CBN Exchange Rate

Association of Bureaux De Change Operators Calls for Digital Autonomy to Drive Exchange Rate Convergence

Published

2 weeks ago

September 11, 2023

Bureau Of Engraving And Printing Prints New Anti-Counterfeit 100 Dollar Bills

The Association of Bureaux De Change Operators of Nigeria (ABCON) has appealed to the Central Bank of Nigeria (CBN) to empower Bureaux De Change operators with digital autonomy, a move aimed at achieving exchange rate convergence.

In a press statement released on Sunday, Dr. Aminu Gwadabe, the President of ABCON, urged the apex bank to grant a no-objection approval for Bureaux De Change (BDCs) to transition fully into the digital realm for all their operational interactions.

This bold step, Dr. Gwadabe said holds the potential to stimulate rate convergence, quell market volatility, and ultimately drive economic growth.

ABCON, in its illustrious history, has previously led its members to successfully achieve rate convergence in the years 2006, 2009, and from 2018 to 2020, until the disruptive onset of the COVID-19 pandemic in 2020.

The granting of digital autonomy to these operators, he underscored, would pave the way for genuine market rate discovery, bolster the attainment of the Federal Government’s harmonized foreign exchange rate policies, and facilitate the effective oversight of BDCs’ transactions to ensure compliance with statutory and regulatory requirements.

Beyond its role as a source of employment for over 40,000 individuals within the sector, bestowing digital autonomy upon BDC operators is poised to usher in a new era marked by transparency, accountability, and simplified supervision.

Dr. Gwadabe articulated, “As a forward-thinking organization and the umbrella body for CBN-licensed BDCs, and in alignment with the CBN’s planned reforms aimed at enhancing tech compliance among BDCs, ABCON initiated various digitization reforms dating back to 2016.”

ABCON asserts that the time has come for the CBN to democratize and centralize the digital operational framework for all BDCs, by affording every operator the autonomy to embrace digital transformation.

This initiative holds the promise of not only fostering a unified and resilient BDC ecosystem but also contributing significantly to the stability and growth of Nigeria’s financial landscape.

For the latest updates on this pivotal development and more, stay tuned to our news platform.

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Dollar To Naira Black Market Exchange Rate For Today 14th January 2023

Investors King

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Black Market Rate

Dollar To Naira Black Market Exchange Rate For Today 14th January 2023

Published

9 months ago

January 14, 2023

Investors King

You can access the black market Dollar to Naira exchange rate for today, 14th January on Investors King.

This online 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 Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N742 and sell at N745 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Buying Rate	742
Selling Rate	745

The local currency (abokiFx) opened at N745.00 per $1 at the parallel market otherwise known as the black market, today, Saturday, 14th January 2023, in Lagos Nigeria, after it closed at N742.00 per $1 on Friday, 13th January 2023.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

CBN Exchange Rate

Dollar To Naira Black Market Exchange Rate For Today 12th January 2023

Published

9 months ago

January 12, 2023

Investors King

You can access the black market Dollar to Naira exchange rate for today, 12th January on Investors King.

This online 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 Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Buying Rate	742
Selling Rate	745

The local currency (abokiFx) opened at N745.00 per $1 at the parallel market otherwise known as the black market, today, Thursday, 12th January 2023, in Lagos Nigeria, after it closed at N745.00 per $1 on Tuesday, 11th January 2023.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

CBN Exchange Rate

Daily Naira Exchange Rates; Monday December 28, 2020

Published

3 years ago

December 28, 2020

Samed Olukoya

Daily Naira Black Market Exchange Rates

Morning * Midday** Evening ***

Date	USD	GBP	EURO	YUAN	Canadian	Australian
NGN	BUY/SELL	BUY/SELL	BUY/SELL	BUY/SELL	BUY/SELL	BUY/SELL
28/12/2020	460/465	615/625	560/570	60/70	350/367	245/293
25/12/2020	460/465	615/625	560/570	60/70	350/367	245/293
24/12/2020	460/465	615/625	560/570	60/70	350/367	245/293
23/12/2020	470/475	622/632	575/580	60/70	350/367	245/293
22/12/2020	472/476	622/630	570/578	60/70	340/362	250/295
21/12/2020	472/476	622/632	570/580	55/68	340/362	250/295
18/12/2020	472/477	622/630	570/577	55/68	340/362	250/295
17/12/2020	472/478	623/633	570/577	55/68	340/362	250/295
16/12/2020	472/476	620/627	570/576	55/68	340/362	250/295

Bureau De Exchange Naira Rates

Date	USD	GBP	EURO
NGN	BUY/SELL	BUY/SELL	BUY/SELL
28/12/2020	455/475	605/628	555/573
25/12/2020	455/475	600/628	550/575
24/12/2020	455/474	600/628	555/575
23/12/2020	460/475	621/632	568/580
22/12/2020	470/475	620/631	568/577
21/12/2020	470/475	620/631	568/577
18/12/2020	460/475	620/630	568/577
17/12/2020	460/475	618/633	565/580
16/12/2020	460/480	618/633	565/580

Central Bank Official Naira Rates

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
12/24/2020	US DOLLAR	379	379.5	380
12/24/2020	POUNDS STERLING	514.9852	515.6646	516.344
12/24/2020	EURO	462.1526	462.7623	463.372
12/24/2020	SWISS FRANC	426.3697	426.9322	427.4947
12/24/2020	YEN	3.6551	3.6599	3.6648
12/24/2020	CFA	0.6881	0.6981	0.7081
12/24/2020	WAUA	545.8027	546.5227	547.2428
12/24/2020	YUAN/RENMINBI	58.0211	58.0981	58.1751
12/24/2020	RIYAL	100.9993	101.1326	101.2658
12/24/2020	SOUTH AFRICAN RAND	25.8615	25.8956	25.9297