Naira

Dollar to Naira Today March 25, 2022

Published

2 years ago

March 25, 2022

The Dollar to Naira today Friday, March 25, 2022, stands at N416.30/$1 according to exchange rates from the Central Bank of Nigeria. This figure shows that the local currency continues to maintain stability through the week as it has maintained the N416.00~ range since the start of the exchange window this week.

Observation by Investors King also shows that the local currency has maintained the N416.00~ range in the dollar to naira exchange market since the start of the year.

Also, with the Pounds Sterling and the Euros, Naira maintained the range from the previous exchange window. Naira to Pounds Sterling and Euros currently sit at N549.783/£1 and N457.4588/€1 respectively.

Dollar To Naira Today in The Black Market

At the unregulated black market where various factors influence the exchange rates between Peer-to-Peer, Investors King gathered that exchange between the Dollar and Naira currently ranges from N580/$1 to N585/$1. The rates are different from location to location across the country.

‘BDC Ban Stabilised The Naira’ – CBN

The Central Bank of Nigeria has devised a number of means to help the struggling Naira in the exchange market and one of these policies was the 2021 ban on Bureau de Change (BDCs) operators across the country. The ban sparked a number of reactions across Nigeria with a number of experts criticising the CBN Policy.

However, in recent news, the CBN governor, Godwin Emefiele has insisted that the ban on BDCs has helped stabilise the local currency: As a result of our demand management policy, the naira has remained largely stable at the I & E window, particularly since the discontinuation of FX allocation to Bureau De Change operators along with the convergence between the CBN and NAFEX rates. Banks are now able to meet the demands of their customers seeking forex for SMEs, school fees, medical and PTAs,” The CBN Governor, represented by Mr Edward Adamu, Deputy Governor, Corporate Services, CBN, disclosed.

The Stability of The Naira

Investors King has observed that the naira has maintained a fairly stable outlook in 2021, and in 2022. Pivoting from N411.50/$1 in August to N414.33/$1 in December 2021 and maintaining the value through January. However, since February 2022, the naira has maintained a N416.98/$1.

Cryptocurrency Today

In the digital currency exchange market, Bitcoin showed huge improvement. The digital currency showed a 3.52% increase that represents N18.29 million/1BTC against the previous value of N17.68 million/1BTC.

Ethereum also showed a 3.43% increase which represents N1.30/1ETH against the previous value of N1.25/1ETH.

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Naira

Dollar to Naira Black Market Today, April 19th, 2024

As of April 19th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,100 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

19 hours ago

April 19, 2024

Samed Olukoya

As of April 19th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,100 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 N1,020 and sell it at N1,010 on Thursday, April 18th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined slightly 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: N1,100
Selling Rate: N1,090

Naira

Naira’s Recent Gain Reflects Policy Direction, Says CBN Chief Olayemi Cardoso

Published

2 days ago

April 18, 2024

Samed Olukoya

Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has explained that the recent surge in the Naira is a testament to the positive direction of government policies rather than active intervention to defend the currency’s value.

Addressing attendees at the spring meetings of the International Monetary Fund and World Bank in Washington, Governor Cardoso underscored that the CBN’s intention is not to artificially prop up the Naira.

He clarified that the fluctuations observed in the country’s foreign exchange reserves were not aimed at defending the currency but rather aligning with broader economic goals.

Over the past month, the Naira has experienced a notable uptick in value against the dollar, signaling a reversal from previous declines. Data from Bloomberg reveals a 6.4% decrease in liquid reserves since March 18, coinciding with the Naira’s rebound.

Despite this decline, Cardoso pointed out that around $600 million had flowed into the reserves in the past two days, reflecting confidence in the Nigerian market.

Governor Cardoso articulated the CBN’s vision of a market-driven exchange rate system, emphasizing the importance of allowing market forces to determine exchange rates through willing buyers and sellers.

He expressed optimism about a future where the central bank’s intervention in the foreign exchange market would be minimal, except in extraordinary circumstances.

The recent resilience of the Naira follows a period of volatility earlier in the year, marked by a substantial devaluation in January. Since then, the CBN has implemented measures to stabilize the currency, including monetary tightening and initiatives to enhance dollar liquidity.

Cardoso highlighted the transformation in market sentiment, noting that investors now perceive Nigeria’s central bank as committed to stabilizing inflation and fostering economic stability.

As Nigeria continues its journey toward economic recovery and stability, Cardoso’s remarks provide insight into the central bank’s strategy and its impact on the country’s currency dynamics.

Naira

Dollar to Naira Black Market Today, April 18th, 2024

As of April 18th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,020 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

2 days ago

April 18, 2024

Samed Olukoya

As of April 18th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,020 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 N1,050 and sell it at N1,040 on Wednesday, April 17th, 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.