Naira

Naira Declines Further, Exchanges at N815/US$1

The Nigerian Naira exchanged lower against its global counterparts across key foreign exchange segments on Tuesday as investors and businesses remained apprehensive.

Published

2 years ago

November 2, 2022

Samed Olukoya

Naira to Dollar – The Nigerian Naira exchanged lower against its global counterparts across key foreign exchange segments on Tuesday as investors and businesses remained apprehensive.

At the interbank forex section managed by the central bank, the local currency was sold at N439.37 to a U.S. Dollar, a 0.35 kobo decline from N439.02 it was quoted on Monday.

Against the British Pound, the Naira also traded slightly lower at N507.8678 from N506.6291. Against, the Euro common currency, Naira dipped by 0.79 kobo to N436.9974.

Naira to Dollar Black Market

At the parallel market, popularly known as the black market, the Nigerian Naira extended its decline against the United States Dollar to N815 amid a surge in demand for the greenback.

Bureau De Change Operators (BDCs) across the country have attributed the development to the Central Bank of Nigeria (CBN) announcement that it was redesigning the nation’s notes to curb hoarding, and counterfeiting, among others.

Hoarders, largely believed to be politicians, are said to be converting their Naira holdings to U.S. Dollars to beat the CBN deadline and avoid penalties.

“There is always high demand and no supply. The dollar is just going up everyday. Importers are not getting dollars from banks. So, they are coming to us,” a BDC operator said.

Crude Oil

Oil prices gained in the early hours of Wednesday after U.S. Data showed crude oil inventories dropped last week, an indication that demand for the commodity is holding up despite high-interest rates.

According to American Petroleum Institute, crude inventories dropped by 6.5 million barrels in the week ended October 28, against the 400,000 barrel increase predicted by Reuters. The decline suggests a healthy demand for the commodity.

“Apart from the larger-than-expected draw in the U.S. inventory data, the optimism from unconfirmed news of China’s zero-COVID exit also supported oil’s upside momentum,” said CMC Markets analyst Tina Teng.

Brent crude oil, against which Nigerian oil is priced, appreciated by 54 cents, or 0.6%, to $95.19 a barrel 9:00 am Nigerian time. While the U.S. West Texas Intermediate (WTI) crude rose 72 cents, or 0.8%, to $89.09 a barrel.

Cryptocurrency

After Elon Musk Twitter purchase, Bitcoin and other cryptocurrencies gained across the board through the weekend and continue to hold on to those gains despite weak demands for cryptocurrency assets.

Bitcoin, the world’s most dominant digital asset, remained fairly stable appreciating by 1.25% in the last 24 hours to N17.005 million a coin. Similarly, ETH, the token of the Ethereum protocol grew by 0.76% to N1.306 million.

While Binance coin (BNB) sustained its gain at N266,545 a coin.

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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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.