Forex

Naira Extends Gain on Parallel Market, Now $449/$1

Published

7 years ago

March 18, 2017

Naira Extends Gain on Parallel Market, Now $449/$1

The naira appreciated further on the parallel market yesterday to close at $449 to the dollar, stronger than the N453 to a dollar it closed the previous day.

But the buy rate of the greenback appreciated to $445 to the dollar yesterday.

This is just as the country’s external reserves defied flunctuations in prices of crude oil in the international market and continued on the path of growth. The latest figures from the Central Bank of Nigeria (CBN) showed that the country’s external reserve was at $30.304 billion as at Thursday. At its current value, the external reserve has grown by $4.461 billion year-to-date.

The CBN had on Thursday said it had offered and received bids for $100 million from authorised dealers in the interbank market to meet the requests of genuine customers. The CBN spokesman who disclosed this had explained that the sales would be settled yesterday (Friday). He, however, disclosed that no intervention was made by the Bank to meet requests for invisibles on Thursday.

Okorafor reiterated that the CBN would continue to make necessary interventions in the interbank market to meet all legitimate transaction-based foreign exchange demands by customers.

The CBN had on Wednesday sold of a total of $150 million through foreign exchange (FX) forwards. During that auction, the highest bid rate was N335/$1 and the marginal rate was N320/$1. Okorafor had also said the highest rate of N335 was the same as the last auction rate of March 8, 2017. He, however, added that there was a change in the marginal rate from N315/$1 during the last auction to Wednesday’s marginal rate of N320.

Speaking further, Okorafor expressed confidence that the pressure hitherto faced by both small and big-end users will be totally overcome soon.

It will be recalled that the CBN, in the past few weeks, has been making offers and releases to the inter-bank foreign exchange market in its bid to sustain forex supply to different categories of users. The latest FX offer by the CBN took the total intervention since the changes to its FX policy was announced last month to $1.715 billion.

Also, Travelex with the approval of the central bank on Thursday sold a total of $25 million to 3,124 Bureau De Change (BDC) operators. The development also helped to improve the volume available to sell to retail customers. The President of the Association of Bureau De Change of Nigeria (ABCON), Alhaji Aminu Gwadabe, said Travelex sold the dollars to his members at N381 per dollar.

Oil prices finished with a modest loss on Thursday, a day after a big rally, as rising output from the U.S. remained a threat to efforts by other major producers to rebalance the market.

West Texas Intermediate crude oil edged down by 11 cents to settle at $48.75 a barrel after rallying by 2.4% on Wednesday. Also, Brent crude shed seven cents to $51.74 a barrel.

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Naira Consolidates Gain Against Dollar

Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Naira

Dollar to Naira Black Market Exchange Rate Today 4th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 4th, 2024 stood at 1 USD to ₦1,400.

Published

22 hours ago

May 4, 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 4th, 2024 stood at 1 USD to ₦1,400.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,380 and sold it at ₦1,370 on Friday, May 3rd, 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: ₦1,400
Selling Rate: ₦1,390

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

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

2 days 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

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

3 days 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.