Naira

Naira Redesign: Former CBN Governor, Charles Soludo Thrown Weight Behind Policy

Charles Soludo has thrown his weight behind the currency redesigned policy of the Central Bank of Nigeria.

Published

11 months ago

November 11, 2022

A former governor of the CBN, Charles Soludo has thrown his weight behind the currency redesigned policy of the Central Bank of Nigeria.

Soludo who spoke yesterday on a Channels Television programme monitored by Investors King noted that the redesign policy falls within the responsibility of the apex bank.

When asked about his opinion on the redesigned currency, Soludo who is now the governor of Anambra State stated that his state will key into the policy and respond to it appropriately.

The former CBN boss further noted that as a CBN governor himself, he supervised the redesigning of the N5, N10, N20, and N50 denominations and changed their texture to polymer.

While he revealed that the new policy might be for security reasons, he added that he also introduced the N1000 denomination which is the country’s highest.

It would be recalled that the central bank has rolled out a policy to redesign a portion of the naira notes which include N100, N200, N500, and N1000 denominations.

While addressing pressmen, the CBN governor, Godwin Emefiele disclosed that the redesign policy is in the overall economic interest of Nigerians.

The apex bank boss noted that the policy will help to address insecurity, counterfeiting, and hoarding.

Emefiele revealed that some Nigerians are hoarding a significant portion of the naira note outside the vaults of commercial banks.

Describing the development as worrisome, Emefiele noted that as of September 2022, a total of N3.2 trillion was in circulation, of which N2.73 trillion was outside the vaults of the banks.

This he noted represents about 80 percent of the currency in circulation that is outside the vaults of the commercial banks.

Subsequently, the apex bank asked Nigerians to visit their commercial banks in order to deposit their currency notes ahead of the December deadline.

The apex bank further explained that both the new and existing notes would remain legal tender and circulate together until January 31, 2023, when the existing currencies shall cease to be legal tender.

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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

18 hours ago

September 29, 2023

Samed Olukoya

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

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
9/28/2023	US DOLLAR	766.467	766.967	767.467
9/28/2023	POUNDS STERLING	934.7065	935.3163	935.926
9/28/2023	EURO	809.0826	809.6104	810.1382
9/28/2023	SWISS FRANC	836.2066	836.7521	837.2976
9/28/2023	YEN	5.1344	5.1378	5.1411
9/28/2023	CFA	1.2298	1.2398	1.2498
9/28/2023	WAUA	1018.949	1019.6137	1020.2784
9/28/2023	RIYAL	204.364	204.4973	204.6306
9/28/2023	DANISH KRONA	108.4787	108.5495	108.6202
9/28/2023	SDR	1005.0682	1005.7238	1006.3795

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.

Naira

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

Published

2 days ago

September 28, 2023

Investors King

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?

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

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
9/26/2023	US DOLLAR	777.602	778.102	778.602
9/26/2023	POUNDS STERLING	946.886	947.4948	948.1037
9/26/2023	EURO	823.325	823.8544	824.3838
9/26/2023	SWISS FRANC	850.9543	851.5014	852.0486
9/26/2023	YEN	5.2216	5.225	5.2283
9/26/2023	CFA	1.207	1.217	1.227
9/26/2023	WAUA	994.6011	995.2407	995.8802
9/26/2023	RIYAL	207.2831	207.4164	207.5497
9/26/2023	DANISH KRONA	110.3858	110.4568	110.5278
9/26/2023	SDR	1021.2247	1021.8814	1022.538

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.

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

3 days ago

September 27, 2023

Investors King

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?

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

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
9/26/2023	US DOLLAR	777.602	778.102	778.602
9/26/2023	POUNDS STERLING	946.886	947.4948	948.1037
9/26/2023	EURO	823.325	823.8544	824.3838
9/26/2023	SWISS FRANC	850.9543	851.5014	852.0486
9/26/2023	YEN	5.2216	5.225	5.2283
9/26/2023	CFA	1.207	1.217	1.227
9/26/2023	WAUA	994.6011	995.2407	995.8802
9/26/2023	RIYAL	207.2831	207.4164	207.5497
9/26/2023	DANISH KRONA	110.3858	110.4568	110.5278
9/26/2023	SDR	1021.2247	1021.8814	1022.538

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.