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Naira Hits a Record N1235 Per Dollar on Black Market as Scarcity Persists

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Naira Exchange Rates - Investors King

The Nigerian Naira extended its decline against the United States Dollar on the parallel market popularly known as the black market.

The local currency was exchanged at N1235 to a United States dollar on Monday, a further decline from the N1200 it traded in the early hours of the day.

Economic uncertainty amid complex and unclear policy has dragged on Africa’s largest economic productivity as local businesses continue to struggle to access necessary forex for the importation of raw materials in a nation that depends on importation most of its consumption.

The local currency plunged by over 200% against the United DOllar on the black after President Bola Ahmed Tinubu removed fuel subsidies and immediately free-floated the Nigerian Naira in June.

Since the policy adjustments, the inflation rate has risen to 26.72%, the highest in over two decades. The unemployment rate continues to rise with the increase in the number of businesses shut while household income and consumer spending have dropped with the plunge in economic productivity.

President Bola Tinubu on Monday announced plans to pay $13 billion in foreign exchange obligations in order to improve dollar liquidity and prop up the value of the Nigerian naira against the United States Dollar.

He said “All foreign exchange future contracts will be honoured by this government. I assure you we have a line of sight to the foreign exchange we need to refloat this economy. And we will get it.”

This was after the Governor of the Central Bank of Nigeria, Olayemi Cardoso, had said the apex bank is working towards settling all foreign exchange obligations in September.

“We need to promptly find a way to take care of that. It would be naive for us to expect that we’ll be making too much progress if we’re not able to handle that side of the foreign exchange market,” he said.

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Naira

Black Market Dollar to Naira Exchange Rate Today, February 26th, 2024

As of February 26th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,660 NGN in the black market, also referred to as the parallel market or Aboki fx.

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As of February 26th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,660 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 N1,610 and sell it at N1,600 on Friday, February 23rd, 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: N1,660
  • Selling Rate: N1,650

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Naira

Dollar to Naira Black Market Today, February 23rd, 2024

As of February 23rd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,610 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

on

Naira Dollar Exchange Rate - Investors King

As of February 23rd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,610 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 N1,650 and sell it at N1,640 on Thursday, February 22nd, 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: N1,610
  • Selling Rate: N1,600

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Naira

Naira Appreciates Slightly to N1,542.58/$ at NAFEM

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New Naira notes

The Naira appreciated marginally against the United States dollar, closing at N1,542.58/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday.

This modest gain represents a 2.9 percent appreciation from the previous day’s rate of N1,598.54, highlighting a nuanced fluctuation in the currency’s value.

According to data sourced from the FMDQ Securities Exchange, a platform overseeing FX trading in Nigeria, the Naira’s journey throughout the trading day was marked by an intra-day high of N1,755 and a low of N1,050.

Moreover, the total foreign exchange turnover surged to $172.14 million, indicating a 47 percent increase from the previous day.

Despite the Naira’s marginal gain at NAFEM, concerns persist regarding the widening gap between the official and parallel market rates.

The Naira’s depreciation to N1,900 against the dollar in the parallel market before it moderated to N1,687 later in the day.

Analysts and Bureau De Change operators foresee further pressure on the Naira, with predictions of a potential all-time low of 2,000/dollar at the parallel market in the coming weeks.

The demand for the greenback continues to fuel volatility, prompting regulatory actions from entities like the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to curb speculative activities.

As stakeholders monitor the currency’s trajectory, the CBN’s efforts to address forex liquidity challenges and stabilize the Naira remain under scrutiny amidst evolving market dynamics.

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