Naira

Naira Exchange Rates Mixed Across Forex Markets

Published

2 years ago

April 28, 2022

Naira Dollar Exchange Rate - Investors King

The value of the Nigerian Naira improved against the United States Dollar, the Pound Sterling and the Euro at the Central Bank of Nigeria (CBN) regulated foreign exchange market, Investors King reports.

The apex bank quoted rate is the rate at which the central bank sells or buys from Deposit Money Banks (DMBs) and International Money Transfer Operators (IMTOs).

Against the United States Dollar, the Naira appreciated by N0.09 from N415.92 a U.S. Dollar to N415.33. Also, the Nigerian Naira improved against the Pound Sterling and Euro to N522.532 and N439.865 from N527.6777 and N444.0362, respectively.

At the Investors and Exporters FX Window, Naira opened the day at N418.38 to a U.S. Dollar on Wednesday and lost 0.20% to close at N419.33. Investors at the window exchanged $82.56 million.

Black Market Naira to Dollar Exchange Rate

At the unregulated peer-to-peer forex section, the Naira was exchanged at N580 to a U.S Dollar in Ibadan. Exchange rates vary depending on liquidity and demand in each state.

However, the Central Bank of Nigeria has warned against patronising that section of forex and blamed operators for some of Nigeria’s forex challenges.

Crude Oil

Oil prices declined on Thursday as concerns over demand in China, the world’s largest importer of the commodity, continue to disrupt the global crude oil outlook.

Brent crude oil, the global benchmark for Nigerian oil, shed 0.59% to $104.70 a barrel while the U.S. West Texas Intermediate crude oil slipped by 0.47% to $101.54 a barrel.

In Beijing, China, public spaces are closed to curb the further spread of COVID-19 in the 22 million population city to avoid a Shanghai-like lockdown. The lockdown in Shanghai disrupted supply chains and factory operations in China, raising concerns over the outlook for the country’s economic growth.

U.S Dollar

U.S Dollar extended its bullish run ahead of the Federal Reserve interest rate increase and the jump in global risk due to the ongoing war in Ukraine.

Global uncertainty bolstered the attractiveness of the U.S. Dollar given its status as a haven currency. A haven currency is purchased or owned in a time of crisis to curb risk exposure.

U.S. index extends its bullish run to $103.69, its highest in two years before pulling back to $103.51 as of the time of writing.

Bitcoin to Naira Exchange Rate

As usual global uncertainty continued to drag on the cryptocurrency space as the Bitcoin to Naira exchange rate remained below $40,000 or at N23.535 million a coin. Eth, the token of the Ethereum blockchain protocol, hovering around N1.7 million a coin.

Other cryptocurrencies remained largely subdued due to global uncertainty and risk.

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Dollar to Naira Today Thursday, 5 May 2022

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Naira Appreciates Against Global Counterparts at Official Market

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

CBN Sells Fresh Dollar to BDCs at N1,021/$

Published

16 hours ago

April 23, 2024

Samed Olukoya

The Central Bank of Nigeria (CBN) has once again initiated direct sales of dollars to licensed Bureau De Change (BDC) operators across the country.

The latest circular from the apex bank announces the sale of $10,000 to each BDC at a rate of N1,021 per dollar.

This is the second round of such sales this month and the fourth in the current year.

The directive mandates BDCs to sell the allocated dollars to eligible end-users at a spread not exceeding 1.5 percent above the purchase price, translating to a maximum selling price of N1,036.15 per dollar.

Addressing concerns about adherence to guidelines, the CBN said it is important for BDC operators to work within the prescribed framework.

The intervention targets retail-end transactions, including travel allowances, tuition fees, and medical payments, among others.

BDCs are instructed to commence payment of the Naira deposit to designated CBN accounts and submit necessary documentation for FX disbursement at respective CBN branches.

This latest initiative follows previous interventions by the CBN, including the sale of $10,000 to BDCs earlier this month at N1,101 per dollar. Such measures aim to shore up the Naira’s value and ensure stability in the forex market amid economic uncertainties.

The CBN’s sustained efforts to provide adequate forex liquidity underscore its commitment to safeguarding the country’s currency and facilitating seamless foreign exchange transactions for businesses and individuals alike.

Naira

Dollar to Naira Black Market Today, April 23rd, 2024

Published

24 hours ago

April 23, 2024

Samed Olukoya

As of April 23rd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,250 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 N1,290 and sell it at N1,280 on Monday, April 22nd, 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.

Black Market Dollar to Naira Exchange Rate

Buying Rate: N1,250
Selling Rate: N1,240

Naira

Dollar to Naira Black Market Today, April 22nd, 2024

As of April 22nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,290 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

2 days ago

April 22, 2024

Samed Olukoya

As of April 22nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,290 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 N1,100 and sell it at N1,090 on Friday, April 19th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined 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.