Naira

Naira Improves Against Pounds Sterling and Euro on Monday

Published

2 years ago

April 25, 2022

The Nigerian Naira improved in exchange value against the Pounds Sterling and the European common currency, the Euro at the official foreign exchange window of the Central Bank of Nigeria (CBN).

The local currency gained 1.06% or N5.7835 from N542.3603 it exchanged against the Pounds Sterling on Thursday to N536.5768. Against the Euro, the Naira gained 0.61% or N2.7461 from N453.0279 it was sold for a Euro on Thursday to N450.2818.

However, against the United States Dollar, the Nigerian Naira remained unchanged at N416.08 per U.S Dollar.

Naira to Dollar at the Black Market

In the unregulated parallel market popularly known as the black market, the Naira remained excessively low to its counterparts. In Ibadan, the local currency was exchanged at N580 for a U.S. Dollar on Monday, April 25, 2022.

Crude Oil

Continous lockdown in China dragged on global oil prices on Monday to extend last week’s decline. Brent crude oil, against which Nigerian oil is priced shed $4.63 to $102.02 per barrel in the early hours of Monday. The U.S. West Texas Intermediate crude oil dipped by $4.11 to $97.96 a barrel.

Crude oil prices declined on concerns that the rising number of COVID-19 cases in China could hurt demand for the commodity given China is the world’s largest importer of crude oil. On Monday, the Chinese government was reported to have started erecting fences around buildings that house COVID-19 victims in an effort to contain the spread of the virus.

Several other parts of the world’s second-largest economy were said to be under lockdown restrictions. This, investors fear could drag on demand for crude oil and rein in prices despite the ongoing war in Ukraine.

Cryptocurrency

Cryptocurrencies extended their declines on Monday following Jerome Powell’s hawkish comments on interest rates. The Chairman of the Federal Reserves had suggested a 50% rate increase in the next Federal Open Market Committee (FOMC) meeting to curb escalating inflation rate. The U.S inflation rates jumped to a record-high of 8.5% in April to put pressure on the Fed to act or watch high prices erode recent progress in labour market.

Bitcoin extended declined by 3.23% in the last 24 hours to $38,480.85 a coin. Ether, Ethereum token shed 4.64% to $2,811.60 while Terra, XRP, Solana (SOL), Ada, Avalanche (AVAX) and Polkadot (DOT) lost 2.80%, 8.79%, 6.46%, 6.56%, 7.10% and 8.67% to $88.83, $0.648876, $95.11, $0.832448, $67.67 and $17.21 a coin.

The decline was broad-based and expected to extend further going forward. This is because capital inflow into the cryptocurrency space decline with an increase in interest rates, especially from the institutional investors that have been sustaining the unregulated space in the last 15 months.

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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

5 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

2 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.