Forex

Ghana Cedis Named Worst Performing Currency Against the U.S Dollar

Ghana bags the worst-performing currency against its global counterpart, the United States Dollar.

Published

2 years ago

October 18, 2022

Ghana, the second largest cocoa producer in the world, bags the worst-performing currency against its global counterpart, the United States Dollar.

On Monday, the local currency lost 3.3% of its value against the United States Dollar before paring losses to 11.2750, according to a Bloomberg report. So far this year, the currency has lost over 45% of its value against the greenback, the highest among 148 currencies tracked by Bloomberg.

The currency decline spiked in the past month when Ghana commenced formal negotiations with the International Monetary Fund (IMF) for an extended credit facility. Ghana hopes to receive almost $3 billion in loans over three years under the arrangement to handle its finances and aid the balance payments.

Ghanian Cedis has now toppled Sri Lankan rupee’s almost 45% decline recorded against the United States dollar this year. Another emerging economy seeking credit relief from IMF.

Ghana had requested assistance from the IMF after losing access to the Eurobond market this year, while the country’s policies, which include slashing 2022 discretionary expenditure by 30% had failed to activate a sell-off in Ghana’s international bonds.

Meanwhile, premium investors’ request to the United State Treasuries to hold Ghana’s debt has expanded to 2,669 basis points. Holdings by foreign investors in outstanding domestic government and corporate bonds drops to 12.3% in August 2022, the lowest ever recorded from its increase of 17.3% recorded in April 2022.
This is according to the data received from Ghana’s Central Securities Depository.

The country’s gross international reserve dwindled to $6.6 billion in September 2022, which is just enough to cover almost three months of imports. This is below the $10.7 billion from 2021 which covered almost five months of imports.

According to Bloomberg, Ghana’s domestic bonds are the highest in emerging markets, currently trading at an average yield of 41.9%.

Last month, Investors king published the list of worst-performing currency in Africa, with the Ghanaian Cedis taking the fifth position after the Nigerian Naira.

Up Next

Access Bank to Process Forex Application Within 60 Days of Approval

Don't Miss

Arresting BDCs Will Worsen the Economy – Lemo

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.