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Dollar to Naira Exchange Rate Today, June 14, 2022

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US Dollar - Investorsking.com

Naira depreciated slightly against the United States Dollar on Tuesday at the official foreign exchange window managed by the Central Bank of Nigeria (CBN).

The local currency was sold at N415.72 to a United States Dollar, slightly lower than the N415.63 it was exchanged for on Thursday.

Against the Pounds Sterling, the Nigerian Naira gained N19.0518 from N521.491 it was sold by the apex bank on Thursday to N502.4392 on Tuesday.

Similarly, against the Euro common currency, the Naira appreciated by N11.7929 to N434.5937, up from N446.3866 it traded on Thursday.

Naira Black Market Rate

In the unregulated black market, the Nigerian Naira remained under pressure trading at N610 to a United States Dollar in Lagos and Abuja. In Ibadan, it was exchanged at N605 on Tuesday.

Pounds Sterling is not any better, Nigerians bought the British Pounds at N748 and sold it at N740 despite the apex bank mandating it to be sold around N505.  Most forex traders, however, blamed the apex bank for black market success, saying scarcity of forex forced most businesses to patronize that section of forex.

Crude Oil

Crude oil extended its bullish run on Tuesday as supply concerns outweigh COVID-19 concerns. Oil prices appreciated on reports that OPEC and allies are struggling to deliver on pledged production increases because of the capacity issues in many members.

Brent crude oil, against which Nigerian oil is priced, rose to $123.21 a barrel from $122 it opened the week on Monday while the U.S. West Texas Intermediate (WTI) crude oil appreciated by $1.22 to $122.05 a barrel.

Craig Erlam, a Senior Market Analyst, UK & EMEA, OANDA in a note to Investors King said “Oil prices have steadied in recent days as economic fears and fresh Chinese restrictions have taken the wind out of the sails of the rally. The market remains extremely tight and further disruptions in Libya, where production has reportedly fallen by more than a million barrels a day since last year, aren’t helping matters.”

Cryptocurrency

Bitcoin and the entire cryptocurrency market remained in limbo as the market value of Bitcoin plunged by 50% from the year to date while other cryptocurrencies like Ethereum, XRP, etch have shed closed 60%. Investors are now scrambling to cut losses and exit the unregulated market.

However, there were reports that certain cryptocurrency companies have halted withdrawal, forcing investors to go through the bearish circle.

Other cryptocurrency companies like Crypto.com, Coinbase, BlockFi, etc have started cutting jobs to cut operating costs.

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.

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New Naira notes

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.

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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

on

New Naira notes

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.

Continue Reading

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

on

New Naira Notes

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

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