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Naira Exchange Rates Today, Thursday, July 15, 2021

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Naira - Investors King

The Naira exchange rates remained largely unchanged across key forex markets on Thursday, July 15, 2021. The Naira exchanged at N505 to a United States Dollar at the black market and traded at N708 and N596 to British Pound and Euro, respectively.

Low forex liquidity amid economic uncertainty continued to pressure the Nigerian Naira against its global counterparts. At the Bureau de Change section of forex market, the Naira traded at N500; N710 and N596 to a United States Dollar, British Pound and Euro, respectively.

But looking at the Central Bank of Nigeria’s stipulated rates, the Naira traded at N410.13 to a United States Dollar and N484.1585 to a Euro. However, given the chronic scarcity being experienced across the nation, it is largely impossible to access forex at the Central Bank of Nigeria’s rates.

Importers and other import-dependent businesses are patronising the black market to meet their forex needs despite central bank efforts at dislodging that section of forex. Travelers preferred to exchange their Dollars at black mark

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
15/07/2021 500/505 700/708 590/596 62/69 407/415 300/320
14/07/2021 500/505 702/708 590/595 62/68 407/415 300/320
13/07/2021 500/505 702/708 590/595 62/68 407/415 300/320
12/07/2021 500/505 700/708 590/595 62/69 407/415 300/320
09/07/2021 500/505 700/708 588/593 62/69 407/417 300/320
08/07/2021 499/503 700/708 588/593 62/69 407/417 300/325
07/07/2021 499/503 700/710 588/593 62/69 407/417 300/325
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
15/07/2021 490/500 698/710 585/600
14/07/2021 490/500 698/710 590/595
13/07/2021 490/500 697/710 585/600
12/07/2021 490/500 698/710 585/600
09/07/2021 490/500 698/710 585/600
08/07/2021 490/500 697/710 585/600
07/07/2021 490/500 697/710 585/600
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/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Naira

Dollar to Naira Today Monday, 15 August 2022

Dollar to Naira exchange rate stood at N670 on Monday at the parallel market as scarcity remained an issue amid rising demand

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Dollar to naira today – Dollar to Naira exchange rate stood at N670 on Monday at the parallel market popularly known as the black market as scarcity remained an issue amid rising demand.

The Naira exchange rate to U.S. Dollar improved from N700 recorded last week to N670 today, Monday 15th August 2022. Dollar to Naira today rate is over 50 percent higher than the official exchange rate of the Central Bank of Nigeria (CBN).

Dollar to Naira Today Black Market

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 650
Selling Rate
670

Several experts have attributed the decline to a series of factors peculiar to the Nigerian economy. According to Mr. Jimi Ogbobine, Head of Consulting at Agusto Consulting, the wide exchange rate is as a result of supply challenges in the foreign exchange market.

He explained that this happened whenever demand across key exchange sections is higher than forex supply.

“The recent jump we are seeing is basically a result of a supply crisis in the forex market. The foundation of all of these is demand versus supply and when demand outweighs supply you will see this kind of currency depreciation,” he stated.

“If the central bank was able to meet forex demand, then we will not see this kind of price distortion. On one end, Nigeria is not able to meet forex supply and on the other end we are trying to restrict and constrict demand which means that quite a number of legitimate requests for forex are now being diverted to the parallel market.

“So, while the official market seems relatively calm, the reality of the supply shortage is playing out in the parallel market where more legitimate request for forex is being diverted to because the official market is not able to demand.”

Dollar to Naira Today Official Market

At the Investors and Exporters (I&E) forex window, the Nigerian Naira opened on at N429.67 against the United States Dollar and closed at N429.62 on Friday.

Forex trader at the window transacted $46.31 million forex value on Friday.

The Central Bank of Nigeria (CBN) adoped the I&E forex window as its official forex window to converge the nation’s exchange rates in accordance with the World Bank demand.

Dollar to Naira Today CBN Rates

As of Friday, the CBN bought the U.S. Dollar at N418.89 and sold the American currency at a difference of N1 for N419.89 per U.S. Dollar.

The Pounds Sterling was purchased at N508.7419 per unit and sold at N506.9564. The Euro common currency was exchanged as shown below.

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Naira

Dollar to Naira Today Monday, 8 August 2022

The Naira was exchanged at N700 for a United States Dollar at the black market while operators of that section of forex bought the U.S. Dollar at N680.

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Naira Exchange Rates - Investors King

Dollar to naira today – the exchange rate of the U.S Dollar to the Nigerian Naira today Monday 8 August 2022 remained high in Nigeria’s unregulated foreign exchange market popularly known as the black market.

The Naira was exchanged at N700 for a United States Dollar at the black market while operators of that section of forex bought the U.S. Dollar at N680.

Dollar to Naira Today Black Market

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 680
Selling Rate 700

Nigeria’s persistent Dollar scarcity amid rising demand continued to dictate the nation’s exchange rate. In recent weeks, the Central Bank of Nigeria (CBN) has linked the situation to activities of bureau de change operators and politicians reportedly buying and hoarding dollars ahead of the 2023 general elections.

Dollar to Naira Today Official Market

At the Investors and Exporters (I&E) forex window, the Nigerian Naira opened the day at N428.12 to a United States Dollar. An improvement from N429 it opened on Friday.

On Friday, currency traders transacted $71.92 million in forex value.

The CBN adopted the I&E rate as its official rate and launched a Naira4Dollar scheme to lure exporters, repatriating export proceeds, to the window to exchange foreign earnings at CBN stipulated rate.

Still, activity in that section of foreign exchange remained low as exporters are yet to fully embrace the Naira4Dollar initiative or understand why they should ignore N700/US$1 of the black market for N428.12/US$1 plus N5 per dollar repatriated and sold at I&E window.

Dollar to Naira Today CBN Rates

As of Friday, the CBN bought the U.S. Dollar at N417.47 and sold the American currency at a difference of N1 for N418.47 per U.S. Dollar.

The Pounds Sterling was purchased at N508.0226 per unit and sold at N506.8086. The Euro common currency was exchanged as shown below.

 

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Naira

Naira Declines to N417.19 Against the U.S. Dollar at CBN Forex Section

The Nigerian Naira declined further against the United States Dollar at the Central Bank of Nigeria’s (CBN) section of foreign exchange on Wednesday.

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The Nigerian Naira declined further against the United States Dollar at the Central Bank of Nigeria’s (CBN) section of foreign exchange on Wednesday.

The local currency lost N0.29 or 0.07% against the American Dollar to exchange at N417.19. On Monday, the apex bank sold the U.S. Dollar at N416.9 to Deposit Money Banks (CBN), Investors King‘s research has shown.

But growing economic uncertainties amid the recent rate increase, high dollar demand by both politicians and genuine businesses looking to import raw materials, and weak economic fundamentals have plunged the Naira to N417.19 against its global counterpart.

In the unregulated black market, the Naira remained under pressure as it was exchanged at N630, a much-improved rate when compared to N750 it traded about a week ago.

Despite the apex bank discouraging patronage at that section of forex, Nigerians in need of forex have continued to patronise the black market. Most of them claimed the Deposit Money Banks mandated by the CBN to sell to them are merely collecting Dollar request forms without sales.

At the Investors & Exporters (I&E) forex window, the story is not any different as the local currency shed N0.29, or 0.34% from N427.90 it opens the day against the United States Dollar to close at N429.20. Investors and exporters at the I&E forex window transacted $123.78 million worth of dollars on Wednesday.

Meanwhile, the President of the Association of Bureau De Change Operators of Nigeria ABCON, Alhaji Aminu Gwadabe, in an interview on Saturday, called on the CBN to abolish the official pegged exchange rate and allow the forces of demand and supply to determine an appropriate exchange rate for the Naira.

He said “It might sound counterintuitive but the way out of the current frenzy is to abolish the official fixed exchange rate and allow the Naira to float.

“CBN should contemporaneously undertake a large-scale dollar intervention in the open market that can inspire confidence in the Naira and checkmate the current tailspin.

“Once there is a significant positive movement, the market will react and, in all probability, spur an avalanche of panic selling and further buoy the Naira,” Gwadabe said.

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