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Naira’s Nosedive Spurs Greenback Frenzy on Nigerian Streets

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Naira Exchange Rates - Investors King

Nigeria’s currency, the naira, experienced a sudden 5% slump against the US dollar on the streets of the West African nation.

This free fall in the naira’s value in the official market prompted a rush by residents to seek refuge in the safe haven of the greenback.

The naira’s exchange rate plunged to 1,110 to a dollar, a significant drop from 1,052, according to Abubakar Mohammed, the CEO of Forward Marketing Bureau de Change Ltd.

This alarming depreciation came on the heels of the Central Bank of Nigeria’s unprecedented decision to allow the naira to depreciate by 8.9% to a record low of 848.12 a dollar in the official market, as announced on Tuesday.

As a result of this economic instability, many Nigerians are frantically looking to stock up on US dollars.

According to Mohammed, “There is no supply of the dollar, yet a lot of people are looking for it to travel or do business.”

Nigeria’s ongoing struggle to stabilize the naira has seen a decline of over 40% since President Bola Tinubu took office in May, vowing to unify the nation’s foreign-exchange market.

This unfortunate situation has led to a significant gap of approximately 24% between the official and parallel market exchange rates.

Earlier this month, the central bank further contributed to the naira’s woes by lifting restrictions on the purchase of foreign currency, which was previously required to import 43 items, including rice, vegetables, and chicken.

These restrictions, in place for over a decade to promote local production, backfired, driving up the demand for dollars on the parallel market.

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Naira

Black Market Dollar to Naira Exchange Rate Today, March 1st, 2024

As of March 1st, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,530 NGN in the black market, also referred to as the parallel market or Aboki fx.

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Naira Exchange Rates - Investors King

As of March 1st, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,530 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 N1,480 and sell it at N1,470 on Thursday, February 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: N1,530
  • Selling Rate: N1,520

Continue Reading

Naira

Black Market Dollar to Naira Exchange Rate Today, February 29th, 2024

As of February 29th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,480 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

on

NAIRA - Investors King

As of February 29th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,480 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 N1,600 and sell it at N1,590 on Wednesday, February 28th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved 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: N1,480
  • Selling Rate: N1,470

Continue Reading

Naira

Black Market Dollar to Naira Exchange Rate Today, February 28th, 2024

As of February 28th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,600 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

on

New Naira notes

As of February 28th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,600 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 N1,530 and sell it at N1,520 on Tuesday, February 27th, 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: N1,600
  • Selling Rate: N1,590

Continue Reading
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