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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.

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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.

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, 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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