Naira

Naira Remains Unchanged Against the United States Dollar At N420/$1

Published

2 years ago

June 8, 2022

The Nigerian Naira maintained a flat rate against the US dollar at N420.75/$1 on the Investors and Exporters (I&E) window on Tuesday.

According to Investors King, this is almost the same rate the local currency traded on Monday when it exchanged at N420.25 to US$1.

At the Central Bank of Nigeria (CBN) regulated forex section, the U.S Dollar was sold at N415.63 to deposit money banks and international money transfer operations allow to deal with the CBN directly. The apex bank acquired US$1 at N414.63 as of June 6, 2022.

However, despite the CBN selling dollars at N415.63 to deposit money banks for onward sale to importers and other forex users, Nigerians are complaining that it is impossible to access forex at CBN stipulated rate in any of the banks. Hence, why the black market section continues to thrive.

Most importers and businesses are now patronising that section of forex despite the CBN warning. This explains the surge in demand that has now bolstered the exchange rate at the black market to as high as N607 to a single U.S. Dollar, an increase of about 33% from the CBN mandated rate.

Foreign Reserves

While the CBN has continued to service the economy with the U.S. dollar, the bank’s intervention rate has dropped due to the decline in Nigeria’s foreign reserves.

The central bank sustained Nigeria’s Naira exchange by selling dollars realised from crude oil sales. However, because of the persistent decline in Nigeria’s crude oil sales in the first half of 2022, the apex bank has been unable to strategically support the Naira as usual.

For instance, Nigeria’s foreign reserves started nosediving since politicians commenced campaigns for the 2023 general elections. Data from the CBN showed foreign reserves declined from $39.012 billion on May 13, 2022, to $38.422 billion, representing a decline of $588 million.

This decline has been attributed in part to the bribery of delegates expected to vote in various primaries.

Cryptocurrency Exchange Rate

Evidently, the digital currency has witnessed a slight recovery since the past week, having to deal with a constant decline in value.

Bitcoin to Naira exchange rate appreciated in the last 24 hours by 2.49% to N18,250,022 a coin as against the N17,655,200 million a coin on Tuesday.

The Ethereum token (ETH) also witnessed an improvement of 2.38% to close N1,081,309 to a coin as against ₦1,051,333 of yesterday, and apparently the first time since its consistent decline in value for a week plus.

Binance coin (BNB) followed through as the rate grew with a 1.14% going for N172,997, unlike the N166,036 to a coin as of yesterday.

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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.

Published

1 day ago

April 19, 2024

Samed Olukoya

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

Naira

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

Published

2 days ago

April 18, 2024

Samed Olukoya

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.

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

2 days ago

April 18, 2024

Samed Olukoya

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.