Naira

CBN Warns Again, Orders Nigerians to Desist From Converting Naira to Dollar

The apex bank has once again warned bank clients sternly to desist from converting Naira for dollars, most especially politicians

Published

2 years ago

October 12, 2022

Investors King

Following the initial warning issued by the Central Bank of Nigeria (CBN) to Nigerians to stop converting Naira to Dollar, the apex bank has once again warned bank clients sternly to desist from converting Naira for dollars, most especially politicians.

According to the Governor of the central bank, Mr. Godwin Emefiele, such acts violate the foreign exchange policy guidelines.

Emefiele, who spoke after the last Monetary Policy Committee (MPC) meeting, further stated that any customer found guilty of violating the guidelines, the CBN would impose a “Post No Debit” (PND) on the account(s).

This means that with PND, such customers will never be able to conduct banking transactions in any of the financial systems in Nigeria.

In his words, “As far as we are concerned, we monitor liquidity in the subsystem. We will use our powers to mop up cash for those taking money from banks to buy Dollars.

“It is illegal to do so. If the security agencies hold you, you will know the implication of that.

“We are monitoring customers and banks, any banks involved will be sanctioned.

“We will place Post no Debit on the defaulting customer’s account. It is a very injurious tool to stop you from conducting illegal flows, either domestic or foreign currency.

“We will conduct investigations, and we will have proof that you will not be able to conduct transactions in any Nigerian bank.”

Such warning from the Central Bank became more necessary due to the huge volatility of the Naira that forces people to illegally convert it to dollars.

Also with the preparations for the upcoming 2023 Presidential election in top gear, it is believed that a lot of politicians in Nigeria seek to mop up FX from the system by stacking up dollars for electoral purposes which will no doubt cause the Naira to lose its value as the CBN has warned them to desist from doing so.

It should be recalled that Investors King on September 16, 2021 reported that the CBN had directed deposit money banks to freeze all the bank accounts associated with AbokiFX for publishing foreign exchange rates other than the rates determined by the CBN, blaming the platform for the deterioration of the naira against the dollar.

Despite the ban enforced on foreign exchange update platform, Aboki FX, and the eventual stopaged of foreign exchange rate updates by the platform, the Naira has plunged to a new all-time low of $1/N735 on the parallel market, down from about N585.

Up Next

Naira to Dollar Exchange Rate Jumps to N730/US$1 Today October 12, 2022

Don't Miss

Naira Slips Further Against the U.S. Dollar, Exchanges at N740

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

1 day 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.