Naira

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

Naira to Dollar exchange rate at the parallel market stood at N730 on Tuesday, a slight improvement from the N731 it traded to a United States Dollar on Friday.

Published

2 years ago

October 12, 2022

Investors King

The Nigerian Naira traded lower to a United States Dollar in the parallel market commonly referred to as the black market.

Naira to Dollar exchange rate at the parallel market stood at N730 on Tuesday, a slight improvement from the N731 it traded to a United States Dollar on Friday.

Similarly, at the interbank section managed by the Central Bank of Nigeria (CBN), the Naira dropped slightly from N434.78 it exchanged against the United States Dollar on Friday, October 7 2022 to N435.27 on Tuesday.

However, Pounds Sterling and the Euro to Naira exchange rates improved at the interbank level. The Naira to Pounds Sterling exchange rate stood at N482.4533, up from N487.3449 on Friday.

Against the Euro common currency, the Naira appreciated from N425.867 it exchanged on Friday to N423.3001 on Tuesday.

At the official forex exchange section, the Investors and Importers forex window, the Naira opened at N439.40 against the U.S. Dollar on Tuesday before declining to N441.17. It’s closing price for the day.

Currency traders on the window transacted $73.66 million in currency value during the trading hours of Tuesday.

Crude Oil

Brent crude oil, against which Nigerian oil is priced, shed $1.70, or 1.80% to $92.59 per barrel as at 3:58 pm Nigerian time. While the U.S. West Texas Intermediate oil lost $1.85 or 2.07% to $87.50 a barrel.

Nigeria, the largest crude oil producer in Africa has been witnessing a persistent decline in crude oil production since the beginning of the year. However, having lost its crown as the biggest crude oil producer on the continent to Angola following the drop in the nation’s crude oil production from over 2.1 million barrels per day to 937,766 barrels per day, Nigeria is looking to increase crude oil production by 500,000 barrels per day once activities begins on the Shell-operated Forcados oil terminal and the Trans Niger Pipeline.

In an effort to up production and boost foreign revenue generation, Nigeria has intensified its campaign against oil theft and recently reported the discovery of over 300 illegal refineries and several pipelines used to illegally breach crude oil from government-constructed crude pipelines in the Niger Delta region.

The Nigerian National Petroleum Corporation Limited (NNPCL) has said the expected 500,000 increase would bolster foreign revenue generation and help meet some financial obligations.

Cryptocurrency

Bitcoin, the most capitalised cryptocurrency, dropped by 0.03% in the last 24 hours to a $19,060.60 a coin.

Ethereum (Eth), appreciated by 1.34% in the last 24 hours to $1,298.18 a coin. Binance coin (BNB), depreciated by -0.54% to $270.77 per coin.

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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

15 hours 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

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

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

1 day 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.

Black Market Dollar to Naira Exchange Rate

Buying Rate: N1,350
Selling Rate: N1,340

Naira

Dollar to Naira Black Market Today, April 30th, 2024

As of April 30th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,340 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

3 days ago

April 30, 2024

Samed Olukoya

As of April 30th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,340 NGN in the black market, also referred to as the parallel market or Aboki fx.

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.