The Nigerian Naira on Monday, February 13th, exchanged at an appreciated rate of N461 to the dollar at the Investors and Exporters window.
This represented a marginal improvement of 0.11% compared to the N461.50 it exchanged for on Thursday, February 10th, 2023.
The open indicative rate was also reported to have closed at N461.35 to the dollar on Monday. Although the exchange rate of N462 to the dollar was the highest rate recorded within the day’s trading before it settled at N461, it sold for as low as N446 to the dollar within the same trading period.
A check by Investors King shows that a total of N208.91 million was traded at the official Investors and Exporters window on Monday. This increase in trading activity suggests growing confidence in the Nigerian economy among foreign investors.
The naira’s improved performance on the Investors and Exporters window is a welcome development for the Nigerian economy, as it is expected to further boost foreign investments and improve the country’s forex reserves.
Meanwhile, the rejection of old naira notes by high court registries in Lagos State has sparked outrage among lawyers and litigants, as they were unable to file court processes using the old notes for payment.
The development comes amid a lingering naira crisis in the country, and court officials insisted that only new naira notes should be used for payment. The affected lawyers argue that the non-acceptance of old notes is a violation of the Supreme Court’s order that the old naira notes should remain in circulation.
The situation highlights the challenges faced by the country in managing its currency and the urgent need for a sustainable solution.
Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.
Despite a cash crunch and growing demand pressure, Nigeria’s Naira-dollar exchange rate has remained relatively stable across official and parallel foreign exchange markets.
The Naira has been trading at around N461 to N462 per dollar since the beginning of the year at the Investors and Exporters forex window, which is Nigeria’s official foreign exchange market. Meanwhile, at the parallel market or black market, the Naira has been trading at around N750 to N765 per dollar.
Most currency dealers who participated in Monday’s foreign exchange market auction maintained bids between N460.00 (low) and N462.43 (high) per dollar. Although the Naira has depreciated by 0.04 percent on a day-to-day trading basis, the dollar’s price has remained stable at N461.50.
At the open market last week, the Naira edged out the United States dollar, appreciating by N5 or 0.7 percent week-on-week to close at N746/USD from N751/USD in the previous week. However, the scarcity crunch continues to bite harder, causing dollar demand to take a calm in the face of scarcity.
Nigeria’s external reserves, which give the Central Bank of Nigeria (CBN) the firepower to defend the Naira, have declined to $35.74 billion as of March 24, 2023, but picked up to $36.67 billion as of Tuesday.
Despite these challenges, Bismarck Rewane, Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, predicts that the Naira will strengthen to N680 per dollar this year.
Analysts at Cowry Asset Asset are predicting range-bound price action across the foreign exchange market this week.
They said, “We expect the naira to trade in a relatively calm band across various market segments this week, barring any market distortion in the face of the Naira scarcity and as the apex bank continues its weekly FX market intervention to defend the value of the naira.”
As of March 28, 2023, the dollar to naira exchange rate is 1 USD to 745 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦745, Investors King reports.
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 ₦745 and ₦739 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 N745 and sold for N739.
Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
739
Selling Rate
745
Investors King understands that although the dollar to naira opened at N745 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 Tuesday, March 28th, 2023, individuals in the black market purchased one US dollar for N739 and sold it for N745. This shows that the value of the Naira has improved slightly compared to Monday, March 27th, 2023, when the local currency was exchanged at N749 and sold for N753.
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.
As of March 27, 2023, the dollar to naira exchange rate is 1 USD to 753 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦753, Investors King reports.
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 ₦753 and ₦749 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 N753 and sold for N749.
Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
749
Selling Rate
753
Investors King understands that although the dollar to naira opened at N753 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 Monday, March 27th, 2023, individuals in the black market purchased one US dollar for N749 and sold it for N754. This shows that the value of the Naira has improved slightly compared to Thursday, March 22nd, 2023, when the local currency was exchanged at N740 and sold it for N755.
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.
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