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Nigeria’s External Reserves Plummet Amid Scarcity of New Naira Notes

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1 month ago

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US Dollar - Investorsking.com

Nigeria’s external reserves have taken a hit, with figures obtained from the Central Bank of Nigeria (CBN) revealing a $427.14m fall in just one month.

This decline, which occurred from January 18 to February 16, 2023, has been attributed to the scarcity of new naira notes in the country.

The situation has created a crisis in Nigeria’s currency, causing pockets of protests that have led to the loss of lives and property.

Last year, Investors King reports that the CBN Governor, Godwin Emefiele, announced a plan to redesign the naira notes, which aimed to mop up currency outside the bank vaults. One of the objectives of this policy was to encourage the use of alternative payment channels that would drive digital payment systems in the country.

However, the scarcity of the new naira notes after the deadline has caused president Muhammadu Buhari to direct that the old N200 note should be re-circulated, and it will remain legal tender until April 10, 2023.

The Deposit Money Banks (DMBs) have also started collecting old N500 and N1,000 notes without giving depositors new naira notes in return, further exacerbating the situation.

The scarcity has had a significant impact on the economy, with the Nigeria Employers’ Consultative Association reporting a 40% drop in productive activities in the real sector. The cash squeeze has also impaired the purchasing ability of Nigerians, and thousands of productive hours are lost daily on queues by employees who can’t even get to work.

In response to the crisis, the CBN Governor launched the ‘RT200 FX Programme‘ in 2022 to boost forex supply in the country through the non-oil sector in the next three to five years. The aim of this programme is to repatriate $200bn in FX exclusively from non-oil exports. However, it remains to be seen how effective this policy will be in addressing the current crisis.

The scarcity of new naira notes has caused significant disruptions in Nigeria’s economy and further reduced the country’s external reserves. It is essential for the government and the CBN to find a lasting solution to this crisis and ensure the availability of new naira notes to drive economic growth and development.

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.

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Forex

Dollar to Naira Exchange Rate Today March 31, 2023

Published

24 hours ago

on

March 31, 2023

By

Naira Dollar Exchange Rate - Investors King

As of March 31, 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 ₦741 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 N741.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 741
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 Friday, March 31st, 2023, individuals in the black market purchased one US dollar for N741 and sold it for N745. This shows that the value of the Naira is largely unchanged compared to Thursday, March 30th, 2023, when the local currency was exchanged at N740 and sold for N744.

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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Black Market Rate

Dollar to Naira Exchange Rate Today March 30, 2023

Published

2 days ago

on

March 30, 2023

By

Naira - Investors King

As of March 30, 2023, the dollar to naira exchange rate is 1 USD to 744 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦744, 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 ₦744 and ₦740 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 N744 and sold for N740.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 740
Selling Rate 744

Investors King understands that although the dollar to naira opened at N744 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, March 30th, 2023, individuals in the black market purchased one US dollar for N740 and sold it for N744. This shows that the value of the Naira is largely unchanged compared to Wednesday, March 29th, 2023, when the local currency was exchanged at N738 and sold for N744.

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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Black Market Rate

Dollar to Naira Exchange Rate Today March 29, 2023

Published

3 days ago

on

March 29, 2023

By

Naira Exchange Rates - Investors King

As of March 29, 2023, the dollar to naira exchange rate is 1 USD to 744 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦744, 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 ₦744 and ₦738 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 N744 and sold for N738.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 738
Selling Rate 744

Investors King understands that although the dollar to naira opened at N744 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, March 29th, 2023, individuals in the black market purchased one US dollar for N738 and sold it for N744. This shows that the value of the Naira has improved slightly compared to Tuesday, March 28th, 2023, when the local currency was exchanged at N739 and sold for N745.

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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