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Naira Exchange Rates Today, Friday, July 30, 2021

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BDC Operators - Investors King

Naira gained N5 against the United States Dollar on Friday morning to N515 at the parallel market popularly known as the black market.

Against the British Pound, the local currency dropped N2 from N710 recorded on Wednesday to N712 on Friday, while against the European it remained at N597, the same rate it traded in the last three days.

The Naira plunged against its global counterparts after the Central bank of Nigeria accused Bureau De Change Operators (BDCs) of illicit money flows and market manipulations that over time have sustained 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.

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
30/07/2021 508/515 705/712 590/597 70/75 410/420 305/330
29/07/2021 512/520 705/715 590/600 70/75 410/420 300/325
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
30/07/2021 500/515 705/715 590/603
29/07/2021 510/525 705/715 590/602
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

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

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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