Connect with us

Naira

Naira Slips Further Against the U.S. Dollar, Exchanges at N740

Naira traded at N740 to a United States Dollar, a decline of N3 from the N737 it exchanged on Friday

Published

on

Naira - Investors King

The exchange rate of the Nigerian Naira to a United States Dollar declined further at the parallel market, the Nigerian black market for foreign exchange (forex), on Tuesday.

The local currency traded at N740 to a United States Dollar, a decline of N3 from the N737 it exchanged on Friday.

At the Central Bank of Nigeria (CBN) regulated forex section, the Naira traded at N432.87 to a U.S. Dollar, slightly below N432.54 it was sold on September 28, 2022.

Similarly, the Pounds Sterling gained some ground against the Naira, appreciating by 2.47%, or N11.34 from N458.5357 to N469.8804.

Against the Euro common currency, the story is not different as the embattled Naira dropped 1.63% or N6.7656 to N420.7496 from N413.984.

Persistent forex scarcity amid growing economic uncertainty ahead of the 2023 general elections continues to drag on the local currency. Also, a series of economic policies instituted to arrest the situation had either compounded the woes of the local currency or generally ineffective.

In an effort to rein in inflation and simultaneously lure foreign investors into the Nigerian economy, the CBN-led monetary policy committee raised interest rates by 150 basis points to 15.5%, a position widely contested by most economic experts and stakeholders.

However, the CBN had insisted that to sustain capital inflow at a period when global economies are aggressively raising interest rates, Nigeria also must improve borrowing costs to ensure global investors look the country’s way, especially given that foreign revenue from crude oil had dropped significantly with rising oil theft.

Still, experts think it would hurt new business creation, new job creation, new investment and generally, the state of the economy as evident with the stock market in recent weeks.

Crude Oil

Brent crude, oil against which Nigerian oil is priced, dipped by 29 cents or 0.29% to $91.51 a barrel in the early hours of Wednesday. While the U.S. West Intermediate oil shed 40 cents or 0.46% to $86.12 a barrel.

Slowing demand, rising global interest rates, high inflation, strong U.S. Dollar amid Russia Ukraine unrest are some of the factors hurting the oil outlook.

China, the world’s largest importer of the commodity, is struggling with growth following reports of COVID-19 lockdown and strict restrictions in key commercial cities. Few of the economic data released in recent weeks pointed to declining growth in the world’s second-largest economy.

Cryptocurrency

The cryptocurrency space remains bearish despite a few gains here and there. Bitcoin, the world’s most dominant cryptocurrency, appreciated by 0.53% in the last 24 hours to $20,078.66 a coin.

Eth, a token of the Ethereum protocol, remains largely subdued. Trading at $1,342.93 a coin, representing a decline of 0.60%.

Ripple (XRP), BNB, Stellar and Solana gained 3.70%, 0.49%, 0.48% and 0.68% to $0.478528, $292.53, $0.117434 and $33.72, respectively.

 

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

Continue Reading
Comments

Naira

Naira to Dollar Black Market Exchange Rate September 29th, 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 29th, 2023, the dollar to naira exchange rate is 1 USD to 1008 NGN at the black market.

Published

on

Naira to Dollar Exchange- Investors King Rate - Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 29th, 2023, the dollar to naira exchange rate is 1 USD to 1008 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1008, Investors King reports.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How Much is Dollar to Naira Today in the Black Market?

This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦1008 and ₦1000 as of the time of writing today.

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1008 and sold for ₦1000.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 1000
Selling Rate 1008

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Investors King understands that although the dollar to naira opened at N1008 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Friday, September 29th, 2023, individuals in the black market purchased one US dollar for N1008 and sold it for N1000. This shows that the value of the Naira was mixed when compared to Thursday, September 28th, 2023 when the local currency was exchanged at N1000 to a Dollar and a Dollar was purchased at N995.

To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:

  • Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
  • Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
  • Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
  • Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.

Continue Reading

Naira

Naira to Dollar Black Market Exchange Rate September 28th, 2023

Published

on

New Naira notes

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 28th, 2023, the dollar to naira exchange rate is 1 USD to 1009 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1009, Investors King reports.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How Much is Dollar to Naira Today in the Black Market?

This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦1009 and ₦994 as of the time of writing today.

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1009 and sold for ₦994.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 994
Selling Rate 1009

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Investors King understands that although the dollar to naira opened at N1009 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Thursday, September 28th, 2023, individuals in the black market purchased one US dollar for N1009 and sold it for N994. This shows that the value of the Naira was unchanged when compared to Wednesday, September 27th, 2023 when the local currency was exchanged at N1000 to a Dollar and a Dollar was purchased at N995.

To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:

  • Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
  • Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
  • Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
  • Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.

Continue Reading

Naira

Naira to Dollar Black Market Exchange Rate September 27th, 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 27th, 2023, the dollar to naira exchange rate is 1 USD to 1000 NGN at the black market.

Published

on

New Naira Notes

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 27th, 2023, the dollar to naira exchange rate is 1 USD to 1000 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1000, Investors King reports.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How Much is Dollar to Naira Today in the Black Market?

This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦1000 and ₦995 as of the time of writing today.

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1000 and sold for ₦995.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 995
Selling Rate 1000

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Investors King understands that although the dollar to naira opened at N1000 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Wednesday, September 27th, 2023, individuals in the black market purchased one US dollar for N1000 and sold it for N995. This shows that the value of the Naira declined further when compared to Tuesday, September 26th, 2023 when the local currency was exchanged at N995 to a Dollar and a Dollar was purchased at N990.

To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:

  • Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
  • Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
  • Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
  • Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending