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.