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Naira Exchange Rates Mixed Against Dollar, Pounds Sterling and Euro; Bitcoin Plunges

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Naira Exchange Rates - Investors King

The exchange rates of the Nigerian Naira against its global counterparts like the U.S Dollar, Pounds Sterling and the Euro common currency can best be described as mixed on Monday as the local currency exchanged slightly lower against the United States Dollar at N416.39, according to the Central Bank of Nigeria (CBN)’s data.

The CBN rates depict the rates at which Nigerian banks can access forex from the central bank. Deposit Money Banks (DMBs) in return add operating costs within CBN stipulated range for final customers, Investors King stated.

The Naira improved slightly against Pounds Sterling N567.14 it exchanged on Friday to N567.08 on Monday. While against the Euro, the Naira traded at N472.56, an improvement from N473.08 it exchanged on Friday.

At the unregulated black market, the U.S Dollar was exchanged at N566 to the Naira and purchased at N570 in Ibadan on Monday. In Lagos and Abuja, exchange rates were largely unchanged.

Foreign Reserves

Nigeria’s foreign reserves inched slightly higher to $39.795 billion, up from $39.786 billion recorded on February 2, 2022.¬†Nigeria, Africa’s largest economy continues to grapple with dwindling foreign reserves due to its weak foreign revenue-generating avenues.

Despite rising crude oil prices, Nigeria has not been able to up its foreign reserves due to its inability to up crude oil production and meet its OPEC+ production target.

Crude Oil

Brent crude oil, against which Nigerian oil priced, rose to $97.61 per barrel on Tuesday at 3:00 am Nigerian time following the decision of the U.S, UK and Euro-area to impose first stage sanction on Russia for announcing plans to recognise Kremlin, the province that broke away from Ukraine.

The uncertainty surrounding global oil supply due to the projected crude oil disruption from Russia to Euro bolstered oil prices as experts are predicting a tight crude oil market, especially with OPEC+ struggling to meet their target and sustain agreed 400,000 barrels daily crude oil increase.

Cryptocurrency to Naira

The entire cryptocurrency space remained in the red ahead of the Federal Reserve expected rates increase.  Bitcoin to Naira exchange rate declined by 6.11% in the last 24 hours to N15.208 million.

While Ethereum, the second most capitalised cryptocurrency sheds 4.25% to N1.055 million. XRP, Cardano (ADA) and Binance coin (BNB) led the decline with 13.07%, 15.06% and 9.09% in the last 24 hours.

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 Appreciates Slightly to N1,542.58/$ at NAFEM

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New Naira notes

The Naira appreciated marginally against the United States dollar, closing at N1,542.58/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday.

This modest gain represents a 2.9 percent appreciation from the previous day’s rate of N1,598.54, highlighting a nuanced fluctuation in the currency’s value.

According to data sourced from the FMDQ Securities Exchange, a platform overseeing FX trading in Nigeria, the Naira’s journey throughout the trading day was marked by an intra-day high of N1,755 and a low of N1,050.

Moreover, the total foreign exchange turnover surged to $172.14 million, indicating a 47 percent increase from the previous day.

Despite the Naira’s marginal gain at NAFEM, concerns persist regarding the widening gap between the official and parallel market rates.

The Naira’s depreciation to N1,900 against the dollar in the parallel market before it moderated to N1,687 later in the day.

Analysts and Bureau De Change operators foresee further pressure on the Naira, with predictions of a potential all-time low of 2,000/dollar at the parallel market in the coming weeks.

The demand for the greenback continues to fuel volatility, prompting regulatory actions from entities like the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to curb speculative activities.

As stakeholders monitor the currency’s trajectory, the CBN’s efforts to address forex liquidity challenges and stabilize the Naira remain under scrutiny amidst evolving market dynamics.

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Naira

CBN Report: Currency Outside Banks Drops to N3.28 Trillion in January 2024

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New Naira notes

A recent report released by the Central Bank of Nigeria (CBN) has indicated a notable decline in the amount of currency held outside banks, dropping to N3.28 trillion in January 2024.

This figure represents 89% of the total currency in circulation (CIC), signifying a shift in money circulation patterns.

Compared to December 2023, where currency outside banks stood at 94% of the total CIC, the recent decline suggests a reconfiguration in monetary dynamics.

The report further unveils a significant year-on-year surge, with currency outside banks skyrocketing by 314%, rising from N79 billion in January 2023 to N3.28 trillion in January 2024.

Currency trends in 2023 displayed fluctuating patterns, with notable peaks and dips throughout the year. However, December 2023 marked the zenith, recording the highest percentage of money held outside banks to CIC at 94%.

The CBN report sheds light on evolving financial landscapes, reflecting changing consumer behaviors, economic policies, and market dynamics.

Analysts anticipate that the data will inform future monetary policies and regulatory measures to ensure financial stability and liquidity in Nigeria’s economy amidst shifting trends and emerging challenges.

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Dollar to Naira Black Market Today, February 21st, 2024

As of February 21st, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,820 NGN in the black market, also referred to as the parallel market or Aboki fx.

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As of February 21st, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,820 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 N1,710 and sell it at N1,700 on Tuesday, February 20th, 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: N1,820
  • Selling Rate: N1,810

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