Naira

Naira Improves Marginally at the Official Forex Window on Monday

Published

3 years ago

November 1, 2021

The Nigerian Naira opened at N414.12 to a United States Dollar at the official foreign exchange window on Monday. This represents an improvement of 0.09 percent when compared to N415.10 the local currency closed on Friday.

Investors and exporters traded $93.71 million at the official foreign exchange window during the trading hours of Friday.

As expected the central bank rates were better than the official window. Below are the apex bank rates for Friday, October 29, 2021.

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
10/29/2021	US DOLLAR	410.09	410.59	411.09
10/29/2021	POUNDS STERLING	565.145	565.8341	566.5231
10/29/2021	EURO	477.4678	478.0499	478.6321
10/29/2021	SWISS FRANC	449.8081	450.3565	450.9049
10/29/2021	YEN	3.602	3.6064	3.6108
10/29/2021	CFA	0.707	0.717	0.727
10/29/2021	WAUA	578.449	579.1542	579.8595
10/29/2021	YUAN/RENMINBI	64.1047	64.1833	64.2619
10/29/2021	RIYAL	109.3282	109.4615	109.5948
10/29/2021	SOUTH AFRICAN RAND	26.9058	26.9386	26.9714

At the unregulated parallel market, the local currency was exchanged at N565 to a United States Dollar on Monday morning, the same rate it traded on Friday.

The slight improvement in Naira value in recent weeks is a result of the marginal increase in the nation’s foreign reserves from $39.620 billion recorded on October 14, 2021, to $41.753 billion as of Monday, November 1, 2021.

Naira’s value is directly proportional to the volume of Nigeria’s foreign reserves given the nation’s economic structure as a petrol-dollar economy. In order to effectively service Africa’s largest population, with its limited local manufacturing, Nigeria’s government had to sell crude oil and use the dollar realised to service its large import-dependent economy while simultaneously supporting the local currency.

However, the weak manufacturing sector and low exportations outside crude oil have impeded Nigeria’s ability to generate enough forex from the non-oil sector to service its economy. While the central bank had implemented several measures and compelled various businesses to stop patronising the black market for their forex needs, the inability of the apex bank to meet the nation’s forex growing demand is what is sustaining the black market – where sellers get paid N565 per dollar against central bank’s N414 stipulated rate.

Meanwhile, the eNaira wallet has been improved to address some of the earlier complaints. Potential customers can now download the improved version.

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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

23 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.