Naira

Naira Slides to N422 Against the US Dollar at I&E Fx Window

Published

2 years ago

June 10, 2022

The Nigerian Naira witnessed a 0.54 percent decline against the dollar at the official Investors and Exporters (I&E) forex window on Thursday as it traded at N422.50/$1.

Naira had maintained a flat rate with the dollar since the beginning of the week, commencing at N420.25 to US$1 on Monday while a slight decline occurred on Tuesday to N420.75 against the Dollar.

On the other hand, Naira gained back on Wednesday as it was traded at N420.25 against the US Dollar – this was an appreciation of 0.12 percent but declined on Thursday with an N420.26 opening and N422.50 closing. Thus, witnessing a 0.54 percent slide.

Meanwhile, at the Central Bank of Nigeria (CBN) official forex segment, the US Dollar maintained a flat rate as it was sold at N415.63 to commercial banks. This was an absolute constant for the week. Even at this rate, Investors King revealed that Nigerians could not get forex at the CBN’s set rate in any of the banks.

As a matter of fact, the black market has enjoyed this benefit as more investors patronize it, leading to a constant rise in the value of the American dollar this week. The United States Dollar appreciated against the Naira on the black market this week as scarcity persisted. The Nigerian Naira plunged from N600 to N610 against the Dollar, representing a decline of N10.

Cryptocurrency Exchange Rate

Having kickstarted the week with high hopes, the digital currencies recorded another crash!

The Bitcoin exchange rate fell to $30,079.80, a decline of 0.27%. Although, in the early hours of Thursday morning, the industry’s market capitalization increased by 0.39 percent to $1.222 trillion, while bitcoin increased by 0.47 percent to $30,328.73.

Ethereum like its counterpart witnessed a decline in value. As of Tuesday, ETH recorded an improvement of 2.38% to close N1,081,309 to a coin, while today it recorded a 0.66 percent decline to be sold at $1,788 per coin which is N742,484.91, using the official forex rate.

Binance (BNB), however, maintained a balanced rate with a price of $288.92, a change of 0.00% over the past 24 hours.

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

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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

6 hours 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

1 day 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

1 day 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.