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Naira Plummets to Record Low as Forex Supply Gap Persists

The local currency traded at N803.9 to a dollar in the Investors & Exporters (I&E) window, which serves as the official forex market, and N822/$ in the parallel market during the weekend

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Naira Exchange Rates - Investors King

The Nigerian foreign exchange (forex) market is grappling with a persistent supply shortage as the local currency, the Naira, plummeted to a new low over the weekend.

The local currency traded at N803.9 to a dollar in the Investors & Exporters (I&E) window, which serves as the official forex market, and N822/$ in the parallel market during the weekend. Suggesting persistent foreign exchange illiquidity across the nation’s main forex segments.

Checks by Investors King show a 6.6 percent decrease in the volume of dollars traded in the I&E window, leaving dealers disappointed by the lack of anticipated supply increase last week.

Comparing the previous week’s rates, the parallel market witnessed a 5.5 percent depreciation, reaching N822/$ from the previous N779/$ closing rate. Similarly, in the I&E window, the Naira depreciated by 3.9 percent week-on-week, settling at N803.9/$ from the previous rate of N776.9/$ on Friday.

Research shows that following market reforms implemented by the Central Bank of Nigeria (CBN), the exchange rate has remained volatile, experiencing daily fluctuations until it hit a new record low over the weekend.

The implemented reforms primarily aimed to eliminate multiple exchange rates and reintroduce the ‘Willing Buyer Willing Seller’ market model in the I&E window.

However, since the introduction of these measures, the Naira has cumulatively depreciated by 70 percent (N321.23) and 7.0 percent (N58) in the I&E window and parallel market, respectively.

Also, the closing rate from last week indicates that the margin in the parallel market, which had initially narrowed following the new policy, has now begun to widen.

Ahmed Danjuma, a parallel market operator in Lagos Island, stated, “People are demanding the dollar. It is not easy to get dollars from the bank because it is very scarce. The supply is very low. Even Bureau De Changes have little access to the foreign currency.”

Similarly, Umoru Mohammed, a parallel market operator in the Ikotun area of Lagos, noted, “Dollar was very scarce today (last Friday) as we could hardly have access to it even from the banks. Every day, the demand for dollars increases, but the supply is very little. This is really hindering business, especially for transactions requiring dollars.”

Aminu Gwadabe, President of the Association of Bureaux De Change Operators of Nigeria (ABCON), expressed his concern over the situation, stating, “The situation is tough; it even traded at N822 in some segments today (last Friday). You know now the restrictions have been removed; there is also competition and a surge in demand. Most people are still holding assets in dollars, and we have not seen significant inflows even from the side of the investors.”

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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Naira

Naira to Dollar Black Market Exchange Rate September 30th, 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 30th, 2023, the dollar to naira exchange rate is 1 USD to 1008 NGN at the black market.

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Naira Dollar Exchange Rate - Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 30th, 2023, the dollar to naira exchange rate is 1 USD to 1008 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1008, 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.

How Much is Dollar to Naira Today in the Black Market?

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 ₦1008 and ₦1000 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 ₦1008 and sold for ₦1000.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 1000
Selling Rate 1008

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Investors King understands that although the dollar to naira opened at N1008 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, September 30th, 2023, individuals in the black market purchased one US dollar for N1008 and sold it for N1000.

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 to Dollar Black Market Exchange Rate September 29th, 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 29th, 2023, the dollar to naira exchange rate is 1 USD to 1008 NGN at the black market.

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on

Naira to Dollar Exchange- Investors King Rate - Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 29th, 2023, the dollar to naira exchange rate is 1 USD to 1008 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1008, 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.

How Much is Dollar to Naira Today in the Black Market?

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 ₦1008 and ₦1000 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 ₦1008 and sold for ₦1000.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 1000
Selling Rate 1008

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Investors King understands that although the dollar to naira opened at N1008 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, September 29th, 2023, individuals in the black market purchased one US dollar for N1008 and sold it for N1000. This shows that the value of the Naira was mixed when compared to Thursday, September 28th, 2023 when the local currency was exchanged at N1000 to a Dollar and a Dollar was purchased at N995.

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.

Continue Reading

Naira

Naira to Dollar Black Market Exchange Rate September 28th, 2023

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on

New Naira notes

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 28th, 2023, the dollar to naira exchange rate is 1 USD to 1009 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1009, 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.

How Much is Dollar to Naira Today in the Black Market?

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 ₦1009 and ₦994 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 ₦1009 and sold for ₦994.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 994
Selling Rate 1009

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Investors King understands that although the dollar to naira opened at N1009 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, September 28th, 2023, individuals in the black market purchased one US dollar for N1009 and sold it for N994. This shows that the value of the Naira was unchanged when compared to Wednesday, September 27th, 2023 when the local currency was exchanged at N1000 to a Dollar and a Dollar was purchased at N995.

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.

Continue Reading
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