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Naira

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.

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 Opens the Week at N413.30 Against U.S Dollar

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Naira Exchange Rates - Investors King

The Nigerian Naira opened better than expected against the United States Dollar at the Investors and Exporters forex window on Monday following a record decline on Friday.

The local currency opened at N413.30 against the U.S Dollar on Monday, representing N1.6 or 0.39 percent improvement when compared to Friday’s closing rate of N414.90.

On Friday, investors turnover at the Investors and Exporters forex window stood at $193.59 million. While Naira spot rate dropped to as low as N415 against the United States Dollar and forward rate of the local current hits N432.05 to a greenback.

However, at the unregulated parallel market, the Naira remained at over N550 to a United States Dollar on Monday, according to operators.

Despite the Central Bank of Nigeria stopping the sale of forex to bureau de change operators and forcing media companies from publishing black market rates, the naira remained under pressure and trading at record lows across key foreign exchange markets.

Efforts to curb further decline and boost the local currency’s value are yet to crystalise as chronic scarcity due to years of weak foreign revenue and over-reliance on importation continues to weigh on Naira outlook.

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Naira

Naira Gained Slightly at I&E Forex Window to N412.81/$US

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Naira - Investors King

Despite the Nigerian Naira trading at a record-low across the nation’s unregulated black market, the embattled currency opened slightly higher at N412.81 to a United States Dollar on Monday at the Investors and Exporters Forex Window, representing an increase of 0.08 percent when compared to the N412.88 it closed on Friday.

The improvement in Naira value was after the Central Bank of Nigeria (CBN) directed all depoisit money banks operating in the country to freeze bank accounts linked to Oniwinde Olusegun Adedotun, the founder of www.abokfx.com, a forex rate publishing platform.

Godwin Emefiele, the Governor, CBN had blamed black market and bureau de change operators for the constant plunge in Naira value against its global counterparts and insisted that forex rates remained the apex bank stipulated rates and not the unregulated rates imposed by speculators and hoarders and published to the public by Abokifx and other business platforms.

There was a particular time I asked our colleagues to call the so-called owner of abokiFX, that we want to understand his model and how he came about advertising those rate, we find him as someone, a Nigerian who lives in England and conducts this nefarious activity on our economy.

“It is economic sabotage and we will pursue him, wherever he is, we will report him to international security agencies, we will track him, Mr Oniwinde, we will find you, because we cannot allow you to continue to conduct an illegal activity that kills our economy.” Emefiele said.

The governor further stated that the website was set up primarily manipulate and speculate forex rates. He said “they get naira loans, use to purchase dollars, take a position, change the rate over a given period, sell the dollars they purchased and make a profit, this is completely illegal, unacceptable and we will pursue them.”

On Friday, the last time Abokifx published unregulated forex rates, Naira was qouted at N570 to a United States Dollar while the British Pound and the Euro were quoted at N770 and N655, respectively.

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Naira

Naira Exchange Rates Today, Friday, September 17, 2021

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Naira Exchange Rates - Investors King

Naira continued its downward trend against other currencies on Friday as it plunged to N570 against the United States Dollar at the black market. The local currency traded at N770 and N655 to British Pound and Euro, respectively.

Persistent forex scarcity amid a series of in effective policies have made access to forex impossible for most of businesses that operates in largely import dependent African biggest economy.

Nigeria’s forex reserves, the means in which the nation, service its dollar consuming 200 million population has been on a decline in recent weeks despite crude oil trading at over a year high of $73 a barrel. Some of the factors that have crippled the ability of central bank to cushion the economy with enough forex is low crude oil production, partly due to production cap, weak local manufacturing sector that has made the nation a huge import dependent economy, the ongoing crisis between herders and farmers, rising costs even with falling inflation, etc.

At the bureau de change section, Naira exchanged at N565, N775 and N655 to a United States Dollar, British Pound and Euro common currency.

The Central Bank of Nigeria (CBN) had stopped the sale of forex to the bureau de change operators to plug forex leakages and curb activities of criminal elements, the decision has worsen forex availability. See other forex rates 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
17/09/2021 560/570* 763/770* 647/655* 70/75 430/440 310/330
16/09/2021 560/570 763/770 647/655 70/75 430/440 310/330
15/09/2021 552/562 754/760 640/648 70/75 430/440 310/330
14/09/2021 550/557 754/760 640/645 70/75 430/440 310/330
13/09/2021 543/550 742/750 630/636 70/75 425/435 310/330
10/09/2021 538/545 738/745 630/636 70/75 420/432 310/330
09/09/2021 532/540 730/740 627/632 70/76 419/430 310/330
08/09/2021 528/535 723/730 623/629 70/75 419/426 310/330

Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
17/09/2021 555/565 760/775 640/655
16/09/2021 548/555 753/765 635/645
15/09/2021 548/555 750/761 635/645
14/09/2021 548/555 750/761 635/645
13/09/2021 535/550 737/745 630/636
11/09/2021 530/547 735/745 630/635
10/09/2021 530/547 735/745 630/635
09/09/2021 528/538 730/738 625/630
08/09/2021 525/531 718/730 616/625

Central Bank of Nigeria’s Official Naira Rates

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
9/16/2021 US DOLLAR 409.57 410.07 410.57
9/16/2021 POUNDS STERLING 566.763 567.4549 568.1468
9/16/2021 EURO 482.0229 482.6114 483.1998
9/16/2021 SWISS FRANC 442.6827 443.2231 443.7635
9/16/2021 YEN 3.7434 3.748 3.7526
9/16/2021 CFA 0.7191 0.7291 0.7391
9/16/2021 WAUA 583.3071 584.0192 584.7313
9/16/2021 YUAN/RENMINBI 63.5338 63.6118 63.6898
9/16/2021 RIYAL 109.2012 109.3345 109.4678
9/16/2021 SOUTH AFRICAN RAND 28.3101 28.3446 28.3792

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

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