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Ghana Cedis Named Worst Performing Currency Against the U.S Dollar

Ghana bags the worst-performing currency against its global counterpart, the United States Dollar.

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Ghana one cedi - Investors King

Ghana, the second largest cocoa producer in the world, bags the worst-performing currency against its global counterpart, the United States Dollar.

On Monday, the local currency lost 3.3% of its value against the United States Dollar before paring losses to 11.2750, according to a Bloomberg report. So far this year, the currency has lost over 45% of its value against the greenback, the highest among 148 currencies tracked by Bloomberg.

The currency decline spiked in the past month when Ghana commenced formal negotiations with the International Monetary Fund (IMF) for an extended credit facility. Ghana hopes to receive almost $3 billion in loans over three years under the arrangement to handle its finances and aid the balance payments.

Ghanian Cedis has now toppled Sri Lankan rupee’s almost 45% decline recorded against the United States dollar this year. Another emerging economy seeking credit relief from IMF.

Ghana had requested assistance from the IMF after losing access to the Eurobond market this year, while the country’s policies, which include slashing 2022 discretionary expenditure by 30% had failed to activate a sell-off in Ghana’s international bonds.

Meanwhile, premium investors’ request to the United State Treasuries to hold Ghana’s debt has expanded to 2,669 basis points. Holdings by foreign investors in outstanding domestic government and corporate bonds drops to 12.3% in August 2022, the lowest ever recorded from its increase of 17.3% recorded in April 2022.
This is according to the data received from Ghana’s Central Securities Depository.

The country’s gross international reserve dwindled to $6.6 billion in September 2022, which is just enough to cover almost three months of imports. This is below the $10.7 billion from 2021 which covered almost five months of imports.

According to Bloomberg, Ghana’s domestic bonds are the highest in emerging markets, currently trading at an average yield of 41.9%.

Last month, Investors king published the list of worst-performing currency in Africa, with the Ghanaian Cedis taking the fifth position after the Nigerian Naira.

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Naira

Black Market Dollar to Naira Exchange Rate Today, March 18th, 2024

As of March 18th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,620 NGN in the black market, also referred to as the parallel market or Aboki fx.

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Naira to Dollar Exchange- Investors King Rate - Investors King

As of March 18th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,620 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 N1,590 and sell it at N1,580 on Thursday, March 14th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined 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: N1,620
  • Selling Rate: N1,610

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Naira

Black Market Dollar to Naira Exchange Rate Today, March 14th, 2024

As of March 14th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,590 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

on

NAIRA - Investors King

As of March 14th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,590 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 N1,610 and sell it at N1,600 on Wednesday, March 13th, 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: N1,590
  • Selling Rate: N1,580

Continue Reading

Naira

Black Market Dollar (USD) to Naira (NGN) Exchange Rate Today, March 13th, 2024

As of March 13th, 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.

Published

on

New Naira Notes

As of March 13th, 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 N1,620 and sell it at N1,610 on Monday, March 11th, 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: N1,610
  • Selling Rate: N1,600

Continue Reading
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