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Dollar to Naira Exchange Rate Today, Wednesday, August 18, 2021

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Naira to Dollar Exchange- Investors King Rate - Investors King

Nigeria’s economic uncertainty continues to weigh on the Nigerian Naira value as the local currency remained near record lows against its global counterparts.

The Naira exchanged at N517 to a United States Dollar on Wednesday at the parallel market, popularly known as the black market. Against the British Pound and the Euro, the local currency traded at N707 and N606, respectively.

At the Bureau de Change segment, the Naira exchanged at N516 to a United States Dollar, N708 to a British Pound and N606 to a single Euro.

Economic uncertainty continues to dictate the Nigerian Naira’s outlook, especially after the series of changes implemented by the Central Bank of Nigeria (CBN) to prop up the value of the local currency, curb the activities of speculators and hoarders at the unregulated black market and converge the nation’s exchange rates.

However, weak foreign reserves amid chronic forex scarcity remained the bane of Nigeria’s forex predicament. The inability of the Central Bank of Nigeria to service the economy with enough forex given the structure of the economy as an import-dependent economy continues to escalate the price of import goods and the profit of imports dependent businesses. See other exchange 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
18/08/2021 510/517 700/707 597/606 70/75 420/430 305/330
17/08/2021 510/515 700/706 595/605 70/75 415/430 305/330
16/08/2021 508/515 700/705 590/600 70/75 415/430 305/330
13/08/2021 508/515 695/703 590/600 70/75 415/425 305/330
12/08/2021 507/515 695/702 590/598 70/75 415/425 305/330
11/08/2021 507/515 695/703 590/596 70/75 415/425 305/330
10/08/2021 503/510 695/703 590/596 70/75 415/425 305/330
09/08/2021 503/510 695/705 590/596 70/75 420/420 305/330
06/08/2021 505/510 700/705 592/598 70/75 407/415 305/330
05/08/2021 500/508 700/705 590/598 70/75 407/415 305/330

Bureau De Change Naira Rates

Date USD GBP EURO
NGN BUY/SELL BUY/SELL BUY/SELL
18/08/2021 500/516 700/708 595/606
17/08/2021 500/513 695/706 585/603
16/08/2021 500/513 695/705 585/600
13/08/2021 500/513 690/700 585/600
12/08/2021 500/513 690/700 585/600
11/08/2021 500/513 680/705 585/600
10/08/2021 500/506 680/705 585/600
09/08/2021 500/506 680/705 580/600
07/08/2021 510/520 695/706 585/600
06/08/2021 495/508 680/705 580/602
05/08/2021 495/508 685/705 580/602
04/08/2021 495/508 685/705 580/602

Central Bank of Nigeria’s Official Naira Rates

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
8/17/2021 US DOLLAR 409.11 409.61 410.11
8/17/2021 POUNDS STERLING 564.1218 564.8112 565.5007
8/17/2021 EURO 481.3179 481.9062 482.4944
8/17/2021 SWISS FRANC 449.0286 449.5774 450.1262
8/17/2021 YEN 3.7427 3.7472 3.7518
8/17/2021 CFA 0.7151 0.7251 0.7351
8/17/2021 WAUA 581.5069 582.2176 582.9283
8/17/2021 YUAN/RENMINBI 63.1343 63.2119 63.2896
8/17/2021 RIYAL 109.0785 109.2119 109.3452
8/17/2021 SOUTH AFRICAN RAND 27.5781 27.6118 27.6455

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

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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NAIRA - Investors King

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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Naira - Investors King

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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