Naira

Naira Maintains Marginal Streak at Official Fx Window

Published

2 years ago

November 25, 2021

The Nigerian currency continued its streak of marginal changes in value against the dollar, settling to close at N414.80 per dollar by the close of business on Wednesday. This means that the Naira had only a 0.10% appreciation. This is as seen on the Investors and Exporters window where the Naira is traded officially.

For the last few days, all the changes which have been occurring in Naira’s exchange rate have been marginal, making it unlikely for these changes to be regarded as significant to the development and stability of the country’s economy.

As mentioned in a previous article, any actions that the government and the apex bank of the country are to take to correct this economic position will have to be spectacular.

When looking at the Spot and Forward rates posted on the FMDQ group’s website, it can be said that there is an air of stability around the currency with a little bit of marginal change.

On Wednesday, the Spot rate traded at a high of N404 per dollar, which is more of its usual price. For its lowest rate, it fell as low as N450.50 per dollar, which is not the most common (lowest) price at which it has traded in past weeks but is still N3 better than the lowest price recorded on Tuesday, which is N453.10 per dollar.

The forward rate however showed even more stability, with the prices remaining the same as the prices recorded on Tuesday. It rose as high as N411 per dollar and fell to as low as N453 per dollar.

According to the FMDQ group, the total amount of the dollar which was used across all transactions amounts to $279 million. This was higher than Monday’s turnover which sat at $149.53 million.

At the black market, the Naira took another dip on Wednesday. In Uyo’s black market, the Naira traded as low as N559 per dollar while trading at N560 per dollar at the Abuja black market.

This was another fall in the parallel market exchange rate, which had fallen to N555 per dollar on Tuesday.

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Naira

CBN Sells Fresh Dollar to BDCs at N1,021/$

Published

33 mins ago

April 23, 2024

Samed Olukoya

The Central Bank of Nigeria (CBN) has once again initiated direct sales of dollars to licensed Bureau De Change (BDC) operators across the country.

The latest circular from the apex bank announces the sale of $10,000 to each BDC at a rate of N1,021 per dollar.

This is the second round of such sales this month and the fourth in the current year.

The directive mandates BDCs to sell the allocated dollars to eligible end-users at a spread not exceeding 1.5 percent above the purchase price, translating to a maximum selling price of N1,036.15 per dollar.

Addressing concerns about adherence to guidelines, the CBN said it is important for BDC operators to work within the prescribed framework.

The intervention targets retail-end transactions, including travel allowances, tuition fees, and medical payments, among others.

BDCs are instructed to commence payment of the Naira deposit to designated CBN accounts and submit necessary documentation for FX disbursement at respective CBN branches.

This latest initiative follows previous interventions by the CBN, including the sale of $10,000 to BDCs earlier this month at N1,101 per dollar. Such measures aim to shore up the Naira’s value and ensure stability in the forex market amid economic uncertainties.

The CBN’s sustained efforts to provide adequate forex liquidity underscore its commitment to safeguarding the country’s currency and facilitating seamless foreign exchange transactions for businesses and individuals alike.

Naira

Dollar to Naira Black Market Today, April 23rd, 2024

Published

8 hours ago

April 23, 2024

Samed Olukoya

As of April 23rd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,250 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 N1,290 and sell it at N1,280 on Monday, April 22nd, 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.

Black Market Dollar to Naira Exchange Rate

Buying Rate: N1,250
Selling Rate: N1,240

Naira

Dollar to Naira Black Market Today, April 22nd, 2024

As of April 22nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,290 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

1 day ago

April 22, 2024

Samed Olukoya

As of April 22nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,290 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 N1,100 and sell it at N1,090 on Friday, April 19th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined 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.