Naira

Naira Crashed to N780/$ After CBN Announced Redesign Policy

Nigeria’s Naira witnessed a significant fall against the U.S. Dollar during the week, trading at N780/$1 at the unofficial market.

Published

1 year ago

October 29, 2022

Investors King

Nigeria’s Naira witnessed a significant fall against the U.S. Dollar during the week, trading at N780/$1 at the unofficial market, the black market.

The recent crash comes on the heel of the central bank’s announcement to redesign a portion of the naira notes.

On Wednesday, the Central Bank of Nigeria (CBN) announced that it will redesign the N100, N200, N500, and N1000 naira notes and make them available to the public by December 15, 2022.

According to the CBN, Nigerians can visit their banks to deposit their old naira notes in exchange for new ones.

Following this news, instead of going to the bank, several Nigerians trooped to the Bureau De Change market to convert their naira denominations to dollars. Subsequently, the pressure on the naira forced it to N780 against the U.S. dollar at the unofficial mark

Our correspondent who was at the popular Wuse District in Abuja learnt that there were few numbers of Bureau De Change available to attend to the numerous customers.

Saliu Radda, one of the available Bureau de Change operators, noted that the demand for foreign currencies, particularly the Dollar is high. He stated that he has almost consumed what he has in his vault.

Similarly, another operator with the name Abubakar Ibrahim stated that many people are avoiding being caught up with the CBN policy to change naira notes. He added that most of those who are hoarding the naira are changing it to the dollar to be on the safer side.

It would be recalled that the Central Bank had clarified that the redesigned naira notes will help to curb hoarding, counterfeiting, and terrorism.

While speaking in Abuja, the CBN Governor, Godwin Emefiele noted that as of September 2022, a sum of N2.7 trillion out of N3.3 trillion currency in circulation is held by the public. This means that about 85 percent of the naira currency in circulation is out of commercial banks.

Investors King learnt that the last time the apex bank redesigned the naira note was in 2014 when the national bank changed the design of N100 note to commemorate Nigeria’s centenary celebration.

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Naira

Dollar to Naira Black Market Today, April 19th, 2024

As of April 19th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,100 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

37 mins ago

April 19, 2024

Samed Olukoya

As of April 19th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,100 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 N1,020 and sell it at N1,010 on Thursday, April 18th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined 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: N1,100
Selling Rate: N1,090

Naira

Naira’s Recent Gain Reflects Policy Direction, Says CBN Chief Olayemi Cardoso

Published

23 hours ago

April 18, 2024

Samed Olukoya

Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has explained that the recent surge in the Naira is a testament to the positive direction of government policies rather than active intervention to defend the currency’s value.

Addressing attendees at the spring meetings of the International Monetary Fund and World Bank in Washington, Governor Cardoso underscored that the CBN’s intention is not to artificially prop up the Naira.

He clarified that the fluctuations observed in the country’s foreign exchange reserves were not aimed at defending the currency but rather aligning with broader economic goals.

Over the past month, the Naira has experienced a notable uptick in value against the dollar, signaling a reversal from previous declines. Data from Bloomberg reveals a 6.4% decrease in liquid reserves since March 18, coinciding with the Naira’s rebound.

Despite this decline, Cardoso pointed out that around $600 million had flowed into the reserves in the past two days, reflecting confidence in the Nigerian market.

Governor Cardoso articulated the CBN’s vision of a market-driven exchange rate system, emphasizing the importance of allowing market forces to determine exchange rates through willing buyers and sellers.

He expressed optimism about a future where the central bank’s intervention in the foreign exchange market would be minimal, except in extraordinary circumstances.

The recent resilience of the Naira follows a period of volatility earlier in the year, marked by a substantial devaluation in January. Since then, the CBN has implemented measures to stabilize the currency, including monetary tightening and initiatives to enhance dollar liquidity.

Cardoso highlighted the transformation in market sentiment, noting that investors now perceive Nigeria’s central bank as committed to stabilizing inflation and fostering economic stability.

As Nigeria continues its journey toward economic recovery and stability, Cardoso’s remarks provide insight into the central bank’s strategy and its impact on the country’s currency dynamics.

Naira

Dollar to Naira Black Market Today, April 18th, 2024

As of April 18th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,020 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

1 day ago

April 18, 2024

Samed Olukoya

As of April 18th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,020 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 N1,050 and sell it at N1,040 on Wednesday, April 17th, 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.