Naira

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

Published

2 years ago

April 4, 2022

Naira to Dollar Exchange- Investors King Rate - Investors King

Nigerian Naira remained unchanged against the Sterling Pounds and the United States Dollar at the official foreign exchange market on Monday.

At the Central Bank of Nigeria (CBN) manages foreign exchange section, the Naira traded at N416.22 and N546.53 against the United States Dollar and the Sterling Pounds, the same rates the local currency exchanged on March 31, 2021. Against the Euro common currency, the Naira traded at N459.9 to a Euro.

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
4/1/2022	US DOLLAR	415.22	415.72	416.22
4/1/2022	POUNDS STERLING	545.2254	545.8819	546.5385
4/1/2022	EURO	458.8181	459.3706	459.9231

Naira remained under pressure at the unregulated foreign exchange market called the black market. The local currency exchanged at N580 to a United States Dollar.

Crude Oil

Oil prices fell on Monday morning during the Asian trading session following a report that the United Arab Emirates and the Iran-aligned Houthi group have reached an agreement to halt military operations at the Saudi-Yemeni border.

The Houthi rebel group in Yemen has been attacking Saudi Arabia and UAE oil facilities in the last few months. A temporary suspension of military operations is expected to boost global oil support, especially with the Russian crude oil supply limited due to sanctions.

Brent crude oil dropped to $105 per barrel as of 9:49 am Nigerian time on Monday. However, Nigeria’s crude oil retail at $110 a barrel in the global market, according to the data available on the Central Bank of Nigeria’s website.

Foreign Reserves

Nigeria’s foreign reserves dropped from $39.665 billion to $39.546 billion. The foreign reserves have been hovering around the same level for months despite the surge in oil prices, Nigeria’s main source of foreign revenue.

The drop in Nigeria’s foreign reserves is the reason for the persistent forex scarcity and the reduction in foreign spending on Naira cards. UBA, FirstBank and Zenith Bank have all halted international spending limits on their Naira cards.

Cryptocurrency Today

Bitcoin and other cryptocurrencies closed lower in the last 24 hours as weak sentiment following the US Federal Reserve rates hike and the Russia-Ukraine war continues to drag on the entire cryptocurrency space.

Bitcoin dropped to $46,203.20 a coin while Ethereum, Terra and Solana shed 0.26%, 1.33% and 3.36%, respectively. XRP and Cardano gained 0.28% and 3.90%, respectively.

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Naira Improves Against Pounds Sterling and Euro on Monday

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Dollar to Naira Today March 30, 2022

Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Naira

Naira Appreciates to N1,136/$ Officially, N1,050/$ Parallel Market

Published

1 hour ago

April 16, 2024

Samed Olukoya

The Nigerian Naira appreciated to N1,136 against the United States Dollar at the official market and rose to N1,050 at the parallel market.

At the official foreign exchange market, data from the FMDQ Exchange revealed that the Naira strengthened by 6.1 percent or N69 from its previous rate of N1,205/$ recorded on Friday to N1,136/$ on Monday.

This surge underscores the effectiveness of recent foreign exchange directives implemented by the Central Bank of Nigeria (CBN), aimed at stabilizing the Naira and bolstering liquidity in the market.

At the parallel market, the Naira appreciated to N1,050 against the Dollar, reflecting an improvement in the currency’s value in informal trading circles.

This resurgence has brought renewed hope to traders and businesses operating in the informal sector, as they anticipate further strengthening of the Naira in the coming days.

The improved exchange rate follows a series of strategic interventions by the CBN to address foreign exchange challenges and stabilize the Naira.

The positive momentum in the forex market has been further reinforced by a surge in total inflows into the Nigerian Autonomous Foreign Exchange Market (NAFEM), which increased by 41.7 percent to $3.75 billion in March, compared to $2.64 billion in February.

Commenting on the recent developments, analysts at Afrinvest expressed optimism about the continued strengthening of the Naira, attributing it to the CBN’s intensified efforts to bolster liquidity in the market.

They anticipate further improvements in the exchange rate as the apex bank maintains its proactive stance on forex management.

Naira

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

Published

5 days ago

April 11, 2024

Samed Olukoya

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.

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.

Published

1 week ago

April 9, 2024

Samed Olukoya

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.