Naira

Naira Exchange Rates Today, Wednesday, July 28, 2021

Published

1 year ago

July 28, 2021

Dollar to Naira Exchange Rate - Investors King

Naira plunged further against its global counterparts as the Central Bank of Nigeria (CBN) announced on Tuesday it has stopped sales of forex to Bureau De Change Operators (BDCs).

The naira plunged against the United States Dollar from N505 it traded on Tuesday to N525 on Wednesday at the black market. Against the British Pound and the Euro, the local currency exchanged at N710 and N600, respectively.

The Central Bank of Nigeria had accused Bureau de Change operators of engaging in money laundering and illicit flows with criminal-minded individuals that operate mainly at the unregulated black market section of forex.

Operators at the bureau de change section of forex had been accused of being the main source of forex for speculators and hoarders that manipulate forex rates at the unregulated black market, this the CBN plans to curb by cutting its weekly forex supply to BDCs but focus on servicing the economy through the banks.

The Naira also declined from N500 to N520 against the United States Dollar at the Bureau De Change section. The decline continues against the British Pound and the Euro as it dropped from N700 and N595 to N705 and N600, respectively. See the tables below for more exchange rates.

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
28/07/2021	515/525	700/710	590/600	63/70	410/420	300/320
27/07/2021	500/505	695/703	585/592	62/69	407/415	300/320
26/07/2021	500/504	695/703	585/592	62/69	407/415	300/320
23/07/2021	500/504	698/705	588/595	62/69	407/415	300/320
22/07/2021	498/503	695/703	585/590	62/69	407/415	300/320
19/07/2021	495/503	698/705	585/592	62/69	407/415	300/320
16/07/2021	502/506	700/708	590/596	62/69	407/415	300/315
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

Bureau De Change Naira Rates

Date	USD	GBP	EURO
NGN	BUY/SELL	BUY/SELL	BUY/SELL
28/07/2021	510/520	695/706	585/600
27/07/2021	490/500	690/700	580/595
26/07/2021	490/500	694/705	580/595
23/07/2021	490/500	694/705	580/595
22/07/2021	490/500	690/705	580/595
19/07/2021	490/500	690/707	580/595
16/07/2021	490/500	700/710	585/600
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

Central Bank of Nigeria’s Official Naira Rates

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
7/28/2021	US DOLLAR	409.16	409.66	410.16
7/28/2021	POUNDS STERLING	567.8322	568.5261	569.22
7/28/2021	EURO	483.0543	483.6446	484.2349
7/28/2021	SWISS FRANC	446.8276	447.3736	447.9196
7/28/2021	YEN	3.7163	3.7208	3.7253
7/28/2021	CFA	0.7176	0.7276	0.7376
7/28/2021	WAUA	580.7934	581.5032	582.2129
7/28/2021	YUAN/RENMINBI	62.9303	63.0077	63.085
7/28/2021	RIYAL	109.0919	109.2252	109.3585
7/28/2021	SOUTH AFRICAN RAND	27.6161	27.6498	27.6836

N.B: These tables are updated three times a day.

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Samed Olukoya

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

Published

2 days ago

August 15, 2022

Samed Olukoya

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.

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
8/12/2022	US DOLLAR	418.89	419.39	419.89
8/12/2022	POUNDS STERLING	508.7419	509.3492	509.9564
8/12/2022	EURO	430.8703	431.3846	431.8989

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.

Published

1 week ago

August 8, 2022

Samed Olukoya

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.

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
8/5/2022	US DOLLAR	417.47	417.97	418.47
8/5/2022	POUNDS STERLING	506.8086	507.4156	508.0226
8/5/2022	EURO	427.1971	427.7087	428.2204

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.

Published

2 weeks ago

August 4, 2022

Samed Olukoya

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.