Connect with us

Naira

Dollar to Naira Today March 25, 2022

Published

on

Dollar Cryptocurrency - Investors King

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.

Continue Reading
Comments

Naira

Black Market Dollar (USD) to Naira (NGN) Exchange Rate Today 27th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 27th, 2024 stood at 1 USD to ₦1,520.

Published

on

New Naira notes

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 27th, 2024 stood at 1 USD to ₦1,520.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,490 and sold it at ₦1,480 on Friday, May 24th, 2024.

This indicates a decline in the Naira exchange rate when compared to today’s rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in the black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

  • Buying Rate: ₦1,520
  • Selling Rate: ₦1,510

As economic conditions continue to evolve, staying informed about currency exchange rates empowers individuals to make informed financial decisions. While the black market provides immediate insights, adherence to regulatory guidelines ensures stability and transparency in forex transactions.

Continue Reading

Naira

Black Market Dollar (USD) to Naira (NGN) Exchange Rate Today 23rd May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 23rd, 2024 stood at 1 USD to ₦1,500.

Published

on

naira

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 23rd, 2024 stood at 1 USD to ₦1,500.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,470 and sold it at ₦1,460 on Wednesday, May 22nd, 2024.

This indicates a decline in the Naira exchange rate when compared to today’s rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in the black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

  • Buying Rate: ₦1,500
  • Selling Rate: ₦1,490

As economic conditions continue to evolve, staying informed about currency exchange rates empowers individuals to make informed financial decisions. While the black market provides immediate insights, adherence to regulatory guidelines ensures stability and transparency in forex transactions.

Continue Reading

Naira

Naira Loses 1.47% Against Dollar, Hits N1,500 on Black Market

Published

on

New Naira notes

The Nigerian naira faced a downturn on Wednesday against the US dollar as the local shed 1.47 percent at the black market to N1,500 per dollar.

This development comes hot on the heels of the Central Bank of Nigeria’s (CBN) decision to raise its monetary policy rate (MPR) by 150 basis points to 26.25 percent.

Just a day prior, the naira had exhibited resilience against the dollar following a two-day of gains that brought it down from its recent peak of N1,530 on May 14, 2024.

The CBN’s move to raise the interest rate was met with anticipation and speculation across financial markets, and its impact on the naira’s value became evident soon after.

Traders at the black market reported a noticeable surge in demand for the dollar, albeit with limited availability in substantial quantities, exacerbating the currency’s depreciation.

Contrastingly, at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday, the naira experienced a slight uptick, appreciating marginally by 0.23 percent.

The dollar was quoted at N1,465.68 compared to N1,468.99 recorded on Monday, as per data from the FMDQ Securities Exchange Limited.

During trading on Tuesday, the intraday high closed at N1,549 per dollar, displaying strength compared to the previous day’s closure of N1,556.

However, the intraday low remained stable at N1,401 per dollar, mirroring Monday’s rate of N1,400.

Market activity reflected a significant surge in the daily foreign exchange turnover, soaring by 66.14 percent to $268.17 million on Tuesday from the previous day’s $161.41 million, indicating heightened trading activity and increased demand for foreign currency.

The fluctuating dynamics in the currency market underscore the delicate balance between domestic economic policies and external market forces, with investors and traders closely monitoring developments for potential implications on trade and investment strategies.

As the naira navigates through these fluctuations, stakeholders remain vigilant, seeking opportunities and mitigating risks in the ever-evolving financial landscape.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending