Naira

Naira to Dollar Rate Today September 07, 2022

Published

2 years ago

September 7, 2022

The Nigerian Naira weakened against the dollar on Wednesday as the central bank continues to experience anxiety from reduced foreign exchange inflows amid falling oil production.

At the Investors and Exporters foreign exchange window, the Nigerian Naira shed N3.00 from N433.00 it opened on Tuesday, September 6, 2022, to N436.00 at the close of business.

The Spot rate and forward rate recorded a change as the Spot rate increased as high as N437.00 per dollar, while it also recorded a decrease in rate as low as N425.00 per dollar.

For the Forward rate, the Naira was traded at the increased rate of N452.67 per dollar, it also decreased to N436.00 per dollar.

According to the data available at the FMDQ managed forex window, currency traders at the Investors and Exporters foreign exchange window made a transaction of $63.05 million in trade on Tuesday.

The Nigerian Naira exchanged lower at the parallel market, popularly known as the black market, trading at N702 per dollar on Wednesday, amid the constant foreign exchange shortage and reduced revenue production.

At the Central Bank of Nigeria’s supervised foreign exchange section, the Nigerian Naira was exchanged at N426.11 to the United States dollar while it was exchanged at N492.924 against the British Pounds Sterling on Tuesday.

The Nigerian Naira traded at N422.6159 against the Euro currency.

In addition, Nigeria’s foreign reserve recorded a decline, from $39.024 billion recorded as of Wednesday 31st August 2022, to record $38.935 billion as of Monday, 5th September 2022.

The country’s foreign reserve has been on a downward spiral due to the constant intervention by the Central Bank of Nigeria in the official market to maintain the stability of the local currency.

As the Naira declines in value, inflation takes over the economy, which usually affects the citizens.

The central bank has declared that the Nigerian economy needs a substantial turnaround, such as focusing on the non-oil sector to boost the economy and also work towards improving exports.

Up Next

Nigerian Naira Ranked 4th Worst Performing Currency in Africa

Don't Miss

Naira Exchanges at N705/US$ at the Black Market

Investors King

Comments

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

9 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.