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JUST IN: ATM Now Dispense New Naira Notes

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New Naira Notes

As scheduled, the new naira notes have gone into circulation today as commercial banks in major cities in Nigeria, particularly Lagos and Abuja have started dispensing newly redesigned naira notes to over-the-counter customers as well as through Automated Teller Machine, Investors King learnt. 

One of the top officials of a commercial bank who spoke to the press on Wednesday said, “We got the funds (new notes) about two days ago. Our head office has dispatched the funds to various area offices across the country. My branch will pick up our allocation at a nearby area office. We will start releasing the new notes to our customers by Thursday (Today)”. 

It could be recalled that Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele had on October 26, 2022, said the apex bank will issue redesigned N200, N500, and N1,000 notes, effective December 15, 2022, while the new and existing currencies will remain legal tender and circulate together until January 31, 2023.

Subsequently, the new naira notes were unveiled by President Muhammadu Buhari at the Federal Executive Council meeting in Aso Rock Villa.

During a press conference, Emefiele had said the redesigned notes are aimed to address prevailing issues such as counterfeiting, excessive circulation of naira and terrorism. 

Emefiele noted that about N2.75 trillion out of N3.3 trillion in circulation were outside the vaults of commercial banks. 

Similarly, the CBN also fixed daily maximum withdrawals via point of sale (PoS) and Automatic Teller Machine (ATM) terminal at N20,000 and said only denominations of N200 and below shall be loaded into the ATMs.

The withdrawal limit has however generated huge controversy with the House of Representatives calling for the suspension of the policy. 

In addition, the Association of Mobile Money Operators of Nigeria also lamented that the policy is capable to get members out of business while human right lawyer, Femi Falana SAN threatens to sue the Central Bank if the policy is not withdrawn.

Naira

Naira Hits Eight-Month High at 1,120/$ Amidst Central Bank Reforms

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New Naira Notes

The Nigerian Naira has surged to an eight-month high of 1,120 against the US dollar on the parallel market, commonly referred to as the black market.

This significant appreciation comes on the heels of a series of foreign exchange (FX) reforms initiated by the Central Bank of Nigeria (CBN), which have effectively unlocked dollar liquidity within the economy.

According to data compiled from online platforms and street traders, the current exchange rate reflects a gain of 62.95% for the Naira against the dollar compared to its level of 1,825 per dollar in February 2024.

Market sentiment suggests that the recent strengthening of the Naira can be attributed to a subdued demand for the US dollar, coupled with ample liquidity in the market, particularly during the holiday period.

Despite a decline in external reserves, Nigeria’s currency strengthened to 1,230.61 per dollar on the official FX market before the holidays.

The recent uptick in the Naira’s value follows the CBN’s decision to review the exchange rate for Bureau De Change (BDC) Operators to 1,101 per dollar from 1,251 per dollar.

Also, the CBN announced plans to sell $15.88 million to 1,588 eligible BDCs, further bolstering dollar liquidity in the market.

The CBN’s proactive approach to FX management, including the resolution of foreign exchange backlogs amounting to US$7 billion, has instilled confidence among investors and market participants.

Furthermore, the apex bank’s commitment to implementing reforms aimed at enhancing transparency and efficiency in the FX market has yielded positive results.

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Naira

Dollar to Naira Black Market Today, April 9th, 2024

As of April 9th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,200 NGN in the black market, also referred to as the parallel market or Aboki fx.

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New Naira notes

As of April 9th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,200 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 N1,240 and sell it at N1,230 on Monday, April 9th, 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.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,200
  • Selling Rate: N1,190

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Naira

Dollar to Naira Black Market Today, April 8th, 2024

As of April 8th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,240 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

on

New Naira Notes

As of April 8th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,240 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 N1,250 and sell it at N1,240 on Friday, April 5th, 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.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,240
  • Selling Rate: N1,230

Continue Reading
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