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Dollar to Naira Exchange Rate Today March 15, 2023

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Naira Dollar Exchange Rate - Investors King

As of March 15, 2023, the dollar to naira exchange rate is 1 USD to 754 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦754, 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 ₦750 and ₦754 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 N750 and sold for N754.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 750
Selling Rate 754

Investors King understands that although the dollar to naira opened at N755 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 15th, 2023, individuals in the black market purchased one US dollar for N750 and sold it for N754. This follows their actions on Tuesday, March 14th, 2023, when they purchased one US dollar for N752 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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Naira

Naira Gains on Dollars at NAFEX, Others at Black Market

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New Naira notes

The Naira gained a value of N73.39 to close the Tuesday session at N1,561.76/$1 at the official window, pulling a 4.5 percent gain in the Nigerian Autonomous Foreign Exchange Market (NAFEX).

According to data obtained from the FMDQ Securities Exchange, this is compared to N1,635.15/$1 published in the preceding session on Monday.

Turnover published on the FMDQ Group website stood at $253.68 million, indicating that the session’s turnover rose by 100.9 percent. This is a decrease of $127.44 million compared to $126.24 million published the previous day.

The domestic currency also witnessed a gain against the British currency but closed flat on the Euro on Tuesday.

On the Pound Sterling, the local currency made an appreciation of N43.82 to wrap the session at N2,131.62/£1 from N2,175.44/£1 that it sold at the previous session.

Meanwhile, against the Euro, the Nigerian currency closed at N1,788.98/€1.

Data from the black market showed that the Naira appreciated against the US Dollar, the UK Pound Sterling, the Euro, and the Canadian Dollar.

The local currency recorded a N14.28 gain to go from N1,681.67 per Dollar to N1,667.39/$1 while on the UK currency, the Naira rose to N2,132.13, a N24.10 gain from N2,156.23

For the Euro, the Naira pulled a N19.12 appreciation to close at N1,833.63 versus N1,852.75 and added 62 cents on the Canadian Dollar to close at N1,206.93 against Monday’s N1,207.55 per CAD.

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Naira

Naira Set to Stabilise Against Dollar by Year-End, FSDH Bank Predicts

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FSDH Group- Investorsking

First Securities Discount House (FSDH) Merchant Bank Ltd has projected that the Naira will stabilise against the Dollar in the fourth quarter of 2024.

This projection was attributed to the commencement of Dangote Refinery operations and the October 1, announcement that the Nigerian National Petroleum Corporation Limited (NNPCL) has started Naira for crude with the 650,000 barrels a day refinery.

FSDH Merchant Bank Ltd report titled Priorities for Economic Stability in the Short-Term noted that the Naira’s stabilisation against the USD would be influenced by a reduction in foreign exchange pressure, particularly the Naira-for-crude initiative.

The Nigerian Naira has been on a downward spiral against the United States Dollar since President Bola Ahmed Tinubu removed subsidies and announced he had floated the local currency.

The Naira immediately plunged from about N750/US$ to over N1600/US$ across the nation’s key foreign exchange segments and eroded the profitability of import-dependent companies.

FSDH Merchant Bank noted that petroleum products account for 30-40% of Nigeria’s import bills. Therefore, Dangote Refinery is expected to ease that burden and further enhance the nation’s economy.

The report also highlights a 45.2% surge in trade surplus from a US$6.1 billion surplus in FY 2023 to US$8.9 billion for FY 2024.

Similarly, portfolio investment inflows increased due to the high interest rate. Still, the report noted that the surge in inflows is yet to crystalize.

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Naira

Naira Weakens to N1,635/$1 at NAFEM, Sells N1,681/$1 at Black Market

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Naira to Dollar Exchange- Investors King Rate - Investors King

The Naira depreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, October 7 to N1,635.15/$1.

Analysis done by Investors King showed that the local currency lost 0.24 percent or N3.94 at the specialised window, according to data obtained from the FMDQ Securities Exchange.

This is compared to N1,631.21/$1 published in the preceding session on Friday.

This coincided with a drop in the turnover on Monday as secondary data showed an aggregate of $126.24 million on record, compared to the $239.36 million turnover reported on Friday.

This represents a drop of $113.12 million or 47.3 percent.

Last week, the Central Bank of Nigeria (CBN) announced that it sold $543.5 million to authorised dealers and deposit money banks (DMBs) to reduce observed market volatility caused by demand from importers and seasoned demand for FX between September 6 and 30, 2024.

According to a statement issued by Omolara Duke, the Director of Financial Markets Department of the CBN, the transaction was through a two-way quote at the Nigeria Foreign Exchange Market (NFEM) on 11 dealing days.

In a different pattern, the local currency closed flat against the Pound Sterling and appreciated on the Euro at the week’s opening session.

Trading against the British pound, the local currency closed at N2,175.44/£1 while it closed at the rate of N1,788.96 per Euro, a gain of N41.15 from N1,830.11.

The Naira also dropped against the US Dollar at the unofficial black market as it closed at N1,681.67 from N1,676.56 quoted on Friday. This signified a N5.11.

It followed the same pattern against the Pound Sterling and the Euro trading at N2,156.23/£1 and N1,852.75/€1 respectively, losing N2.40 and 60 Kobo from N2,153.83/£1 and N1,852.15/€1.

The local currency also declined by N5.37 on the Canadian Dollar as it fell to N1,207.55/CAD1 from N1,202.18/CAD1

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