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Naira Appreciates Against Dollar, Pounds, Euro

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A money changer holds Turkish lira banknotes next to U

The Nigerian Naira appreciated against the United States Dollar on Monday at the official foreign exchange market managed by the Central Bank of Nigeria (CBN). The Dollar to Naira exchange rate improved by 0.14 percent to N416.31 from N416.91 it was exchanged on Friday.

While the Naira remained under pressure as uncertainty surrounding Nigeria’s economic fundamentals deepened, the local currency gained against the British Pounds to N562.56. Similarly, the Naira improved against the Euro common currency from N474.99 on Friday to N470.85 on Monday.

At the Investors and Exporters Forex section, the Naira opened the week at N415.76 to a United States Dollar but closed at N416.67 against the greenback, representing a decline of 0.16 percent. Traders at that section of forex transacted $76.78 million in forex value on Monday.

Naira to Dollar Exchange Rate at Black Market

The Naira remained weak at the unregulated forex market called the parallel market but popularly known as the black market. Forex traders sold $1 between N575 to N576, according to traders at that section of forex. The CBN has warned Nigerians against patronising the black market and blamed black market operations for the nation’s forex challenges.

Crude Oil

Brent crude oil, the global benchmark for Nigerian oil, dropped from its seven-year high on Tuesday to $93.58 a barrel as at 1:13 pm Nigerian time on reports that Russian soldiers have started returning to base from the border the country shared with Ukraine.

The United States had raised alarm that Russia planned to attack Ukraine this week and immediately called on all its citizens in Ukraine to return home.  Australia, the UK, the Netherland, etc follow suit.

Brent crude oil rose to $96.73 per barrel, its highest in seven years on Monday when oil traders and investors started projection disruption of global oil supply in an already tight oil market.

“There are no prizes for guessing the driving force behind this bout of volatility,” said Stephen Brennock of oil broker PVM. “The Russia-Ukraine crisis has put the energy market on high alert for possible disruptions of Russian energy supplies.”

Cryptocurrency

The cryptocurrency space opened in red today on the news that Russia has started considering de-escalation as stated by President Joe Biden. Experts had predicted that the Russia-Ukraine crisis would help ease the projected decline in cryptocurrencies values peradventure the Federal Reserve decides to raise interest rates on Wednesday.

However, with Russian soldiers now returning to base, the market has resumed its bearish run and could drop even further if the Fed moved tomorrow or sounds strongly hawkish to curb escalating inflation.

 

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, 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 For Today 28th January 2023

Dollar to naira exchange rate today black market (Aboki dollar rate)

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New Naira notes

You can access the black market Dollar to Naira exchange rate for today, 28th January on Investors King.

This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦750 and ₦755, and the price can change (high or low) within hours.

How Much Is Black Market Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N750 and sell at N755 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 750
Selling Rate 755

The local currency opened at N755.00 per $1 at the parallel market otherwise known as the black market today Saturday, 28th January 2023, in Lagos Nigeria, after it closed at N750 per $1 on Thursday, 26th January 2023.

Even though the dollar to naira opened in the parallel market at N755 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Investors King reports that in the black market, the players buy a dollar for N750 and sell for N757 on Saturday morning, January 28, 2023, after they purchased N744 and sold for N746 on Thursday, 26 January 2023.

Meanwhile, Investors King reports that the USD started this week at ₦745 in Parallel Market also known as Black Market on Monday, January 23, 2023, in Lagos Nigeria, after it opened at ₦744 last week Monday, January 16, 2023.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

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Naira

‘100 Days Enough to Deposit Old Currency,’ CBN Insists on Jan. 31 Deadline

CBN has insisted on the earlier announced January 31, 2023 deadline

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New Naira notes

As pressures and appeals rise for an extension of the deadline for deposit of old naira notes, the Central Bank of Nigeria, CBN has insisted on the earlier announced January 31, 2023 deadline.

Investors King recalls that last year the CBN declared that new N200, N500, N1000 notes will be made available in banks on Dec 15, 2022 and the old currencies will cease to become legal tender by Jan. 31, 2023.

Reactions have trailed the redesigned naira notes and the stipulated deadline due to the slow circulation of the new currencies.

The Senate of the National Assembly, on Tuesday said the CBN should extend the deadline for old notes deposit by six months and compel banks to open naira exchange windows for those who do not have bank accounts.

Reacting to the increasing pressures, CBN Governor, Godwin Emefiele said there is no going back on the deadline given.

Emefiele declared this on Tuesday during a meeting of the Monetary Policy Committee in Abuja.

According to him, 90–100 days is enough to deposit the old naira notes in the bank, adding that the CBN compelled banks to remain open including on Saturdays in order to accept more cash deposits.

He noted that the apex bank is yet to identify any cogent reason why the deadline should be moved as agitated by some section of the people.

“Unfortunately, I don’t have good news for those who say we should shift the deadline. The reason is because 90 days, in fact, 100 days, is enough for anybody who has the old currency to deposit it in the bank.

“We took every measure to ensure all the banks remain open to receive the old currency, including opening on Saturdays. We do not see any reason to begin to talk about a shift. We believe 100 days is more than adequate,” Emefiele said.

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Black Market Dollar To Naira Exchange Rate For Today 22nd January 2023

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on

New Naira notes

You can access the black market Dollar to Naira exchange rate for today, 22nd January on Investors King.

This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦750 and ₦757, and the price can change (high or low) within hours.

How Much Is Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N750 and sell at N757 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 750
Selling Rate 757

The local currency opened at N757.00 per $1 at the parallel market otherwise known as the black market today Sunday, 22 January 2023, in Lagos Nigeria, after it closed at N757 per $1 on Saturday, 21st January 2023.

Even though the dollar to naira opened in the parallel market at N757 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Investors King reports that in the black market, the players buy a dollar for N750 and sell for N757 on Sunday morning, January 20, 2023, after they purchased N744 and sold for N746 on Thursday, 19 January 2023.

Meanwhile, Investors King reports that the USD started this week at ₦745 in Parallel Market also known as Black Market on Monday, January 16, 2023, in Lagos Nigeria, after it opened at ₦744 last week Monday, January 9, 2023.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

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