Naira

Naira Closes Flat at the Official Forex Window

Published

2 years ago

November 12, 2021

The value of the Nigerian Naira to a United States Dollar was unchanged at the official forex window called ‘Investors and Exporters’ Forex Window’ on Thursday, according to the available data on the FMDQGroup website.

The Naira closed at N414.73 against the US Dollar, representing a flat movement. As the local currency closed at the exact same rate on Wednesday. Suggesting that the Nigerian Naira may be stablising, especially with the improvement recorded at the unregulated section of forex, the black market.

Investors King had reported that Naira was exchanged at N535 to a United States Dollar at that section on Wednesday immediately after the Central Bank of Nigeria injected dollar into the economy through deposit money banks and directed deposit money banks to go after cryptocurrency traders and investors blamed for huge capital outflow from the nation’s financial system.

However, the Spot forex rate depreciated slightly by N1 to N405 to a United States Dollar, down from N404 it traded on Wednesday. For the Forward rate, Thursday saw a significant rise from N445 per dollar to N436 per dollar, as the highest which the rate attained. For the lowest, there was also a small rise on Thursday to N452 per dollar from the previous low of N453 per dollar which it had attained on Wednesday.

At the parallel market, the Naira gained N5 from N535 it exchanged on Wednesday to N530 per dollar rate on Thursday. Within a few days, the parallel market has seen a jump of N40 for the naira.

If this appreciation maintains its trajectory, there is real promise for the naira to regain even more strength against the dollar at the parallel market. At the official rate, the naira appears to have steadied at N414 per dollar, but the parallel market keeps showing a rise in its value.

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Naira Drops Marginally Against the United States Dollar at Investors and Exporters Forex Window

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Naira Rises to N414/$1 at Official Market, Jumps to N535/$1 at Parallel Market

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Naira

Naira Appreciates to N1,136/$ Officially, N1,050/$ Parallel Market

Published

17 mins ago

April 16, 2024

Samed Olukoya

The Nigerian Naira appreciated to N1,136 against the United States Dollar at the official market and rose to N1,050 at the parallel market.

At the official foreign exchange market, data from the FMDQ Exchange revealed that the Naira strengthened by 6.1 percent or N69 from its previous rate of N1,205/$ recorded on Friday to N1,136/$ on Monday.

This surge underscores the effectiveness of recent foreign exchange directives implemented by the Central Bank of Nigeria (CBN), aimed at stabilizing the Naira and bolstering liquidity in the market.

At the parallel market, the Naira appreciated to N1,050 against the Dollar, reflecting an improvement in the currency’s value in informal trading circles.

This resurgence has brought renewed hope to traders and businesses operating in the informal sector, as they anticipate further strengthening of the Naira in the coming days.

The improved exchange rate follows a series of strategic interventions by the CBN to address foreign exchange challenges and stabilize the Naira.

The positive momentum in the forex market has been further reinforced by a surge in total inflows into the Nigerian Autonomous Foreign Exchange Market (NAFEM), which increased by 41.7 percent to $3.75 billion in March, compared to $2.64 billion in February.

Commenting on the recent developments, analysts at Afrinvest expressed optimism about the continued strengthening of the Naira, attributing it to the CBN’s intensified efforts to bolster liquidity in the market.

They anticipate further improvements in the exchange rate as the apex bank maintains its proactive stance on forex management.

Naira

Naira Hits Eight-Month High at 1,120/$ Amidst Central Bank Reforms

Published

5 days ago

April 11, 2024

Samed Olukoya

The Nigerian Naira has surged to an eight-month high of 1,120 against the US dollar on the parallel market, commonly referred to as the black market.

This significant appreciation comes on the heels of a series of foreign exchange (FX) reforms initiated by the Central Bank of Nigeria (CBN), which have effectively unlocked dollar liquidity within the economy.

According to data compiled from online platforms and street traders, the current exchange rate reflects a gain of 62.95% for the Naira against the dollar compared to its level of 1,825 per dollar in February 2024.

Market sentiment suggests that the recent strengthening of the Naira can be attributed to a subdued demand for the US dollar, coupled with ample liquidity in the market, particularly during the holiday period.

Despite a decline in external reserves, Nigeria’s currency strengthened to 1,230.61 per dollar on the official FX market before the holidays.

The recent uptick in the Naira’s value follows the CBN’s decision to review the exchange rate for Bureau De Change (BDC) Operators to 1,101 per dollar from 1,251 per dollar.

Also, the CBN announced plans to sell $15.88 million to 1,588 eligible BDCs, further bolstering dollar liquidity in the market.

The CBN’s proactive approach to FX management, including the resolution of foreign exchange backlogs amounting to US$7 billion, has instilled confidence among investors and market participants.

Furthermore, the apex bank’s commitment to implementing reforms aimed at enhancing transparency and efficiency in the FX market has yielded positive results.

Naira

Dollar to Naira Black Market Today, April 9th, 2024

As of April 9th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,200 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

1 week ago

April 9, 2024

Samed Olukoya

As of April 9th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,200 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,240 and sell it at N1,230 on Monday, April 9th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.