Naira

Dollar to Naira Today March 30, 2022

Published

2 years ago

March 30, 2022

The Dollar to Naira Today in the exchange market as of Tuesday, 29th March stands at N416.25/$1 – maintaining the same rates from the previous exchange widow – this is according to rates from the Central Bank of Nigeria.

With the Pounds Sterling and the Euros, the local currency fell to N547.12/£1 and 461.83/€1 respectively – This is against the local currency’s previous N545.91/£1 and N456.54/€1 from exchange rates as of Monday, 28th March.

Dollar To Naira Today in The Black Market

In the unregulated parallel black market, Investors King observed that the exchange between peer-to-peer for the Dollar and Naira currently ranges from N580/$1 to N585/$1. The rates are different from location to location across the country.

CBN Disbursed Over N3tr to Save Economy

The Central Bank of Nigeria has disclosed that had disbursed over N3 trillion in intervention loans aimed to facilitate economic recovery and generate employment opportunities since the wake of the COVID-19 pandemic. The CBN governor, Godwin Emefiele disclosed this at the Ekiti State University (EKSU), Ado-Ekiti, while delivering a lecture for convocating students titled: “The Role of Central Bank in Managing Economic Downturns.”

The CBN governor revealed that the apex bank had disbursed N948 billion to 4,478,381 small-holder farmers to boost food production in the country while also establishing about 12.5 million direct and indirect jobs for Nigerian youths.

Investors King recalls that following the novel coronavirus that led to a nationwide lockdown, the CBN had worked alongside some financial institutions to provide household and SME loans to Nigerians in a bid to alleviate the economy. This was followed by a number of other policies that the apex bank introduced in a bid to save the economy.

However, many Nigerians have decried that the economy continues to deteriorate with inflation on the rise. And this is due to a number of reasons with the exchange rate being one of them.

Cryptocurrency Today

In the digital currency exchange market, Bitcoin and Ethereum took a dip as stakeholders still project higher exchange values in the coming weeks. Bitcoin fell to N19.63 million/1BTC against the previous rates at N19.76 million/1BTC – this represents a o.60% decrease for the popular digital currency.

The second most popular cryptocurrency, Ethereum, also declined to N1.41 million/1ETH which represents a 0.73 decline against previous values at N1.42/1ETH.

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Naira Remains Unchanged Against Sterling Pounds, US Dollar at Official Forex Market

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Dollar to Naira Today March 29, 2022

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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

15 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.