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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, 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

Published

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.

Continue Reading
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