The Dollar to Naira exchange rate as of Friday, December 10, 2021 remained largely unchanged at both the official forex trading section and the unregulated parallel market popularly known as the black market.
Dollar to Naira Exchange Rate at Black Market
At the black market, the Naira opened at N571 per dollar on Friday. In November, the black market saw the Naira take a huge jump from N575 per dollar to around N530 per dollar. However, it is recently falling closer to the price from which it made such a significant jump.
Dollar to Naira Exchange Rate at Official Market Today
The Naira again took on its steady rate of N415.07 per dollar at the official forex market managed by the FMDQ Group after closing at that price on Thursday. It had earlier opened at N413.71 per dollar on Thursday, but fell back to N415.07 after all trading for the day was closed.
On Friday morning, the Naira opened at N413.69 per dollar at the official window. This is a marginal rise of N0.02, from the N413.71 at which it opened on Thursday morning. The opening prices remained very similar, and it points to the possibility that the closing price may remain the same.
Since about two weeks ago when the Naira started closing at N415.07 per dollar, it has been sitting at that rate quite consistently. Although fluctuations are normal during every trading day and opening prices usually differ, the Nigerian currency still returns to close at the same price.
Stability is always key for a currency’s Foreign Exchange value, and although it is far from what is desired it still represents a stable, short-term future for the currency.
As usual, the FMDQ group updated the Spot and Forward rates from the trading rounds of Thursday. The spot exchange rate (rate for all transactions taking place within a trading day) reached a high of N404 per dollar, and got to a low of N444 per dollar. This is a normal value range for the spot rate, as it had traded at that range for a good amount of time in the past weeks.
The Forward rate (rate for all transactions that will take place in the future, but agreed on a particular trading day) saw a different fate, as it reached a high of only N430 per dollar, and a low of N453 per dollar.
The turnover for Thursday sat at N453.38 million, implying that a large volume of the American currency was traded.
Bitcoin to Naira Exchange Rate
The price of Bitcoin depreciated against the Nigerian Naira in the last 24 hours to N19.893 million per coin, a decline of 1.04 percent. While the price of the second most capitalised cryptocurrency, Ether depreciated by 4.22 percent to N1.684 million per coin.
Still, bitcoin, the world’s most dominant cryptocurrency, has returned 66.24 percent profit year-to-date.
