Naira

Naira Closes the Week With 0.3% Appreciation Against US Dollar

Published

12 months ago

June 11, 2022

The Naira concluded the week with a 0.3 percent appreciation against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Friday, June 10.

Naira was traded at the official investor’s window for N421.25 compared to the previous day which was sold at N422.50/$1, recording a 0.3 percent appreciation.

This came after the value of currency exchanging on the spot market fell by 31.6 percent during the trading session.

Investors King observed that transactions worth $105.11 million were carried out during the session compared with the $153.71 million achieved in the preceding day.

Naira’s overall review for the week on the Investors & Exporters window was on the barest average, as it witnessed a flat rate of N420.25 – N420.75/$1 for the three days while recording a 0.54% loss to be sold at N422.50/$1 on the fourth day only to bounce back on Friday.

Meanwhile, at the official Central Bank of Nigeria’s (CBN) trading segment, the Naira remained unchanged for the whole week. This implies that Naira was exchanged at N415.63/$1 to commercial banks as stated yesterday.

The parallel market popularly known as the black market witnessed a downslide as the United States Dollar gained 2 Naira against the local currency. Unlike the previous trading session which was sold between N600 to N610 to 1 Dollar, Naira’s minimal exchange rate was between N602- N610.

Cryptocurrency Exchange Rate

The digital currencies further witness a devaluation in price as the crash persists!

Over the past 24 hours, the Bitcoin exchange rate fell to $28,477.22 which is equivalent to N11,807,335.02 for a coin. This was a downslide of 3.89% as against the $30,079.80, that was recorded on Friday. The recent price action in Bitcoin left the token’s market capitalization at $540,175,173,174.81 USD.

The Ethereum (ETH) like its counterpart experienced a bottom barrel decline in value as it recorded a 10.42% change over the past 24 hours. This reveals a coin is sold at $1,548.37, or N642,774.84. In the week’s evaluation, ETH only recorded an improvement of 2.38% on Tuesday with a coin being sold at N1,081,309.

This time around, Binance (BNB), followed through with a decline as it witnessed a change of 4.97% over the past 24 hours. The Binance Coin price is $275.84, or N114,509.46. BNB had maintained a balanced rate with a coin price sold at $288.92, as of yesterday.

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Dollar to Naira Exchange Rate Today, June 14, 2022

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

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Naira

CBN Denies Devaluing Naira, Says News is Fake

The Central Bank of Nigeria (CBN) has denied devaluing the Nigerian Naira from N464.67 per dollar to N631 reported by some online platforms.

Published

2 days ago

June 1, 2023

Samed Olukoya

The Central Bank of Nigeria (CBN) has denied devaluing the Nigerian Naira from N464.67 per dollar to N631 reported by some online platforms.

The platforms had quoted Importers and Exporters (I&E) foreign exchange window used by the central bank as the official exchange rate as its source, however, a check by Investors King showed that the Naira to Dollar exchange rate opened at N464.10 and closed at N464.67 on Wednesday.

A top official of the apex bank, who told this medium that the report is completely false, warned that such reports could have serious adverse consequences for the economy.

“The report is not true. The CBN has not devalued the naira. The exchange rate of the naira on the FMDQ website as at yesterday was N464.67 per dollar. The authors of the report may have their own agenda, but the CBN’s plan is that the best approach is to allow for a gradual convergence of all the rates.”

According to the top official, the CBN has not changed its strategy of allowing a gradual convergence of the parallel and official market exchange rates.

President Bola Ahmed Tinubu, during his inauguration speech, had announced that one of his administration’s agenda is to converge the nation’s numerous exchange rates and streamline business processes to encourage foreign investors’ participation in economic growth.

The new president went on to announce an end to fuel subsidy that has plummeted the nation’s resources at the expense of development in strategic sectors.

On Tuesday, the Nigerian stock exchange responded positively to the news with investors scooping as much as they could ahead of a projected better economy. The Nigerian stock market appreciated by over 5% in a single day, the largest of such gain in 30 months and the second largest in 7 years.

Naira

Dollar to Naira Exchange Rate Today May 11th, 2023

Published

3 weeks ago

May 11, 2023

Investors King

As of May 11th, 2023, the dollar to naira exchange rate is 1 USD to 735 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦735, 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.

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 ₦742 and ₦735 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 ₦742 and sold for ₦735.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Buying Rate	742
Selling Rate	735

Investors King understands that although the dollar to naira opened at N735 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 Thursday, May 11th, 2023, individuals in the black market purchased one US dollar for N742 and sold it for N735. This shows that the value of the Naira declined slightly when compared to Wednesday, May 3rd, 2023, when the local currency was exchanged at N738 and sold for N741.

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.

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

Nigerian Naira Appreciates Amidst Decline in Foreign Exchange Market Turnover

Published

1 month ago

May 4, 2023

Samed Olukoya

Naira Dollar Exchange Rate - Investors King

The Nigerian Naira has appreciated against the US dollar in the Investors and Exporters (I&E) window of the foreign exchange market, despite a decline in turnover.

This comes as the naira appreciated by 50 kobo to N463 per dollar on April 28th, compared to N463.5 per dollar traded on April 3rd, 2023.

According to Investors King analysis of monthly transactions in the I&E window as published by FMDQ, turnover fell by 46% month-on-month to $1.4 billion in April 2023 from $2.6 billion in March. However, this sharp decline in turnover sharply contradicts the 52.9% increase recorded in March from $1.7 billion in February.

Weekly analysis of transactions in April showed that turnover stood at $411.73 million in the first week and fell by 28% to $293.25 million in the second week. In the third week, turnover rose by 27% to $375.02 million, and in the fourth week, it fell by 14% to $320.47 million.

Despite the decline in turnover, the naira appreciated by N7 in the parallel market during the review period. Investors King gathered from black market traders that the exchange rate at that section of forex fell to N740 per dollar on April 28th from N747 per dollar on April 3rd, 2023.

However, analysts project a possible depreciation of the naira in the coming months due to the depletion of the nation’s foreign reserve coupled with the CBN’s hike in inflation rate to 17.5% in January.

According to analysts at Financial Derivatives Company (FDC), the constant depletion of the external reserves is a result of the CBN’s increased supply of forex to support the naira.

FDC further stated that improved measures to fight against oil theft and other insecurity issues in the oil sector are expected to increase external reserves, but high subsidy payments are likely to create a decline in oil earnings. The continuous depletion of the external reserves is likely to limit the CBN’s ability to support the naira, which could lead to further depreciation of the currency.

In light of this, the Nigerian government has been urged to strengthen external reserves to stabilize the naira and prevent a possible depreciation in the coming months.