Naira

Naira Plummets to N790 from N925 Amidst CBN’s Market Intervention

Published

9 months ago

August 16, 2023

The exchange rate of the Nigerian naira improved against the United States Dollar to N790 from N925 it was sold on the black market on Tuesday.

The shocking drop unfolded amidst a carefully orchestrated intervention by the Central Bank of Nigeria (CBN), leaving both financial experts and everyday citizens grappling with the magnitude of the market turmoil.

The day began with an air of uncertainty as the naira’s value slipped from its morning rate of N930 to N925 against the dollar. However, around 4:00 pm, a wave of whispers and rumors began to circulate among Bureau De Change (BDC) operators. These murmurs, it turns out, were harbingers of the CBN’s intervention.

Sources close to the situation reveal that the CBN had been quietly devising a strategy to halt the naira’s freefall.

Faced with the alarming decline, the acting CBN governor, Folashodun Shonubi, dropped subtle hints about imminent measures during his recent briefing with President Bola Ahmed Tinubu at the Presidential Villa in Abuja.

The intervention, however, proved to be more seismic than anticipated. As news of the CBN’s efforts spread, markets across the nation were set into a frenzy.

In Lagos, BDCs in Allen Avenue and Bagada reported a shift in their rates, buying at N900 and selling at N910, a stark contrast to the N970 recorded earlier that day. The Wapa forex market in Kano echoed this sentiment with BDCs now buying at N875 and selling at N905.

The Investors and Exporters window offered its own dramatic narrative. The dollar embarked on a rollercoaster ride, opening at N789/$ before surging to N799/$ before dipping to a low of N740/$ and eventually closing at N774/$.

This erratic trajectory reflected a N10 increase from the previous day’s closing rate of N764/$.

A currency exchange operator warned that many who had purchased the dollar at higher rates earlier in the day could face substantial losses.

A customer’s firsthand account captured the chaos in vivid detail as he recounted in disbelief how he had inquired about the N930 exchange rate in the morning, only to return in the evening to find it had plummeted to N790. The rapid shift from an initial N930 to N790 left him with no choice but to exchange at a lower rate.

Zone 4’s BDC operators emphasized the magnitude of the situation, underscoring the abrupt upheaval and significant losses suffered by those entrenched in the parallel exchange market.

As the nation grapples with the aftermath of this financial tempest, questions linger about the eventual stability of the naira and the lasting impact of the CBN’s intervention. With eyes on the future, the financial landscape braces for the ripple effects of a day that will undoubtedly be etched into Nigeria’s economic history.

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Black Market Dollar Rate Reaches ₦1,380 Today, May 3rd, 2024

US dollar to Nigerian Naira exchange rate as of May 3rd, 2024 at the black market stood at 1 USD to ₦1,380

Published

7 hours ago

May 3, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 3rd, 2024 stood at 1 USD to ₦1,380.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,350 and sold it at ₦1,340 on Thursday, May 2nd, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,380
Selling Rate: ₦1,370

As economic conditions continue to evolve, staying informed about currency exchange rates empowers individuals to make informed financial decisions. While the black market provides immediate insights, adherence to regulatory guidelines ensures stability and transparency in forex transactions.

Naira

Dollar to Naira Black Market Today, May 2nd, 2024

As of May 2nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,350 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

18 hours ago

May 2, 2024

Samed Olukoya

As of May 2nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,350 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,310 and sell it at N1,300 on Monday, April 29th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

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

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

Buying Rate: N1,350
Selling Rate: N1,340

Naira

Dollar to Naira Black Market Today, April 30th, 2024

As of April 30th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,340 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

3 days ago

April 30, 2024

Samed Olukoya

As of April 30th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,340 NGN in the black market, also referred to as the parallel market or Aboki fx.

Meaning, the Naira exchange rate declined when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

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

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.