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

Black Market Dollar to Naira Exchange Rate Today 16th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 16th, 2024 stood at 1 USD to ₦1,560.

Published

12 hours ago

May 16, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 16th, 2024 stood at 1 USD to ₦1,560.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,530 and sold it at ₦1,520 on Wednesday, May 15th, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in the black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,560
Selling Rate: ₦1,550

As economic conditions continue to evolve, staying informed about currency exchange rates empowers individuals to make informed financial decisions. While the black market provides immediate insights, adherence to regulatory guidelines ensures stability and transparency in forex transactions.

Naira

Black Market Dollar to Naira Exchange Rate Today 15th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 15th, 2024 stood at 1 USD to ₦1,530.

Published

2 days ago

May 15, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 15th, 2024 stood at 1 USD to ₦1,530.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,520 and sold it at ₦1,510 on Tuesday, May 14th, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in the black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,530
Selling Rate: ₦1,520

Naira

Black Market Dollar to Naira Exchange Rate Today 14th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 14th, 2024 stood at 1 USD to ₦1,520.

Published

3 days ago

May 14, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 14th, 2024 stood at 1 USD to ₦1,520.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,500 and sold it at ₦1,480 on Monday, May 13th, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.