Naira declined against its global counterparts in the official foreign exchange market of the Central Bank of Nigeria (CBN) on Thursday, June 16, 2022.
The Nigerian Naira dipped N0.07 against the United States Dollar from N415.72 on Wednesday to N415.79 Thursday. Against the Pounds Sterling, the Naira remained bullish this week even though it gave back N1.1656 of the over N19 gained on Tuesday against the Pounds Sterling.
The CBN sold the Pounds Sterling at N503.5 on Thursday, compared to N502.4392 it exchanged on Wednesday and N521.491 it traded a week ago.
Also, against the Euro common currency, the local currency remained largely flat at N434.5421, the same rate (N434.5937) it was sold in the previous trading session. See the details below.
CBN Dollar (USD) to Naira (NGN Buying and Selling Rates
Please note that the CBN exchange rates are the amount the central bank sells and buys from Deposit Money Banks (DMBs), the only approved forex deals as of today.
How Much is a Dollar to Naira in Black Market Today?
At the unregulated forex market popularly known as the black market, the Naira was sold at N610 in Abuja and Lagos on Thursday morning. In Ibadan, it was exchanged at N605.
The wide exchange rates when compared to the CBN rates were a result of chronic foreign exchange scarcity bedeviling the Nigerian economy. This scarcity forced businesses looking to purchase forex for raw material acquisition to patronise the black market despite CBN warnings against engaging in forex transactions with operators of that section. See selling and buying rates for US Dollars at the black market today below.
| Dollar to Naira (USD to NGN) |
Black Market Exchange Rate Today |
| Buying Rate |
580 |
| Selling Rate |
610 |
Crude Oil
Brent crude oil against which Nigerian oil is price moderated to $117.92 a barrel from $123 on Tuesday following the Federal Reserve’s decision to increase the interest rate by 75 basis points.
Oil prices rose on Monday after details of the ongoing crisis in Libya became public. It was reported that the country has shut down almost all its oil production fields, meaning about 1 million barrels per day is off the global market.
Jeffrey Halley, Senior Market Analyst, Asia Pacific, OANDA in a note to Investors King said “The supply/demand situation, higher natural gas prices, the squeeze on refined products, and lost Russian production all mean that oil prices remain constructive at these levels for now.”