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Naira Black Market Exchange Rate Hits N745 Against U.S. Dollar

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Naira Dollar Exchange Rate - Investors King

Naira black market – The Naira to Dollar exchange rate improved to N745 on Friday, 9th December 2022 at the nation’s black market, up from the N750 it exchanged on Thursday. This represents an improvement of 0.67%

At the official forex section, the Investors and Exporters forex window, the Naira depreciated slightly against the U.S. Dollar to N446 on Thursday from N445.83 recorded in the previous day.

Currency traders in that section of forex transacted $213.2 million on Thursday, the highest turnover in almost a month.

Accordingly, at the Central Bank of Nigeria (CBN) interbank forex section, Dollar was sold to financial institutions at N445.47 since  Wednesday while Pounds Sterling and Euro common currency were exchanged at 541.157 and N467.4317, respectively.

The Nigerian Naira remained under pressure against its global counterparts as market uncertainty ahead of the 2023 general election and a series of policy changes continue to dictate the local currency value.

Meanwhile, the CBN has announced yet another policy change on cash withdrawal. Investors King reports that Nigerians can no longer withdraw more than N20,000 per day and N100,000 per week.

Responding to questions from the press during his visit to President Buhari in Daura, Katsina State, Mr Emefiele said the policy would not be reversed despite outcry but would be reviewed from time to time.

“I am aware that they (federal lawmakers) have asked for some briefings and we will brief them. But I think it’s important for me to say that the cashless policy started in 2012,” he said when asked about the House’s decision.

“But on almost three to four occasions we had to step down the policy because we felt that there is a need for us to prepare ourselves and deepen our payment system infrastructure in Nigeria.

“Between 2012 and now 2022, almost 10 years, we believe that a lot of electronic channels have been put in place that will aid people in conducting banking and financial service transactions in Nigeria,” he said.

 

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

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Naira

Naira Appreciates Slightly to N1,542.58/$ at NAFEM

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New Naira notes

The Naira appreciated marginally against the United States dollar, closing at N1,542.58/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday.

This modest gain represents a 2.9 percent appreciation from the previous day’s rate of N1,598.54, highlighting a nuanced fluctuation in the currency’s value.

According to data sourced from the FMDQ Securities Exchange, a platform overseeing FX trading in Nigeria, the Naira’s journey throughout the trading day was marked by an intra-day high of N1,755 and a low of N1,050.

Moreover, the total foreign exchange turnover surged to $172.14 million, indicating a 47 percent increase from the previous day.

Despite the Naira’s marginal gain at NAFEM, concerns persist regarding the widening gap between the official and parallel market rates.

The Naira’s depreciation to N1,900 against the dollar in the parallel market before it moderated to N1,687 later in the day.

Analysts and Bureau De Change operators foresee further pressure on the Naira, with predictions of a potential all-time low of 2,000/dollar at the parallel market in the coming weeks.

The demand for the greenback continues to fuel volatility, prompting regulatory actions from entities like the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to curb speculative activities.

As stakeholders monitor the currency’s trajectory, the CBN’s efforts to address forex liquidity challenges and stabilize the Naira remain under scrutiny amidst evolving market dynamics.

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Naira

CBN Report: Currency Outside Banks Drops to N3.28 Trillion in January 2024

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New Naira notes

A recent report released by the Central Bank of Nigeria (CBN) has indicated a notable decline in the amount of currency held outside banks, dropping to N3.28 trillion in January 2024.

This figure represents 89% of the total currency in circulation (CIC), signifying a shift in money circulation patterns.

Compared to December 2023, where currency outside banks stood at 94% of the total CIC, the recent decline suggests a reconfiguration in monetary dynamics.

The report further unveils a significant year-on-year surge, with currency outside banks skyrocketing by 314%, rising from N79 billion in January 2023 to N3.28 trillion in January 2024.

Currency trends in 2023 displayed fluctuating patterns, with notable peaks and dips throughout the year. However, December 2023 marked the zenith, recording the highest percentage of money held outside banks to CIC at 94%.

The CBN report sheds light on evolving financial landscapes, reflecting changing consumer behaviors, economic policies, and market dynamics.

Analysts anticipate that the data will inform future monetary policies and regulatory measures to ensure financial stability and liquidity in Nigeria’s economy amidst shifting trends and emerging challenges.

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Naira

Dollar to Naira Black Market Today, February 21st, 2024

As of February 21st, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,820 NGN in the black market, also referred to as the parallel market or Aboki fx.

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As of February 21st, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,820 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 N1,710 and sell it at N1,700 on Tuesday, February 20th, 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: N1,820
  • Selling Rate: N1,810

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