Naira

Naira Appreciates Against Global Counterparts at Official Market

Against the Pound Sterling, the Naira was exchanged at N527.68 and N444.04 to a European common currency

Published

2 years ago

April 27, 2022

Naira Dollar Exchange Rate - Investors King

The Nigerian Naira appreciated against its global counterparts in the Central Bank of Nigeria (CBN)’s regulated foreign exchange market.

The local currency appreciated by N0.16 against the United States Dollar from N416.08 on Friday to N415.92 on Wednesday. Against the Pound Sterling, the Naira was exchanged at N527.68 and N444.04 to a European common currency.

Naira to Dollar at the Black Market

In the unregulated parallel market, popularly known as the black market, the Naira remained under pressure at N580/$1 in Ibadan and other states. The CBN has warned Nigerians against patronising the unregulated forex market and blamed the operators for the nation’s forex challenges

Foreign Reserves

Foreign reserves declined by $97.705 million $39.814 billion recorded on April 21, 2022 to $39.714 billion on Monday, April 4, 2022. Despite the surge in oil prices due to the ongoing Russia-Ukraine war, Nigeria’s foreign reserves continue to hover below $40 billion.

Oil theft and dilapidated infrastructure are some of the challenges hurting Nigeria’s ability to boost crude oil production and take advantage of the increase in crude oil prices.

Crude Oil

Oil rebounded slightly on Wednesday after Russia halted natural gas supplies to Bulgeria and Poland. Brent crude, the international benchmark for Nigerian type of oil, pared losses to $105.24 a barrel while the United States West Texas Intermediate (WTI) crude oil inched higher to $101.50 per barrel.

Crude oil prices dropped on Monday on rising COVID-19 cases in China but reversed losses after Russia had demanded Poland and Bulgaria paid for gas in Roubles. The Putin-led government announced the ban on gas exports to the two nations starts today.

Cryptocurrency

Bitcoin and other cryptocurrencies extended their declines across the board on Wednesday as capital inflow into the cryptocurrency space dropped with growing uncertainty surrounding the Federal Reserve rate increase.

Bitcoin to Naira exchange rate dropped 2.73% in the last 24 hours to N23.199 million per coin. Against the Eth, Ethereum token, the Naira gained 3.17% to N1.719 million.

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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

Black Market Dollar to Naira Exchange Rate Today 17th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 17th, 2024 stood at 1 USD to ₦1,540.

Published

6 hours ago

May 17, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 17th, 2024 stood at 1 USD to ₦1,540.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,560 and sold it at ₦1,550 on Thursday, May 16th, 2024.

This indicates a slight improvement 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: ₦1,540
Selling Rate: ₦1,530

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.

Naira

Black Market Dollar to Naira Exchange Rate Today 16th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 16th, 2024 stood at 1 USD to ₦1,560.

Published

1 day ago

May 16, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 16th, 2024 stood at 1 USD to ₦1,560.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,530 and sold it at ₦1,520 on Wednesday, May 15th, 2024.

This indicates a decline in the Naira exchange rate compared to the current 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: ₦1,560
Selling Rate: ₦1,550

Naira

Black Market Dollar to Naira Exchange Rate Today 15th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 15th, 2024 stood at 1 USD to ₦1,530.

Published

2 days ago

May 15, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 15th, 2024 stood at 1 USD to ₦1,530.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,520 and sold it at ₦1,510 on Tuesday, May 14th, 2024.

This indicates a decline in the Naira exchange rate compared to the current 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.