The Nigerian Naira remained largely flat against its global counterparts at the Central Bank of Nigeria (CBN) section of foreign exchange on Tuesday.
The local currency was sold at N415.65 against the United States Dollar, marginally higher than N415.75 it was sold on Monday. Against the Pounds Sterling, the Naira was largely unchanged at N509.9194, similar to N509.6679 it traded on Monday.
The Euro common currency was the exception as the Naira declined by N1.308 from N437.4937 on Monday to N438.8017 Tuesday.
CBN Dollar (USD) to Naira (NGN) Buying and Selling Rates
It is important to note that the Central Bank of Nigeria’s exchange rates are the rates the apex bank sells and buys from Deposit Money Banks (DMBs).
How Much is a Dollar to Naira in Black Market Today?
However, in the unregulated black market. The Naira remained weak against the United States Dollar and other global currencies. In Lagos and Abuja, the Nigerian Naira was exchanged at N610 to a United States Dollar, while at Ibadan it was sold at N605.
Operators are buying at N580 per US$1.
| 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 priced, traded at $109 per barrel on Tuesday as the expected surge in summer demand outweighs supply concerns. However, a global recession could force prices at some point this year.
Craig Erlam, Senior Market Analyst, UK & EMEA, OANDA, in a note to Investors King said “Oil prices are around 1% higher, continuing to recover from Friday’s sharp sell-off. The oil market remains extremely tight but it seems the rising threat of recession created a compelling argument for it to correct lower last week. There’s no doubt that a recession could help rebalance the market and pull prices lower but for many, that is not the base case. So any corrections are still likely to quickly see a flurry of buyers, as we’re now seeing.”
Cryptocurrency
The unregulated cryptocurrency space remained largely in the red. However, Bitcoin, the world’s most dominant digital asset, pared losses to $21,258.31, representing an increase of 4.66%.
ETH, the token of the Ethereum protocol, appreciated by 3.80% to $1,158.30 a coin. Similarly, BNB inched higher by 3.52% to $224.16 a coin.
