Naira

Nigerian Naira Ranked 4th Worst Performing Currency in Africa

Published

2 years ago

September 8, 2022

The Nigerian Naira ranked fourth among the worst performing currencies in Africa since January 2022, a report by Steve Hanke, a Professor of Applied Economics and Director of the Troubled Currencies Project in the United States, has shown.

Hanke’s currency watchlist is a list of currencies that have depreciated by at least 20% against the dollar since January 2020.

According to the recent ranking released by Hanke, the Zimbabwean dollar tops the list as the worst-performing currency in Africa against the United States dollar. The Zimbabwean dollar has depreciated against the United States Dollar (USD) by 97.33% since January 2020.

Hanke in a tweet said, “Zimbabwe must dump the Zim dollar and adopt the USD immediately.”

The Sudanese pound comes second on the list of the worst-performing currencies in Africa. The Sudanese pound has depreciated against the USD by 84.95% since Jan 2020. According to Hanke, the only way to save Sudan’s pound & its economy is to install a currency board.

South Sudan ranks third on the list after the country’s currency depreciated against the U.S Dollar by 50.79% since January 2020.

The Nigerian Naira appeared on the list as the 4th worst performing currency in Africa and 11th globally. The currency’s value has depreciated against the U.S Dollar by 48.87% since January 2020.

The Ghana Cedis comes 5th on the list of worst-performing currencies in Africa. According to Hanke, the Ghanaian cedi has depreciated 42.57% against the USD since January 2020.

Kwacha, the Malawi currency ranks 6th on the list of worst performing African currencies. The kwacha has depreciated against the United States Dollar by 39.54% since January 2020.

Sierra Leone Leone comes in 7th place on the list of worst performing currencies in Africa. The leone has depreciated against the USD by 31.23% since January 2020.

Investors King had previously released a list of African countries with the highest food inflation, with Zimbabwe topping the list with 309%, with Nigeria ranking 11th with 22.02% food inflation.

With the recent happenings in the country, the Nigerian Naira value continues to decline, leaving the Central Bank of Nigeria struggling to address the declining foreign revenue inflow, drop in oil production and oil theft.

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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

14 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.