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Dollar, Pound, Euro, Naira Exchange Rates Mixed

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Naira Exchange Rates - Investors King

Economic uncertainty continues to dictate Naira exchange rates against key global counterparts. The Naira exchange rates were mixed on Monday 7 February 2022 as the local currency dipped against the United States Dollar to N416.88, down from N416.71.

This decline continues against the Euro common currency, the Naira traded at N478.4115 to a Euro, representing a decline of 1.71 percent from N470.3822 it exchanged on Thursday.

However, against the British Pounds, the Naira gained to N565.9563, better than N567.2673 it exchanged on Thursday, the Central Bank of Nigeria’s data showed.

External Reserves

Nigeria’s external reserves remained in range in the last week, moving between $39.983 billion and $40 billion. Despite crude oil hitting $93 per barrel, Nigeria’s failure to meet its OPEC+ quota of 1.71 million barrels per day continues to drag on the nation’s revenue generation.

In January 2022, Nigeria produces 1.43 million barrels per day, far below its 1.71 million barrels per day quota and its 2.1 million barrels per day capacity.

Crude Oil

Oil prices moderated on Monday amid reports that the US and Iran are progressing to the final stage of talks on the nuclear deal.

Brent crude oil, against which Nigerian oil is priced, pulled back from its record high of $94 a barrel to $92.66. The US West Texas Intermediate depreciated to $91.27 a barrel.

Oil traders have started pricing in the possibility of Iran hitting the global oil market with about 4 million barrels of crude oil per day immediately the two nations reached a comprise.

Craig Erlam, Senior Market Analyst, UK & EMEA, OANDA said “Biden has an additional incentive to reach a deal, given the sky-high crude prices and what a deal could do to ease the tightness in the market just before the midterms. He’s tried a coordinated SPR release and let’s be honest, it achieved very little. This could make a real difference at a time when crude appears destined for $100 and OPEC+ can’t hit their output targets.”

Cryptocurrency

On Monday most cryptocurrencies opened in the green with the Shiba Inu coin appreciating by 50 percent before paring gains to 42 percent during the London trading session.

Bitcoin gained 6.17 percent to $44,296 a coin while Ethereum, XRP, Solana and Terra (Luna) appreciated by 5.74 percent, 17.40 percent, 6.38 percent and 6.80 percent, respectively.

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 18th June 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of June 18th, 2024 stood at 1 USD to ₦1,480.

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New Naira notes

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of June 18th, 2024 stood at 1 USD to ₦1,480.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,510 and sold it at ₦1,500 on Monday, June 17th, 2024.

This indicates an improvement in the Naira exchange rate value when compared to today’s 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: ₦1,480
  • Selling Rate: ₦1,470

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.

Continue Reading

Naira

Black Market Dollar to Naira Exchange Rate Today 17th June 2024

Published

on

New Naira notes

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of June 17th, 2024 stood at 1 USD to ₦1,510.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,490 and sold it at ₦1,480 on Thursday, June 13th, 2024.

This indicates a decline in the Naira exchange rate value when compared to today’s 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: ₦1,510
  • Selling Rate: ₦1,500

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.

Continue Reading

Naira

Black Market Dollar to Naira Exchange Rate Today 13th June 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of June 13th, 2024 stood at 1 USD to ₦1,490.

Published

on

NAIRA - Investors King

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of June 13th, 2024 stood at 1 USD to ₦1,490.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,480 and sold it at ₦1,470 on Wednesday, June 12th, 2024.

This indicates a slight decline in the Naira exchange rate value when compared to today’s 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: ₦1,490
  • Selling Rate: ₦1,480

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.

Continue Reading
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