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Total Amount of Naira in Circulation Falls by 53 Percent as Cash Crunch Worsens in Nigeria

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1 month ago

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Naira Dollar Exchange Rate - Investors King

The latest data from the Central Bank of Nigeria (CBN) has revealed that total amount of currency-in-circulation has fallen by 53.33 percent since October last year to January, this year.

The data, contained in a report presented by the CBN Deputy Governor, Folashodun Shonubi, at a forum in Abuja, indicated that the cash in circulation decreased from N3.3 trillion to N1.54 trillion.

It was gathered that the 53.33 decrease in the cash within the public space was due to Nigerians’ high compliance to the order by CbN for bank customers to deposit their old N1000, N500 and N200 notes before the bank’s February 10, 2023 controversial deadline.

Bank customers had thronged commercial banks with the old notes and deposited them with the expectation that the new notes would be within their reach.

Investors King had reported the anguish, pain and hardship that majority of Nigerians are passing through following the scarcity of the new redesigned currency.

The biting shortage of the new naira notes has severely affected commercial activities across the country as small and medium-scale business owners have been lamenting low sales while some have closed up their businesses including Point of Sales operators.

The CBN Governor, Godwin Emefiele, had said one of the objectives of the naira design policy was to mop up currency outside the bank vaults which he put at N2.7tn. He had said with such a huge amount outside the banking system, it would be difficult for monetary policy initiatives to impact the economy.

While citizens lament hardship caused by the naira redesign policy, President Muhammadu Buhari, in an attempt to reduce the problem in getting the naira, had ordered CBN to re-circulate the old N200 notes to the public, and declared that the old N500 and N1,000 banknotes were no longer legal tender in the country.

Since the President gave the new order concerning the N200 old notes, bank customers have complained that the old notes was yet to be released to them.

Customers were seen crowding banks for naira even as some banks remain shut

It could be recalled that some state governors had directed their residents to continue spending the old notes in line with an order of the Supreme Court.

But checks revealed that traders and transporters in several states across the country have insisted on collecting only new naira notes and old N200 note in line with the directive of President Buhari.

Some traders and commercial transporters have been rejecting bank transfer even as online transactions have been problematic for Nigerians.

Many Nigerians have lamented hitches in transacting online as they said that their transactions have not been successful while others use fake alerts for unsuspecting traders.

In the midst of the crisis, Nigerians continue to throng the apex bank to return their old notes while others hold on to theirs with the hope that the Supreme Court judgment would win and ordered the usage of the old currency.

Financial experts have called on the Federal Government to do more in assaulting the suffering of the masses, saying the N200 old notes order could be helpful if it’s made available.

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Naira

Nigeria’s Naira-Dollar Exchange Rate Stabilizes Despite Cash Crunch

Published

4 days ago

on

March 28, 2023

By

New Naira Notes

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.”

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Naira

Dollar to Naira Exchange Rate Today March 28, 2023

Published

4 days ago

on

March 28, 2023

By

Naira Exchange Rates - Investors King

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 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.

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.

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Dollar to Naira Exchange Rate Today March 27, 2023

Published

5 days ago

on

March 27, 2023

By

New Naira notes

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 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.

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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