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Dollar to Naira Today March 21, 2022

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Naira Exchange Rates - Investors King

The Nigerian Naira stands at N416.39 against the U.S. Dollar at the official foreign exchange market amidst developing strategic policies to save the Naira from the daring threat of collapse.

The naira has sadly maintained this range with the dollar for weeks even as it also showed a slight increase with the Pounds Sterling at N547.0115 from N546.7595. Investors King observes that the Nigerian currency however had a slight improvement against the Euro with the exchange closing at N459.1116 from the N460.269 it traded last Thursday.

The Dollar to Naira rates at the unregulated black market also stands at N581 to $1.

Saving the Naira

In a bid to save the Naira, the Central Bank of Nigeria (CBN) has devised a number of policies to strengthen the local currency and increase its performance in the exchange market. Policies like Naira4Dollar – to promote foreign remittance; The CBN adopting the NAFEX rates – to reduce FX subsidy by at least 7.5%; Ban on BDCs and creation of Bank-supported Forex platforms for customers; Eurodollar borrowing – to boost foreign reserves; The creation of e-Naira to complement the naira in a digital setting.

While all these policies are targeted at saving the Naira, the troubles of the continent’s largest economy are still very much persistent and highlighted a number of underlying issues like Inflation Rate Differential, Balance of Trade challenges, Foreign reserves balances, Interest rate differentials, e.t.c.

Earlier reports already show that Nigeria’s foreign reserves currently stand at $39.755 billion following a steep decline of $129.210 million in the past weeks.

CBN’s Monetary Policy Committee Meeting & The Global Environment

Expectations are still rising over the results of the CBN 284th Monetary Policy Committee meeting which commenced today, Monday 21st March.

Also, with the ongoing events with Russia and Ukraine and how it has affected global markets, it is quite what the outcome of the MPC would be. However, with the Ukraine-Russia war leading to a hike in interest rates by the Federal Reserve Bank of the USA, experts project that the MPC should marginally increase the monetary policy rate.

Cryptocurrency

Cryptocurrency remained subdued across the board as cryptocurrency investors weigh the pros and cons of the U.S interest rate increase on the entire crypto space.

Bitcoin to Naira stood at N17.114 million at the time of publishing. Ethereum, which is the second most capitalised cryptocurrency also currently stands at N1.207 million.

Naira

Naira Hits Eight-Month High at 1,120/$ Amidst Central Bank Reforms

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New Naira Notes

The Nigerian Naira has surged to an eight-month high of 1,120 against the US dollar on the parallel market, commonly referred to as the black market.

This significant appreciation comes on the heels of a series of foreign exchange (FX) reforms initiated by the Central Bank of Nigeria (CBN), which have effectively unlocked dollar liquidity within the economy.

According to data compiled from online platforms and street traders, the current exchange rate reflects a gain of 62.95% for the Naira against the dollar compared to its level of 1,825 per dollar in February 2024.

Market sentiment suggests that the recent strengthening of the Naira can be attributed to a subdued demand for the US dollar, coupled with ample liquidity in the market, particularly during the holiday period.

Despite a decline in external reserves, Nigeria’s currency strengthened to 1,230.61 per dollar on the official FX market before the holidays.

The recent uptick in the Naira’s value follows the CBN’s decision to review the exchange rate for Bureau De Change (BDC) Operators to 1,101 per dollar from 1,251 per dollar.

Also, the CBN announced plans to sell $15.88 million to 1,588 eligible BDCs, further bolstering dollar liquidity in the market.

The CBN’s proactive approach to FX management, including the resolution of foreign exchange backlogs amounting to US$7 billion, has instilled confidence among investors and market participants.

Furthermore, the apex bank’s commitment to implementing reforms aimed at enhancing transparency and efficiency in the FX market has yielded positive results.

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Naira

Dollar to Naira Black Market Today, April 9th, 2024

As of April 9th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,200 NGN in the black market, also referred to as the parallel market or Aboki fx.

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New Naira notes

As of April 9th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,200 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 N1,240 and sell it at N1,230 on Monday, April 9th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved 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: N1,200
  • Selling Rate: N1,190

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Naira

Dollar to Naira Black Market Today, April 8th, 2024

As of April 8th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,240 NGN in the black market, also referred to as the parallel market or Aboki fx.

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New Naira Notes

As of April 8th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,240 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 N1,250 and sell it at N1,240 on Friday, April 5th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved 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: N1,240
  • Selling Rate: N1,230

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