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Naira Closes the Week With 0.3% Appreciation Against US Dollar

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Naira Exchange Rates - Investors King

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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Naira

Dollar to Naira Black Market Today, February 23rd, 2024

As of February 23rd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,610 NGN in the black market, also referred to as the parallel market or Aboki fx.

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Naira Dollar Exchange Rate - Investors King

As of February 23rd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,610 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 N1,650 and sell it at N1,640 on Thursday, February 22nd, 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.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,610
  • Selling Rate: N1,600

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Naira

Naira Appreciates Slightly to N1,542.58/$ at NAFEM

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New Naira notes

The Naira appreciated marginally against the United States dollar, closing at N1,542.58/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday.

This modest gain represents a 2.9 percent appreciation from the previous day’s rate of N1,598.54, highlighting a nuanced fluctuation in the currency’s value.

According to data sourced from the FMDQ Securities Exchange, a platform overseeing FX trading in Nigeria, the Naira’s journey throughout the trading day was marked by an intra-day high of N1,755 and a low of N1,050.

Moreover, the total foreign exchange turnover surged to $172.14 million, indicating a 47 percent increase from the previous day.

Despite the Naira’s marginal gain at NAFEM, concerns persist regarding the widening gap between the official and parallel market rates.

The Naira’s depreciation to N1,900 against the dollar in the parallel market before it moderated to N1,687 later in the day.

Analysts and Bureau De Change operators foresee further pressure on the Naira, with predictions of a potential all-time low of 2,000/dollar at the parallel market in the coming weeks.

The demand for the greenback continues to fuel volatility, prompting regulatory actions from entities like the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to curb speculative activities.

As stakeholders monitor the currency’s trajectory, the CBN’s efforts to address forex liquidity challenges and stabilize the Naira remain under scrutiny amidst evolving market dynamics.

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Naira

CBN Report: Currency Outside Banks Drops to N3.28 Trillion in January 2024

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New Naira notes

A recent report released by the Central Bank of Nigeria (CBN) has indicated a notable decline in the amount of currency held outside banks, dropping to N3.28 trillion in January 2024.

This figure represents 89% of the total currency in circulation (CIC), signifying a shift in money circulation patterns.

Compared to December 2023, where currency outside banks stood at 94% of the total CIC, the recent decline suggests a reconfiguration in monetary dynamics.

The report further unveils a significant year-on-year surge, with currency outside banks skyrocketing by 314%, rising from N79 billion in January 2023 to N3.28 trillion in January 2024.

Currency trends in 2023 displayed fluctuating patterns, with notable peaks and dips throughout the year. However, December 2023 marked the zenith, recording the highest percentage of money held outside banks to CIC at 94%.

The CBN report sheds light on evolving financial landscapes, reflecting changing consumer behaviors, economic policies, and market dynamics.

Analysts anticipate that the data will inform future monetary policies and regulatory measures to ensure financial stability and liquidity in Nigeria’s economy amidst shifting trends and emerging challenges.

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