Naira

Dollar to Naira Today Thursday 3 February 2021

Published

2 years ago

February 3, 2022

The exchange rate for Dollar to Naira today dipped slightly to N416.54 at the official foreign exchange market managed by the Central Bank of Nigeria (CBN).

This represents a decline of N0.28 or 0.067 percent from N416.26 it exchanged on January 31, 2022.

Against the British pounds, the local currency slid from N561.92 on Tuesday to N565.20 on Wednesday. The trend wasn’t different with the Euro common currency as the Naira dipped to N471.44, slightly below N469.40 it traded on Tuesday.

At the Peer to peer (P2) forex window managed by the FMDQ Group, the Dollar to Naira exchange rate dropped from N415.50 it opened against the United States Dollar to N416.25 on Wednesday. Forex traders at the window transacted forex worth $102.07 million on Wednesday.

Nigeria’s economic uncertainty amid the drop in revenue generation continued to drag on the nation’s ability to prop up the value of the Nigerian Naira and deepen economic activity in Africa’s largest economy. As an economy that depends on crude oil revenue to grow economic activity, Nigeria is still struggling to up its crude oil production despite the recent jump in oil prices.

A recent report from OPEC showed Nigeria’s crude oil production stood at 1.46 million barrels per day in January 2022, against the 1.71 million per day quota assigned to the country by OPEC+.

Crude Oil

Brent crude oil pulled back slightly after OPEC+ agreed to maintain the same production level in March. Brent crude oil, global benchmark use in pricing Nigeria’s oil, dipped by 0.5 percent to $88.95 a barrel on Thursday. The U.S. West Texas Intermediate crude oil was also down, shedding 53 cents, or 0.6 percent at $87.73 a barrel.

“A risk off environment and a modestly stronger dollar are one driver weighing on crude prices,” said Giovanni Staunovo, commodity analyst at UBS.

“The other is probably the realization that the geopolitical tensions in Eastern Europe and the Middle East have so far not disrupted oil production.”

Bitcoin

Bitcoin to Naira exchange rate declined by 2.47 percent to N15.242 million in the last 24 hours. While the Ethereum (Eth) declined by 2.18 percent to N1.089 million. The uncertainty surrounding the cryptocurrency space remained high ahead of the United States interest rate increase and rising US Dollar.

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Samed Olukoya

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

Naira Hits Eight-Month High at 1,120/$ Amidst Central Bank Reforms

Published

5 days ago

April 11, 2024

Samed Olukoya

The Nigerian Naira has surged to an eight-month high of 1,120 against the US dollar on the parallel market, commonly referred to as the black market.

This significant appreciation comes on the heels of a series of foreign exchange (FX) reforms initiated by the Central Bank of Nigeria (CBN), which have effectively unlocked dollar liquidity within the economy.

According to data compiled from online platforms and street traders, the current exchange rate reflects a gain of 62.95% for the Naira against the dollar compared to its level of 1,825 per dollar in February 2024.

Market sentiment suggests that the recent strengthening of the Naira can be attributed to a subdued demand for the US dollar, coupled with ample liquidity in the market, particularly during the holiday period.

Despite a decline in external reserves, Nigeria’s currency strengthened to 1,230.61 per dollar on the official FX market before the holidays.

The recent uptick in the Naira’s value follows the CBN’s decision to review the exchange rate for Bureau De Change (BDC) Operators to 1,101 per dollar from 1,251 per dollar.

Also, the CBN announced plans to sell $15.88 million to 1,588 eligible BDCs, further bolstering dollar liquidity in the market.

The CBN’s proactive approach to FX management, including the resolution of foreign exchange backlogs amounting to US$7 billion, has instilled confidence among investors and market participants.

Furthermore, the apex bank’s commitment to implementing reforms aimed at enhancing transparency and efficiency in the FX market has yielded positive results.

Naira

Dollar to Naira Black Market Today, April 9th, 2024

As of April 9th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,200 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

1 week ago

April 9, 2024

Samed Olukoya

As of April 9th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,200 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 N1,240 and sell it at N1,230 on Monday, April 9th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved 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: N1,200
Selling Rate: N1,190

Naira

Dollar to Naira Black Market Today, April 8th, 2024

As of April 8th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,240 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

1 week ago

April 8, 2024

Samed Olukoya

As of April 8th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,240 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 N1,250 and sell it at N1,240 on Friday, April 5th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved 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.