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Naira Drops Further, Exchanges at N740/US$1 Against the U.S. Dollar

Naira traded at N740 to a United States Dollar on the black market on Wednesday, representing a decline of N10 from the N730 it traded on Tuesday.

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NAIRA - Investors King

The Nigerian Naira drops further against the United States Dollar at the parallel market, the Nigerian black market for foreign exchange on Wednesday.

Naira traded at N740 to a United States Dollar, a decline of N10 from the N730 it traded on Tuesday.

At the Investors and Exporters’ foreign exchange window, the Naira traded at N440.00 against the United States Dollar it opened the day on Wednesday, before dropping to N440.67 at the close of business for the day.

Currency traders at the Investors and Exporters‘ foreign exchange window transacted $95.39 million in value during trading hours on Wednesday, according to the data available at the FMDQ-managed forex window. This is more than the $73.66 million transacted in the previous trading session.

Naira continues to struggle with Nigeria’s dwindling foreign revenue as crude oil theft jumped to a record high and oil production plummeted below 1 million barrels per day. Nigeria is an oil-dependent economy that realise on the sales of crude oil to service its economy and support the Nigerian Naira.

Crude Oil

Despite crude oil prices trading higher due to Russia’s invasion of Ukraine and other global happenings, Nigeria has not been able to take advantage of this increase.

However, on Thursday Brent crude oil, against which Nigerian oil is priced, appreciated slightly by $0.15 or 0.16% to $92.60 a barrel at 11:38 am Nigerian time.

The U.S. West Texas Intermediate (WTI) crude oil also inched higher, gaining $0.06 or 0.07% to $87.33 a barrel. The increase could be partly due to OPEC plus decision to cut crude production by 2 million barrels, even though the increase in price was expected to be much bigger, the uncertainty surrounding global growth amid heightened inflation continues to drag on commodity prices.

Cryptocurrency

Crypto decline continues across the board on Thursday as Bitcoin led the decline with 2.49% to settle at $18,668 a coin. Bitcoin rose to over $66,000 a year ago during cryptocurrency bullish run before it plunged after Luna’s fall.

Luna coin fell from over $110 a coin to below $0.0004 before pulling back to about $1.98 a coin at the moment, Investors King research has shown.

Eth, the token of Ethereum protocol, failed to appreciate as expected following its merge and successful transition to Proof of Stake (PoS). Since its merge, Eth has lost about $300 and presently trading at $1,241 a coin. In the last 24 hours, it lost 4.5% of its value.

Other cryptocurrencies trading in the red are BNB, XRP,  Solana, Stellar, Cardano (ADA), Cronos (CRO), Doge and others.

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Naira

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

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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.

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Naira

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

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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.

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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.

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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

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