Naira

Naira Depreciates Across the Board Following Rate Increase

Naira declined by 0.24% against the United States Dollar at the official foreign exchange market

Published

2 years ago

May 26, 2022

The Nigerian Naira depreciated against the United States Dollar on Wednesday at the official foreign exchange market following the Central Bank of Nigeria‘s decision to raise the nation’s interest rate by 150 basis points.

The Naira exchange rate depreciated by 0.24% against the United States Dollar from N417.79 opens on Wednesday to N418 on Wednesday at the FMDQ managed foreign exchange section adopted by the central bank as the official exchange rate.

Data obtained by Investors King showed the local currency remained under pressure at the parallel section of the forex market, the popular black market. In the unregulated forex market, the Naira was exchanged at N608 to a United States Dollar, N1 decline from N607 it exchanged on Tuesday.

Foreign Reserves

The Nigerian foreign reserves declined from $38.837 billion recorded on May 18, 2022 to $38.625 billion in the latest data from the Central Bank of Nigeria. Indicating that $212 million decline in the last seven days.

The Nigerian Naira is backed by the nation’s foreign reserves. Therefore, the persistent decline in the reserves dragged on the local currency exchange rate against its global counterparts., hence why Naira is trading at a record-low against the United States Dollar.

Crude Oil

On Thursday, oil prices extended gains on supply concerns as the European Union disagree with Hungary on plans to impose sanctions on Russian crude oil imports.

The Brent crude oil, against which Nigerian oil is priced gained 1.4% to $115.63 a barrel as of 4:54 pm Nigerian time while the U.S. West Texas Intermediate (WTI) crude appreciated by 2.1%, to $112.66 a barrel.

As a crude oil-dependent economy, Nigeria relies on crude oil sales for foreign revenue generation and to service its petrol-dollar economy. However, despite crude oil trading at a record-high since Russia invaded Ukraine, Nigeria has been unable to up crude oil production.

A recent data from the nation’s statistics bureau showed Africa’s largest crude producer, produced 1.4 million barrels per day in the first quarter of 2022, down from about 1.7 million barrels per day achieved in the same period of 2021.

This inability to up production, explains why Nigeria’s foreign reserves and the Nigerian Naira have been on a downward trend despite crude oil trading at over $115.63 a barrel.

Up Next

Naira Kickstarts The Week With High Hopes, Maintains Flat Rate With Dollar

Don't Miss

Naira Exchange Rate Dips at Official Market and Black Market

Investors King

Comments

Naira

Black Market Exchange Rate Today 1st December 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 1st, 2023, the dollar to naira exchange rate is 1 USD to 1160 NGN at the black market.

Published

1 week ago

December 1, 2023

Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 1st, 2023, the dollar to naira exchange rate is 1 USD to 1160 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1160, Investors King reports.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How Much is Dollar to Naira Today in the Black Market?

This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦1160 and ₦1150 as of the time of writing today.

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1160 and sold for ₦1150.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Selling Rate	1150
Buying Rate	1160

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
11/29/2023	US DOLLAR	822.762	823.262	823.762
11/29/2023	POUNDS STERLING	1044.8255	1045.4604	1046.0954
11/29/2023	SWISS FRANC	939.5478	940.1188	940.6897
11/29/2023	YEN	5.5773	5.5807	5.5841
11/29/2023	CFA	1.3496	1.3596	1.3696
11/29/2023	WAUA	1092.8802	1093.5443	1094.2085
11/29/2023	RIYAL	219.3213	219.4546	219.5879
11/29/2023	DANISH KRONA	121.203	121.2766	121.3503
11/29/2023	SDR	1097.1531	1097.8199	1098.4866
11/29/2023	YUAN/RENMINBI	115.4268	115.4969	115.5671

Investors King understands that although the dollar to naira opened at N1160 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Friday, December 1st, 2023, individuals in the black market purchased one US dollar for N1160 and sold it for N1150. This shows that the value of the Naira declined when compared to Monday, November 27th, 2023 when the local currency was exchanged at N1155 to a Dollar and a Dollar was purchased at N1145.

To stay informed about the dollar to naira exchange rate, there are several reliable sources that you can turn to. Here are some tips for staying up-to-date:

Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.

Naira

Black Market Exchange Rate Today 28th November 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of November 28th, 2023, the dollar to naira exchange rate is 1 USD to 1157 NGN at the black market.

Published

2 weeks ago

November 28, 2023

Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of November 28th, 2023, the dollar to naira exchange rate is 1 USD to 1157 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1157, Investors King reports.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How Much is Dollar to Naira Today in the Black Market?

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1157 and sold for ₦1153.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Selling Rate	1153
Buying Rate	1157

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
11/27/2023	US DOLLAR	820.06	820.56	821.06
11/27/2023	POUNDS STERLING	1034.9157	1035.5467	1036.1777
11/27/2023	EURO	896.4896	897.0362	897.5828
11/27/2023	SWISS FRANC	930.8286	931.3961	931.9637
11/27/2023	YEN	5.5093	5.5127	5.516
11/27/2023	WAUA	1070.8939	1071.5469	1072.1998
11/27/2023	RIYAL	218.6419	218.7752	218.9085
11/27/2023	DANISH KRONA	120.2293	120.3026	120.3759
11/27/2023	SDR	1091.4179	1092.0833	1092.7488
11/27/2023	YUAN/RENMINBI	114.6456	114.7155	114.7854

Investors King understands that although the dollar to naira opened at N1157 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Tuesday, November 28th, 2023, individuals in the black market purchased one US dollar for N1157 and sold it for N1153. This shows that the value of the Naira declined when compared to Monday, November 27th, 2023 when the local currency was exchanged at N1155 to a Dollar and a Dollar was purchased at N1145.

To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:

Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

Naira

Black Market Exchange Rate Today 27th November 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of November 27th, 2023, the dollar to naira exchange rate is 1 USD to 1155 NGN at the black market.

Published

2 weeks ago

November 27, 2023

Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of November 27th, 2023, the dollar to naira exchange rate is 1 USD to 1155 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1155, Investors King reports.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How Much is Dollar to Naira Today in the Black Market?

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1155 and sold for ₦1145.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Selling Rate	1145
Buying Rate	1155

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
11/24/2023	US DOLLAR	805.108	805.608	806.108
11/24/2023	POUNDS STERLING	1013.792	1014.4216	1015.0512
11/24/2023	EURO	879.9025	880.449	880.9954
11/24/2023	SWISS FRANC	911.7871	912.3533	912.9196
11/24/2023	YEN	5.3821	5.3854	5.3888
11/24/2023	CFA	1.3739	1.3839	1.3939
11/24/2023	WAUA	1113.913	1114.6048	1115.2966
11/24/2023	RIYAL	214.747	214.8804	215.0137
11/24/2023	DANISH KRONA	118.0026	118.0759	118.1491
11/24/2023	SDR	1071.5182	1072.1837	1072.8491

Investors King understands that although the dollar to naira opened at N1155 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Monday, November 27th, 2023, individuals in the black market purchased one US dollar for N1155 and sold it for N1145. This shows that the value of the Naira declined when compared to Friday, November 24th, 2023 when the local currency was exchanged at N1140 to a Dollar and a Dollar was purchased at N1135.

To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:

Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.