Naira

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

Published

2 years ago

May 31, 2022

The Nigerian Naira kicked off the week at a flat rate on the FMDQ’s forex exchange window with N418 to US$1 Dollar, as concluded in the previous week.

According to the Central Bank of Nigeria’s (CBN) official exchange rate, US Dollar to Naira exchange rate is set at ₦415.57 on Monday, May 30, 2022. While at the Investors and Exporters’ window (FMDQ), the Naira opened the day at N418.38 and closed at N420, representing a decline of 0.18%.

The dollar started last week at ₦415.68 in CBN exchange rate lists on Monday, May 23, 2022, and about the same rate for N418 was announced by FMDQ last week’s commencement. This corresponds to a 0.03% fall for the Dollar in CBN since last week.

As of last week, Wednesday, Investors King reported the Naira’s fall by 0.24 percent versus the US Dollar, falling from N417 to N416. The FMDQ-managed foreign exchange sector opened at N418 and was recognized by the central bank as the official exchange rate.

Investors King had suggested that this was due to the following of Central Bank of Nigeria‘s decision to raise the nation’s interest rate by 150 basis points.

US Dollar rate suggested by CBN was ₦415.62 at the beginning of May on Wednesday, May 04, 2022. As of today with USD seen at ₦415.57, we see a 0.01% fall in USD to Naira exchange rates in CBN for this Ma

The Naira’s strain at the parallel black market also began the week in good faith. The Naira was traded between N600 – N605 to a US Dollar as against the N608 it concluded the previous week with. This means Naira increased its value by N3 against the dollar.

Cryptocurrency Exchange Rate

Bitcoin to Naira exchange rate appreciated by 3.73% in the last 24 hours to N19.12 million a coin. ETH, the token of the Ethereum protocol gained 4.12% to N1.189 million per coin.

The gain was reasonable broad-based as the Binance coin (BNB) also inched slightly higher to N193,045, a 0.91% increase.

This week’s rebound in cryptocurrency was after several weeks of a bearish trend following the increase in interest rates in developed nations to halt the rising inflation rates and curtail the Russia-Ukraine spillover.

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Naira

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

Published

2 hours 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.