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Dollar to Naira Today December 16, 2021

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Naira Exchange Rates - Investors King

In recent weeks, the Naira’s price of N415 per dollar going into the festive period may be regarded by some as positive due to its stable nature, but for others it may simply be seen as a lack of forward movement for the currency. Trading at this price in the long run may not be helpful to the country’s economy, regardless of the measures being taken by the country’s Central Bank.

With its current trajectory, the value of the currency seems to be at a worse stage than it was at Christmas last year when it traded at N381.20 per dollar. Repeating that number this year will take a highly drastic action by the Central Bank of Nigeria. The best bet for the country is to refocus the economy towards focus, giving full attention to what is produced in the country instead of what is brought into the country.

Dollar to Naira at Parallel Market

On Wednesday, 16th December the Naira was sold at N563 per dollar at the parallel market. In November, the Naira experienced a significant jump to N535 per dollar from its all-time low of N575 per dollar which was recorded back in October.

Dollar to Naira Exchange Rate at Official Market Today

At the Investors & Exporters window where the Naira is traded officially, the currency closed at N414.25 per dollar on Wednesday. It represented another marginal increase from the N414.80 closing which was recorded on Tuesday.

On Thursday, the currency went on to open at N414.13 per dollar, slightly lower than the N413.87 per dollar opening price on Wednesday.

The FMDQ group’s updates of the Spot and Forward rates for Wednesday’s trading rounds showed changes from Tuesday’s rates (Forward rate only). For Wednesday, the Spot rate traded at a high of N405 per dollar and traded at a low of N444 per dollar, which is the same as Tuesday’s rates.

Changes were however recorded in the Forward rate, as it traded at a high of N414 per dollar and a low of N469 per dollar, compared to the N453.15 per dollar where it traded throughout all transactions on Tuesday.

The daily turnover recorded on Wednesday was $177.60 million, about $200m lower than what was recorded on Tuesday.

Bitcoin to Naira Exchange Rate

Bitcoin (BTC), the world’s leading cryptocurrency, now trades at N20,143,883 per coin with a market cap of N380 trillion. Ethereum (ETH) trades at N1,667,006 per coin with the second-largest market cap at N97.97 trillion.

 

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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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Naira

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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