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Dollar to Naira Today December 17, 2021

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Naira to Dollar Exchange- Investors King Rate - Investors King

Dollar to Naira exchange rate today December 17, 2021 across key foreign exchange markets are stated below. As we approach the festive period, eyes will be carefully monitoring the value of the Nigerian currency against some of the strongest currencies in the world. The performance of the Naira against these currencies will determine the rise or fall in prices of food and other items, as well as the general economic strength of the country.

Dollar to Naira Today at Black Market

On Friday, 17th December the Naira experienced a fall at the parallel market as it is sold at N567 per dollar, a decline of N4 from the N563 per dollar recorded on Thursday. The Naira has struggled to return to its recent peak of N535 per dollar at the parallel market.

Dollar to Naira Today Official Market

 After closing at N414 per dollar for the last two days, the Nigerian currency went back to close at N415.05 per dollar on Thursday. This is according to the Investors & Exporters window where the Naira is traded officially.

On Friday, the Naira opened at N413.83 per dollar, marginally higher than the N414.13 per dollar opening price recorded on Thursday.

The FMDQ group, through their website, updated the Spot and Forward rates for Thursday’s trading rounds. The Spot rate maintained the rates of the previous trading day, maintaining its high of N405 per dollar and its low of N444 per dollar.

A change was however recorded in the Forward rate, as it traded at a high of N414 per dollar (same as the previous day) and a low of N453.10 per dollar, higher than the low of N469 per dollar of the previous day.

The daily turnover recorded on Thursday was $331 million, a difference of over $150 million from Thursday.

Bitcoin to Naira Exchange Rate

Bitcoin now trades at N19,330,484.40 per coin, and Ethereum is currently trading at N1,587,283.88 per coin.

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Naira

Dollar to Naira Today Monday, 8 August 2022

The Naira was exchanged at N700 for a United States Dollar at the black market while operators of that section of forex bought the U.S. Dollar at N680.

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Naira Exchange Rates - Investors King

Dollar to naira today – the exchange rate of the U.S Dollar to the Nigerian Naira today Monday 8 August 2022 remained high in Nigeria’s unregulated foreign exchange market popularly known as the black market.

The Naira was exchanged at N700 for a United States Dollar at the black market while operators of that section of forex bought the U.S. Dollar at N680.

Dollar to Naira Today Black Market

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 680
Selling Rate 700

Nigeria’s persistent Dollar scarcity amid rising demand continued to dictate the nation’s exchange rate. In recent weeks, the Central Bank of Nigeria (CBN) has linked the situation to activities of bureau de change operators and politicians reportedly buying and hoarding dollars ahead of the 2023 general elections.

Dollar to Naira Today Official Market

At the Investors and Exporters (I&E) forex window, the Nigerian Naira opened the day at N428.12 to a United States Dollar. An improvement from N429 it opened on Friday.

On Friday, currency traders transacted $71.92 million in forex value.

The CBN adopted the I&E rate as its official rate and launched a Naira4Dollar scheme to lure exporters, repatriating export proceeds, to the window to exchange foreign earnings at CBN stipulated rate.

Still, activity in that section of foreign exchange remained low as exporters are yet to fully embrace the Naira4Dollar initiative or understand why they should ignore N700/US$1 of the black market for N428.12/US$1 plus N5 per dollar repatriated and sold at I&E window.

Dollar to Naira Today CBN Rates

As of Friday, the CBN bought the U.S. Dollar at N417.47 and sold the American currency at a difference of N1 for N418.47 per U.S. Dollar.

The Pounds Sterling was purchased at N508.0226 per unit and sold at N506.8086. The Euro common currency was exchanged as shown below.

 

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Naira Declines to N417.19 Against the U.S. Dollar at CBN Forex Section

The Nigerian Naira declined further against the United States Dollar at the Central Bank of Nigeria’s (CBN) section of foreign exchange on Wednesday.

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Naira - Investors King

The Nigerian Naira declined further against the United States Dollar at the Central Bank of Nigeria’s (CBN) section of foreign exchange on Wednesday.

The local currency lost N0.29 or 0.07% against the American Dollar to exchange at N417.19. On Monday, the apex bank sold the U.S. Dollar at N416.9 to Deposit Money Banks (CBN), Investors King‘s research has shown.

But growing economic uncertainties amid the recent rate increase, high dollar demand by both politicians and genuine businesses looking to import raw materials, and weak economic fundamentals have plunged the Naira to N417.19 against its global counterpart.

In the unregulated black market, the Naira remained under pressure as it was exchanged at N630, a much-improved rate when compared to N750 it traded about a week ago.

Despite the apex bank discouraging patronage at that section of forex, Nigerians in need of forex have continued to patronise the black market. Most of them claimed the Deposit Money Banks mandated by the CBN to sell to them are merely collecting Dollar request forms without sales.

At the Investors & Exporters (I&E) forex window, the story is not any different as the local currency shed N0.29, or 0.34% from N427.90 it opens the day against the United States Dollar to close at N429.20. Investors and exporters at the I&E forex window transacted $123.78 million worth of dollars on Wednesday.

Meanwhile, the President of the Association of Bureau De Change Operators of Nigeria ABCON, Alhaji Aminu Gwadabe, in an interview on Saturday, called on the CBN to abolish the official pegged exchange rate and allow the forces of demand and supply to determine an appropriate exchange rate for the Naira.

He said “It might sound counterintuitive but the way out of the current frenzy is to abolish the official fixed exchange rate and allow the Naira to float.

“CBN should contemporaneously undertake a large-scale dollar intervention in the open market that can inspire confidence in the Naira and checkmate the current tailspin.

“Once there is a significant positive movement, the market will react and, in all probability, spur an avalanche of panic selling and further buoy the Naira,” Gwadabe said.

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Naira

Naira Exchanges to a U.S. Dollar at N610

The Nigerian Naira traded at N610 to a United States Dollar at the parallel market popularly known as the black market in Ibadan, Oyo state on Monday.

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Naira Exchange Rates - Investors King

The Nigerian Naira traded at N610 to a United States Dollar at the parallel market popularly known as the black market in Ibadan, Oyo state on Monday.

At the Central Bank of Nigeria (CBN) foreign exchange section, used for selling and buying from deposit money banks, Naira traded at N415.9 to a U.S. Dollar.

While against the Pounds Sterling, it exchanged at N492.0929 and N416.1495 to a European common currency.

Crude Oil

Oil prices appreciated on Monday amid rising uncertainties and concerns over the supply of the commodity.

Brent crude oil, against which Nigerian crude oil is priced, appreciated to $104.32 following a decline to $94 a barrel on Thursday when data showed that the U.S. inflation rate rose at the fastest pace in over 40 years to 9.1% in the month of June.

According to Jeffrey Halley, Senior Market Analyst, Asia Pacific, OANDA, “Supply risks remain evident in international markets, and futures curves remain in backwardation. Despite the ructions in the speculative futures markets, the real-world dynamic remains as supportive of oil prices as ever. If Russian doesn’t switch gas exports back on to Europe at the end of the week, Brent crude could once again, find itself back near $110.00 a barrel.”

Cryptocurrency

Bitcoin and other cryptocurrency extended their gains on Monday as capital inflow into the space picked with rising global risk and uncertainties.

The value of Bitcoin, the world’s most dominant cryptocurrency, gained 3.81% to $22,297.97 on Monday. While, the token of Ethereum, Eth expanded by 7.82% to $1,472.92 a coin.

The value of other cryptocurrencies also surged even with the decline in stock value and jumped in global uncertainties.

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