Naira

Dollar to Naira Today March 24, 2022

Published

2 years ago

March 24, 2022

The Dollar to Naira today sits at N416.25 according to exchange figures from the Central Bank of Nigeria. This figure shows that the local currency continues to maintain stability amidst a number of factors that influence the value of the dollar to naira in the exchange market.

The naira stood at 415.98/$1 on Wednesday, March 23rd, after closing at N417/$1 dollar on Tuesday, March 22nd, 2022.

Also, with the Pounds Sterling and the Euros, the local currency improved to N549.66/£1 against the N550.62/£1 and N457.63/€1 against the N458.17/€1 respectively, from the previous figures on Wednesday 23rd March.

At the unregulated black market, the dollar to naira today ranges from N582/$1 to N583/$1.

The volume of Naira in Circulation Falls

According to the central bank, the volume of naira in circulation reduced Month-on-Month by 0.27% to N3.29 trillion from N3.25 trillion in January 2022. This is alongside data that reveals that credit facilitated by banks to the private sector rose by 4.23% to N36.9 trillion last month from N35.4 trillion in January 2022.

The CBN made this data available after its Monetary Policy Committee meeting in a communique tagged Money and Credit Statistics. The apex bank also disclosed that this data supports the idea positive activities may be going on in the country to boost the economy owing to the increase in credit to the private sector.

However, experts believe that the value of the naira may be informing Nigerians to move their money out of the economy because of the exchange rates in order to buy foreign currency.

Expert Project Massive Job Losses

Experts have also projected that there may be massive losses in the workforce owing to the country’s ongoing foreign exchange shortages and economic issues. In an interview with the media, Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria (MAN), projects that the currency crisis might lead to enormous job losses in the manufacturing industry as well as other sectors.

Segun revealed that manufacturers have been obliged to use BDC operators and that the group had contacted the Federal Government for immediate assistance.

Cryptocurrency Today

In the digital currency exchange market, Bitcoin showed a slight improvement with a 0.82% increase that represents N17.68 million/1BTC against a slight drop in value the previous day.

Ethereum also showed a 1.87% increase which represents N1.25/1ETH.

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Naira

Black Market Dollar to Naira Exchange Rate Today 6th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 6th, 2024 stood at 1 USD to ₦1,420.

Published

4 hours ago

May 6, 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 6th, 2024 stood at 1 USD to ₦1,420.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,400 and sold it at ₦1,390 on Saturday, May 4th, 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 the black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,420
Selling Rate: ₦1,410

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

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

2 days 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

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

4 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.