Naira

Dollar to Naira Today Monday, 22 August 2022

The dollar to Naira exchange rate deteriorated with Nigeria’s persistent forex scarcity and rising demand for the United States Dollar.

Published

2 years ago

August 22, 2022

Samed Olukoya

Naira Dollar Exchange Rate - Investors King

Dollar to naira today – Naira to Dollar exchange rate at the unregulated black market stood at N673 in Ibadan, Oyo states on Monday, according to forex operators in the state.

The local currency declined from about N580 it exchanged to the United States Dollar in the early part of the year to N750 about a month ago before moderating to N673.

Dollar to Naira Today Black Market

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Buying Rate	655
Selling Rate	673

The dollar to Naira exchange rate deteriorated with Nigeria’s persistent forex scarcity and rising demand for the United States Dollar.

Expert at Agusto Consulting, Mr. Jimi Ogbobine, explained that Nigeria’s exchange scarcity issue is a result of supply challenges in the forex market.

He said “The recent jump we are seeing is basically a result of a supply crisis in the forex market. The foundation of all of these is demand versus supply and when demand outweighs supply you will see this kind of currency depreciation.”

“If the central bank was able to meet forex demand, then we will not see this kind of price distortion. On one end, Nigeria is not able to meet forex supply and on the other end we are trying to restrict and constrict demand which means that quite a number of legitimate requests for forex are now being diverted to the parallel market.

“So, while the official market seems relatively calm, the reality of the supply shortage is playing out in the parallel market where more legitimate request for forex is being diverted to because the official market is not able to demand.”

Dollar to Naira Today Official Market

The decline in the value of the Nigerian Naira extended to the Investors and Exporters (I&E) forex window. The Nigerian Naira traded at N429.05 to a United States Dollar on Friday, down from N428 it opened.

On Friday, currency traders at the I&E window transacted $50.22 forex value on Friday.

Last year, the central bank adopted the I&E exchange rate as Nigeria’s official foreign exchange rate in an effort to close the gap between the nation’s exchange rates in accordance with its long-term vision of having a single forex rate like other nations.

Dollar to Naira Today CBN Rates

As of Friday, the CBN bought the U.S. Dollar at N420.4, down from the N418.89 it purchased it week ago and sold the American currency at a difference of N1 for N421.4 per U.S. Dollar.

However, the Pounds Sterling improved from N508.7419 a unit exchange a week ago to N497.3752 and sold at N498.5583 as of the bank’s latest update. The Euro common currency, Swiss Franc and Yen were exchanged as shown below.

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
8/22/2022	SWISS FRANC	441.5833	442.1097	442.6361
8/22/2022	YEN	3.1219	3.1256	3.1294
8/19/2022	US DOLLAR	420.4	420.9	421.4
8/19/2022	POUNDS STERLING	497.3752	497.9668	498.5583
8/19/2022	EURO	422.7542	423.257	423.7598

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Naira Exchanges at N705/US$ at the Black Market

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Dollar to Naira Today Monday, 15 August 2022

Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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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

15 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

2 days 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

2 days 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.