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Dollar to Naira Today December 13, 2021

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December demand for the United States Dollar seems to have dragged on the value of the Nigerian Naira at the parallel market, popularly called the black market on Monday, December 13, 2021. The Naira declined against the United States Dollar on the back of rising demand for the US Dollar by importers and businesses struggling to meet the usual increase in demand for items during the Christman period.

Dollar to Naira Exchange Rate at Black Market

At the unregulated black markt, the Naira saw another fall as it went down to sit at N572 per dollar, inching closer to its all-time low of N575 per dollar recorded back in September 2021 when the Central Bank of Nigeria stopped selling dollars to the bureau de change operators.

Dollar to Naira Exchange Rate at Official Market Today

The Naira maintained its recent range, closing at N415.10 per dollar on Friday according to the Investors and Exporters window where the Naira is traded officially.

It took a decline of N0.03 from the N415.07 per dollar at which it closed on Thursday. The currency opened at N413.69 per dollar, but by the end of all the trading for the day the value of the Naira had gone down to sit at N415.10.

On Monday, December 13 2021, the Naira saw a slight fall in its value and opened at N414.05 per dollar which saw a decline of about N0.36 from Friday’s opening of N413.69 per dollar.

As had been touted since weeks back, the Naira seems to have finally found a resting place. Since about a month ago, the Naira started trading at N415 per dollar consistently and only ever witnessed marginal changes in the value, whether appreciation or depreciation.

The stability would however be welcomed, as it is better than the alternative of having the currency crash steadily.

The FMDQ published the Spot and Forward rates for Friday on its website, as it usually does. Friday’s trading saw all transactions on Friday involving the Naira and Dollar trade between a high of N404 per dollar and a low of N452 per dollar.

For the Forward rate, the currency traded at a high of N418 per dollar but fell up to N446 per dollar.

The rates were different from their usual values, as the usual low of N444 per dollar for the Spot rate went further down to N452 per dollar on Friday. For the Forward rate, its high was better than the N430 per dollar which it recorded on Thursday.

The daily turnover was also considerably lower than what was recorded on Thursday, sitting at $84.44 million. This was considerably lower than the $453 million which it saw on Thursday.

Bitcoin to Naira Exchange Rate

Cryptocurrency rebounded from Omicron caused decline recorded last. Bitcoin, the world’s most dominant cryptocurrency, is presently trading at N20,204,481 per coin, with a market cap of N381.86 trillion. Eth, the second most capitalised cryptocurrency gained 0.23 percent to N1.659 million per coin.

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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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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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