Naira

Naira Closes the Week With 0.3% Appreciation Against US Dollar

Published

2 years ago

June 11, 2022

The Naira concluded the week with a 0.3 percent appreciation against the US Dollar at the Investors and Exporters (I&E) window of the foreign exchange market on Friday, June 10.

Naira was traded at the official investor’s window for N421.25 compared to the previous day which was sold at N422.50/$1, recording a 0.3 percent appreciation.

This came after the value of currency exchanging on the spot market fell by 31.6 percent during the trading session.

Investors King observed that transactions worth $105.11 million were carried out during the session compared with the $153.71 million achieved in the preceding day.

Naira’s overall review for the week on the Investors & Exporters window was on the barest average, as it witnessed a flat rate of N420.25 – N420.75/$1 for the three days while recording a 0.54% loss to be sold at N422.50/$1 on the fourth day only to bounce back on Friday.

Meanwhile, at the official Central Bank of Nigeria’s (CBN) trading segment, the Naira remained unchanged for the whole week. This implies that Naira was exchanged at N415.63/$1 to commercial banks as stated yesterday.

The parallel market popularly known as the black market witnessed a downslide as the United States Dollar gained 2 Naira against the local currency. Unlike the previous trading session which was sold between N600 to N610 to 1 Dollar, Naira’s minimal exchange rate was between N602- N610.

Cryptocurrency Exchange Rate

The digital currencies further witness a devaluation in price as the crash persists!

Over the past 24 hours, the Bitcoin exchange rate fell to $28,477.22 which is equivalent to N11,807,335.02 for a coin. This was a downslide of 3.89% as against the $30,079.80, that was recorded on Friday. The recent price action in Bitcoin left the token’s market capitalization at $540,175,173,174.81 USD.

The Ethereum (ETH) like its counterpart experienced a bottom barrel decline in value as it recorded a 10.42% change over the past 24 hours. This reveals a coin is sold at $1,548.37, or N642,774.84. In the week’s evaluation, ETH only recorded an improvement of 2.38% on Tuesday with a coin being sold at N1,081,309.

This time around, Binance (BNB), followed through with a decline as it witnessed a change of 4.97% over the past 24 hours. The Binance Coin price is $275.84, or N114,509.46. BNB had maintained a balanced rate with a coin price sold at $288.92, as of yesterday.

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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

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

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

3 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.