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Nigerian Naira Ranked 4th Worst Performing Currency in Africa

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Naira - Investors King

The Nigerian Naira ranked fourth among the worst performing currencies in Africa since January 2022, a report by Steve Hanke, a Professor of Applied Economics and Director of the Troubled Currencies Project in the United States, has shown.

Hanke’s currency watchlist is a list of currencies that have depreciated by at least 20% against the dollar since January 2020.

According to the recent ranking released by Hanke, the Zimbabwean dollar tops the list as the worst-performing currency in Africa against the United States dollar. The Zimbabwean dollar has depreciated against the United States Dollar (USD) by 97.33% since January 2020.

Hanke in a tweet said, “Zimbabwe must dump the Zim dollar and adopt the USD immediately.”

The Sudanese pound comes second on the list of the worst-performing currencies in Africa. The Sudanese pound has depreciated against the USD by 84.95% since Jan 2020. According to Hanke, the only way to save Sudan’s pound & its economy is to install a currency board.

South Sudan ranks third on the list after the country’s currency depreciated against the U.S Dollar by 50.79% since January 2020.

The Nigerian Naira appeared on the list as the 4th worst performing currency in Africa and 11th globally. The currency’s value has depreciated against the U.S Dollar by 48.87% since January 2020.

The Ghana Cedis comes 5th on the list of worst-performing currencies in Africa. According to Hanke, the Ghanaian cedi has depreciated 42.57% against the USD since January 2020.

Kwacha, the Malawi currency ranks 6th on the list of worst performing African currencies. The kwacha has depreciated against the United States Dollar by 39.54% since January 2020.

Sierra Leone Leone comes in 7th place on the list of worst performing currencies in Africa. The leone has depreciated against the USD by 31.23% since January 2020.

Investors King had previously released a list of African countries with the highest food inflation, with Zimbabwe topping the list with 309%, with Nigeria ranking 11th with 22.02% food inflation.

With the recent happenings in the country, the Nigerian Naira value continues to decline, leaving the Central Bank of Nigeria struggling to address the declining foreign revenue inflow, drop in oil production and oil theft.

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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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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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CBN Report: Currency Outside Banks Drops to N3.28 Trillion in January 2024

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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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