.29 376.32 324.37 0.49
2017 2 305.31 494.7 381.17 324.95 0.5
2017 3 306.4 429.48 378.13 327.35 0.5
2017 4 306.05 392.89 386.92 328.15 0.5
2017 5 305.54 384.48 395.04 337.72 0.51
2017 6 305.72 366.25 391.57 343.24 0.52
2017 7 305.86 365.38 397.36 358.5 0.54
2017 8 305.67 365.57 396.08 360.93 0.55
2017 9 305.89 365.55 408.57 364.53 0.56
2017 10 305.62 362.21 403.25 359.34 0.55
2017 11 305.9 362.41 404.45 359.07 0.54
2017 12 306.31 362.83 410.48 362.36 0.55
2018 1 305.78 363.2 422.35 373 0.57
2018 2 305.9 362.48 427.4 377.84 0.58
2018 3 305.74 362.07 427.26 377.19 0.57
2018 4 305.61 362.25 428.38 374.22 0.57
2018 5 305.83 362.86 412.23 361.67 0.55
2018 6 305.87 360.66 406.64 357.48 0.54
2018 7 305.81 359.36 402.76 357.4 0.54
2018 8 306.06 359 394.24 353.54 0.54
2018 9 306.27 362.86 399.86 357.14 0.54
2018 10 306.5 360.74 398.86 351.87 0.54
2018 11 306.71 362.82 395.87 348.61 0.53
2018 12 306.92 363.46 389.4 349.54 0.53
2019 1 306.85 360.94 395.53 350.45 0.53
2019 2 306.77 359.76 399.02 348.31 0.53
2019 3 306.92 359.24 404.28 347.07 0.53
2019 4 306.96 359 400.18 344.95 0.53
2019 5 306.95 359.75 393.98 343.34 0.52
2019 6 306.95 359.94 388.93 346.91 0.53
2019 7 306.94 359.43 382.8 344.29 0.53
2019 8 306.93 359 373.26 341.31 0.52
2019 9 306.92 359 376.06 337.81 0.51
2019 10 306.96 359 388.43 339.59 0.52
2019 11 306.95 359 395.63 339.3 0.52
2019 12 306.95 360.25 402.83 341.19 0.52
2020 1 306.96 361 401.22 340.77 0.52
2020 2 306.96 359 397.96 334.79 0.5
2020 3 326.63 376.89 403.79 361.02 0.52
2020 4 361 420.15 447,92 392.12 0.51
2020 5 361 443.89 443.96 393.42 0.51
2020 6 361 447.71 452.17 406.38 0.53
2020 7 377.19 464.71 476.54 431.27 0.53
2020 8 381 473.48 500.38 450.7 0.66
2020 9 381 453.68 494.18 449.35 0.68
2020 10 381 459.5 494.71 448.82 0.68
2020 11 381 472.74 503.49 451.09 0.68
2020 12 381 471.62 511.67 463.54 0.7
2021 1 381 472.4 519.7 463.84 0.71
2021 2 381 476.05 528.05 460.96 0.7
2021 3 381 481.21 528.05 453.51 0.69
2021 4 381 481.6 527.48 456.43 0.69
2021 5 397.75 482.82 561.26 484.06 0.72

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 Gained 0.08 Percent to N414.73 Against the United States Dollar on Monday

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Naira - Investors King

The Nigerian Naira gained against the United States Dollar on Monday after falling to a record low of N422 per US dollar on Friday at the official forex window.

The local currency opened at N414.46 to a United States Dollar, a 0.15 percent improvement from Friday’s closing price.

Naira dropped as low as N425 to a United States Dollar at the spot forex market and to N429.50 at the forward forex market before closing at N414.73 to a United States Dollar at the spot forex market. Forex traders traded $172 million at the official forex window on Monday.

Forex scarcity across key foreign exchange segments and the decision of the central bank of Nigeria to halt the sale of forex to Bureau de Change operators continue to impede forex access in Africa’s largest economy.

Vice President Osinbajo had suggested that the apex bank should look to adopt a new forex policy to better close the gap between the black market and official rates. At the unregulated black market, traders are selling at N570 to US dollar.

This, the Vice President said was what was sustaining the black market.

For context, the Vice President’s point was that currently the Naira exchange rate benefits only those who are able to obtain the dollar at N410, some of who simply turn round and sell to the parallel market at N570. It is stopping this huge arbitrage of over N160 per dollar that the Vice President was talking about. Such a massive difference discourages doing proper business, when selling the dollar can bring in 40% profit!, stated Laolu Akande, Senior Special Assistant to the President on Media & Publicity, Office of the Vice President.

“This was why the Vice President called for measures that would increase the supply of foreign exchange in the market rather than simply managing demand, which opens up irresistible opportunities for arbitrage and corruption.”

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Naira

Naira Plunges to Record Low of N422/US$1 at Official Market

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Naira Dollar Exchange Rate - Investors King

The Nigerian Naira extended its decline to N422 to a United States Dollar at the official forex market, the investors and exporters forex window managed by the FMDQ Group.

Naira opened the day at N413.50 to a US Dollar before plunging to as low as N436 at the spot forex market and N446 at the forward market. The local currency eventually closed the day at N422.07 per US Dollar.

Investors at the window traded $141.94 million during the trading hours of Thursday.

The decline was after Vice President Osinbajo asked the Central Bank of Nigeria (CBN) to rethink its current forex policy and allow the Naira to reflect market conditions. This, the Vice President said will help close the current gap that exists between the official rate and black market rate.

Media outlets had interpreted the Vice President position as a call for further devaluation of the Nigerian Naira. However, in a statement signed by Laolu Akande, Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, Akande explained that Osinbajo is simply calling for a single forex rate to dislodge the activities of speculators and hoarders at the various unregulated black market.

He added that the 40 percent or N160 arbitrage difference between the official rate of N410 and N570 offered at the black market will continue to encourage corruption in the forex market.

“For context, the Vice President’s point was that currently the Naira exchange rate benefits only those who are able to obtain the dollar at N410, some of who simply turn round and sell to the parallel market at N570. It is stopping this huge arbitrage of over N160 per dollar that the Vice President was talking about. Such a massive difference discourages doing proper business, when selling the dollar can bring in 40% profit!

“This was why the Vice President called for measures that would increase the supply of foreign exchange in the market rather than simply managing demand, which opens up irresistible opportunities for arbitrage and corruption.”

At the black market, traders exchanged Naira at N565 to a United States Dollar on Thursday.

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Naira

Osinbajo Explains Why Forex Policy Should Discourage Arbitrage and Corruption

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Naira Exchange Rates - Investors King

Following Vice President Yemi Osinbajo suggestions that the Central Bank of Nigeria (CBN) should rethink its present forex policy that encourages arbitrage and corruption and allow the Nigerian Naira to reflect market realities that were misconstrued as devaluation by the media, the Vice President has now come out to clear the air that he is not calling for a devaluation of the embattled Naira but to close the arbitrage gap of 40 percent gain that existed between CBN rate of N410/US$1 and the black market rate of N570.

In a statement released by Laolu Akande, Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, the Vice President position was that the current Naira exchange rate benefits only those who are able to access the US Dollar at N410, “some of who simply turn round and sell to the parallel market at N570. It is stopping this huge arbitrage of over N160 per dollar that the Vice President was talking about. Such a massive difference discourages doing proper business, when selling the dollar can bring in 40% profit!,” the statement reads.

It continues “This was why the Vice President called for measures that would increase the supply of foreign exchange in the market rather than simply managing demand, which opens up irresistible opportunities for arbitrage and corruption.

“It is a well known fact that foreign investors and exporters have been complaining that they could not bring foreign exchange in at N410 and then have to purchase foreign exchange in the parallel market at N570 to meet their various needs on account of unavailability of foreign exchange. Only a more market reflective exchange rate would ameliorate this. With an increase in the supply of dollars the rates will drop and the value of the Naira will improve.

“The real issue confronting the economy on this matter is how to improve the supply of foreign exchange, but this will not happen if we do not allow mechanisms like the Importers and Exporters window to work. If we allow this market mechanism to work as intended, we will find that the Naira will appreciate against the dollar as we restore confidence in the system.”

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