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Naira Opens 2022 at N426.25 Against the United States Dollar at Official Forex Window

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Enaira launching in Abuja - Investors King

The Nigerian Naira opened the new year at N426.25 against the United States Dollar on Tuesday, January 4, 2022, at the official foreign exchange window managed by the FMDQGroup.

The local currency plunged to N435 against the US Dollar on Friday after the Central Bank of Nigeria (CBN) adjusted its Naira to Dollar exchange from N411 to N413.49. The adjustment is in line with Godwin Emefiele, governor of the CBN, statement that the country operated a managed-float exchange policy.

Naira pared losses against the US Dollar on Tuesday after forex traders, speculators and hoarders might have analysed CBN forex action and interpreted it as the usual adjustments.

At the unregulated parallel market known as the black market, the Naira plunged to N570 against the United States Dollar on January 4th, 2022. Despite the Central Bank of Nigeria (CBN) discouraging patronage at that section of forex, many Nigerians still relied on the black market for their forex needs.

However, the adjustment may not be unconnected to the change in Nigeria’s economic fundamentals. For instance, the nation’s foreign reserves used to back the Naira have been on a downward trend since hitting $41.8 billion on October 29, 2021. Presently, the reserves stood at $40.5 billion. This is despite oil prices trading at almost $80 a barrel, the highest in recent years.

But because of Nigeria’s inability to improve its production process, lower cost of production and generally increase crude oil output, it has failed to take advantage of the surge in oil prices. Therefore, the CBN adjusted Naira to Dollar exchange rate to reflect the nation’s economic reality of insufficient forex and also enable it meet demands.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Naira

Black Market Dollar to Naira Exchange Rate Today, March 18th, 2024

As of March 18th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,620 NGN in the black market, also referred to as the parallel market or Aboki fx.

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Naira to Dollar Exchange- Investors King Rate - Investors King

As of March 18th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,620 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 N1,590 and sell it at N1,580 on Thursday, March 14th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined 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: N1,620
  • Selling Rate: N1,610

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Naira

Black Market Dollar to Naira Exchange Rate Today, March 14th, 2024

As of March 14th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,590 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

on

NAIRA - Investors King

As of March 14th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,590 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 N1,610 and sell it at N1,600 on Wednesday, March 13th, 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: N1,590
  • Selling Rate: N1,580

Continue Reading

Naira

Black Market Dollar (USD) to Naira (NGN) Exchange Rate Today, March 13th, 2024

As of March 13th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,610 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

on

New Naira Notes

As of March 13th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,610 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 N1,620 and sell it at N1,610 on Monday, March 11th, 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: N1,610
  • Selling Rate: N1,600

Continue Reading
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