Connect with us

Naira

Naira to Dollar Rate Today September 08, 2022

The Naira opened the day at N433.75 to a United States Dollar before closing at N436.32 on the Investors and Exporters’ forex window.

Published

on

Naira Exchange Rates - Investors King

The exchange rate of the Nigerian Naira to the United States Dollar dropped at the official foreign exchange window on Thursday, September 08, 2022.

The Naira opened the day at N433.75 to a United States Dollar before closing at N436.32, representing a decline of N2.57, or 0.04 percent.

Activity at the Investors and Exporters foreign exchange window declined by 54.45% on Thursday as currency traders exchanged $37.50 million in transactions, down from $82.33 million transacted on Wednesday.

Meanwhile, at the interbank section of the foreign exchange managed by the Central Bank of Nigeria (CBN), the Naira traded at N427.76 on Thursday. The British Pounds Sterling and Euro were sold at N494.02 and N428.5727, respectively. See the buying rates below.

On the black market, the exchange rate remained under pressure and continued to be high compared to the central bank rates. The Naira was traded at N677 to a United States Dollar on Thursday.

Dollar illiquidity continued to dictate the Naira to US Dollar exchange rate as dwindling foreign reserves amid weak crude oil production continued to drag on revenue generation.

Crude Oil

Crude prices edged up about 1% on Thursday after dropping to a seven-month low in the prior session as some technical traders bought the dip and Russia threatened to halt oil and gas exports to some buyers.

Brent crude oil rose $1.15, or 1.3%, to settle at $89.15 a barrel, while U.S. West Texas Intermediate (WTI) crude grew by $1.60, or 2.0%, to settle at $83.54.

U.S. crude stockpiles surged by nearly 9 million barrels last week due to a combination of increased imports and ongoing releases from government emergency reserves, the Energy Information Administration said.

“Most of that oil in that build came from the Strategic Petroleum Reserve. The quicker we empty out the SPR, the bigger the draws are going to be in the future,” said Phil Flynn, an analyst at Price Futures Group.

Cryptocurrency

Bitcoin continues to trade below $20,000 per coin as the Ethereum merge gets closer.

On Thursday, Ethereum appreciated by 4.12% to $1,633.40 per coin while Bitcoin also appreciated by 1.09% to $19,210.13 per coin. Binance token, BNB appreciated by 4.51% to $279.43 per coin.

Continue Reading
Comments

Naira

Nigeria Hits Historic High as Currency in Circulation Surges to N3.69 Trillion

Published

on

naira

Nigeria’s currency in circulation surged to a historic high of N3.69 trillion, according to data released by the Central Bank of Nigeria (CBN).

This figure represents an increase of N43.07 billion or 1.18 percent from the total of N3.65 trillion reported in January 2024 and a 13.64 percent year-on-year rise from N3.25 trillion reported in February 2023.

Currency in circulation encompasses the physical cash, including paper notes and coins, actively used in transactions between consumers and businesses within the country.

The latest statistics indicate a considerable uptick in the availability of cash within the Nigerian economy.

The surge in currency supply comes amidst lingering concerns over a potential cash crunch following the monetary policy adjustments by the CBN, particularly the aggressive tightening stance of the Monetary Policy Committee (MPC).

Analysts attribute this spike to various factors, including the fear factor stemming from the cash crunch experienced in 2023 and lingering uncertainties surrounding the administration of physical currency.

Despite the surge in currency in circulation, Nigeria’s economic growth remains sluggish, with projections indicating growth rates of around 2.9 percent to 3.1 percent for 2024.

Also, inflation remains a significant concern, with the headline inflation rate climbing to 31.70 percent in February 2024 from 29.9 percent reported in January 2024, according to data from the National Bureau of Statistics (NBS).

The CBN’s proactive approach to monetary policy, including a historic increase in the monetary policy rate (MPR) to 24.75 percent, underscores the central bank’s commitment to addressing economic challenges and fostering stability amidst persistent pressures.

Continue Reading

Naira

Nigerian Naira Surges to N1,350 per Dollar in Parallel Market

Published

on

New Naira notes

The Nigerian Naira has appreciated to N1,350 per dollar in the parallel market, a significant gain from its previous rate of N1,430 per dollar just a day earlier.

Similarly, in the Nigerian Foreign Exchange Market (NAFEM), the naira strengthened to N1,382.95 per dollar, indicating an upward trend across key forex segments.

Data from FMDQ revealed that the indicative exchange rate for NAFEM fell to N1,382.95 per dollar from N1,408.04 per dollar on the previous day, representing a gain of N25.09 for the naira.

This surge in the naira’s value has widened the margin between the parallel market rate and NAFEM to N32.95 per dollar from N21.96 per dollar previously.

Analysts attribute this impressive surge to recent foreign exchange reforms implemented by the Central Bank of Nigeria (CBN).

These reforms, including the consolidation of exchange rate windows and liberalization of the FX market, have contributed to bolstering the naira’s strength against the dollar.

The CBN’s proactive measures aim to promote stability, transparency, and liquidity in the foreign exchange market, fostering confidence among investors and strengthening the national currency.

Continue Reading

Naira

Dollar to Naira Black Market Today, March 26th, 2024

As of March 26th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,430 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

on

New Naira notes

As of March 26th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,430 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 N1,450 and sell it at N1,440 on Monday, March 25th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved 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: N1,430
  • Selling Rate: N1,420

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending