Naira

Naira Remains Unchanged Against the United States Dollar At N420/$1

Published

2 years ago

June 8, 2022

The Nigerian Naira maintained a flat rate against the US dollar at N420.75/$1 on the Investors and Exporters (I&E) window on Tuesday.

According to Investors King, this is almost the same rate the local currency traded on Monday when it exchanged at N420.25 to US$1.

At the Central Bank of Nigeria (CBN) regulated forex section, the U.S Dollar was sold at N415.63 to deposit money banks and international money transfer operations allow to deal with the CBN directly. The apex bank acquired US$1 at N414.63 as of June 6, 2022.

However, despite the CBN selling dollars at N415.63 to deposit money banks for onward sale to importers and other forex users, Nigerians are complaining that it is impossible to access forex at CBN stipulated rate in any of the banks. Hence, why the black market section continues to thrive.

Most importers and businesses are now patronising that section of forex despite the CBN warning. This explains the surge in demand that has now bolstered the exchange rate at the black market to as high as N607 to a single U.S. Dollar, an increase of about 33% from the CBN mandated rate.

Foreign Reserves

While the CBN has continued to service the economy with the U.S. dollar, the bank’s intervention rate has dropped due to the decline in Nigeria’s foreign reserves.

The central bank sustained Nigeria’s Naira exchange by selling dollars realised from crude oil sales. However, because of the persistent decline in Nigeria’s crude oil sales in the first half of 2022, the apex bank has been unable to strategically support the Naira as usual.

For instance, Nigeria’s foreign reserves started nosediving since politicians commenced campaigns for the 2023 general elections. Data from the CBN showed foreign reserves declined from $39.012 billion on May 13, 2022, to $38.422 billion, representing a decline of $588 million.

This decline has been attributed in part to the bribery of delegates expected to vote in various primaries.

Cryptocurrency Exchange Rate

Evidently, the digital currency has witnessed a slight recovery since the past week, having to deal with a constant decline in value.

Bitcoin to Naira exchange rate appreciated in the last 24 hours by 2.49% to N18,250,022 a coin as against the N17,655,200 million a coin on Tuesday.

The Ethereum token (ETH) also witnessed an improvement of 2.38% to close N1,081,309 to a coin as against ₦1,051,333 of yesterday, and apparently the first time since its consistent decline in value for a week plus.

Binance coin (BNB) followed through as the rate grew with a 1.14% going for N172,997, unlike the N166,036 to a coin as of yesterday.

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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

17 hours 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

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 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

1 day 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.

Black Market Dollar to Naira Exchange Rate

Buying Rate: N1,350
Selling Rate: N1,340

Naira

Dollar to Naira Black Market Today, April 30th, 2024

As of April 30th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,340 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

3 days ago

April 30, 2024

Samed Olukoya

As of April 30th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,340 NGN in the black market, also referred to as the parallel market or Aboki fx.

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.