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Dollar to Naira Today December 10, 2021

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Naira Exchange Rates - Investors King

The Dollar to Naira exchange rate as of Friday, December 10, 2021 remained largely unchanged at both the official forex trading section and the unregulated parallel market popularly known as the black market.

Dollar to Naira Exchange Rate at Black Market

At the black market, the Naira opened at N571 per dollar on Friday. In November, the black market saw the Naira take a huge jump from N575 per dollar to around N530 per dollar. However, it is recently falling closer to the price from which it made such a significant jump.

Dollar to Naira Exchange Rate at Official Market Today

The Naira again took on its steady rate of N415.07 per dollar at the official forex market managed by the FMDQ Group after closing at that price on Thursday. It had earlier opened at N413.71 per dollar on Thursday, but fell back to N415.07 after all trading for the day was closed.

On Friday morning, the Naira opened at N413.69 per dollar at the official window. This is a marginal rise of N0.02, from the N413.71 at which it opened on Thursday morning. The opening prices remained very similar, and it points to the possibility that the closing price may remain the same.

Since about two weeks ago when the Naira started closing at N415.07 per dollar, it has been sitting at that rate quite consistently. Although fluctuations are normal during every trading day and opening prices usually differ, the Nigerian currency still returns to close at the same price.

Stability is always key for a currency’s Foreign Exchange value, and although it is far from what is desired it still represents a stable, short-term future for the currency.

As usual, the FMDQ group updated the Spot and Forward rates from the trading rounds of Thursday. The spot exchange rate (rate for all transactions taking place within a trading day) reached a high of N404 per dollar, and got to a low of N444 per dollar. This is a normal value range for the spot rate, as it had traded at that range for a good amount of time in the past weeks.

The Forward rate (rate for all transactions that will take place in the future, but agreed on a particular trading day) saw a different fate, as it reached a high of only N430 per dollar, and a low of N453 per dollar.

The turnover for Thursday sat at N453.38 million, implying that a large volume of the American currency was traded.

Bitcoin to Naira Exchange Rate

The price of Bitcoin depreciated against the Nigerian Naira in the last 24 hours to N19.893 million per coin, a decline of 1.04 percent. While the price of the second most capitalised cryptocurrency, Ether depreciated by 4.22 percent to N1.684 million per coin.

Still, bitcoin, the world’s most dominant cryptocurrency, has returned 66.24 percent profit year-to-date.

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Naira

Nigeria Hits Historic High as Currency in Circulation Surges to N3.69 Trillion

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Nigeria’s currency in circulation surged to a historic high of N3.69 trillion, according to data released by the Central Bank of Nigeria (CBN).

This figure represents an increase of N43.07 billion or 1.18 percent from the total of N3.65 trillion reported in January 2024 and a 13.64 percent year-on-year rise from N3.25 trillion reported in February 2023.

Currency in circulation encompasses the physical cash, including paper notes and coins, actively used in transactions between consumers and businesses within the country.

The latest statistics indicate a considerable uptick in the availability of cash within the Nigerian economy.

The surge in currency supply comes amidst lingering concerns over a potential cash crunch following the monetary policy adjustments by the CBN, particularly the aggressive tightening stance of the Monetary Policy Committee (MPC).

Analysts attribute this spike to various factors, including the fear factor stemming from the cash crunch experienced in 2023 and lingering uncertainties surrounding the administration of physical currency.

Despite the surge in currency in circulation, Nigeria’s economic growth remains sluggish, with projections indicating growth rates of around 2.9 percent to 3.1 percent for 2024.

Also, inflation remains a significant concern, with the headline inflation rate climbing to 31.70 percent in February 2024 from 29.9 percent reported in January 2024, according to data from the National Bureau of Statistics (NBS).

The CBN’s proactive approach to monetary policy, including a historic increase in the monetary policy rate (MPR) to 24.75 percent, underscores the central bank’s commitment to addressing economic challenges and fostering stability amidst persistent pressures.

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Nigerian Naira Surges to N1,350 per Dollar in Parallel Market

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New Naira notes

The Nigerian Naira has appreciated to N1,350 per dollar in the parallel market, a significant gain from its previous rate of N1,430 per dollar just a day earlier.

Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the naira strengthened to N1,382.95 per dollar, indicating an upward trend across key forex segments.

Data from FMDQ revealed that the indicative exchange rate for NAFEM fell to N1,382.95 per dollar from N1,408.04 per dollar on the previous day, representing a gain of N25.09 for the naira.

This surge in the naira’s value has widened the margin between the parallel market rate and NAFEM to N32.95 per dollar from N21.96 per dollar previously.

Analysts attribute this impressive surge to recent foreign exchange reforms implemented by the Central Bank of Nigeria (CBN).

These reforms, including the consolidation of exchange rate windows and liberalization of the FX market, have contributed to bolstering the naira’s strength against the dollar.

The CBN’s proactive measures aim to promote stability, transparency, and liquidity in the foreign exchange market, fostering confidence among investors and strengthening the national currency.

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Dollar to Naira Black Market Today, March 26th, 2024

As of March 26th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,430 NGN in the black market, also referred to as the parallel market or Aboki fx.

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New Naira notes

As of March 26th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,430 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 N1,450 and sell it at N1,440 on Monday, March 25th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved slightly 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: N1,430
  • Selling Rate: N1,420

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