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Naira Exchange Rates Mixed Across Forex Markets

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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.

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

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.

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New Naira Notes

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

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Naira

Naira’s Recent Gain Reflects Policy Direction, Says CBN Chief Olayemi Cardoso

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Naira Exchange Rates - Investors King

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.

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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

on

New Naira Notes

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.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,020
  • Selling Rate: N1,010

Continue Reading
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