Naira

Naira Trades at Record Low Ahead of 2023 General Elections

Published

1 year ago

February 12, 2023

As the 2023 presidential election campaign enters its final two weeks, the naira-dollar exchange rate has reached its lowest point since November 2022.

According to checks by Investors King, the black market rate for the greenback was as high as N755/$1 on February 10th, 2023, while the official I&E Window closed at N461.5/$1, a difference of approximately N293.5.

The scarcity of new naira notes has added to Nigeria’s growing list of economic issues and is posing a new challenge to the country’s economy. This shortage is due to a policy mandating that all Nigerians exchange their old notes for new ones by February 10th, which aimed to tackle corruption and counterfeiting but has had unintended consequences as many Nigerians have been unable to make the exchange.

The President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji (Dr) Aminu Gwadabe, informed Investors King that the currency redesign has not yet positively impacted the demand for currency exchange as the supply remains limited. “Yes, the naira redesign has not positively impacted the value of the local currency against the greenback as there is a lack of liquidity in the market,” he said via text message.

Another operator, who spoke to Investors King on the condition of anonymity, attributed the surge in demand to the impending 2023 elections, as politicians have already acquired a significant amount of forex.

“Most of the forex that would have been available has already been bought by politicians in October ahead of the elections. That is why the exchange rate depreciated massively at the time,” the operator explained.

Another operator stated that despite the recent depreciation, the exchange rate is still fairly stable and is trading within a 2-3% band.

Some BDC operators, who wished to remain anonymous, expressed frustration with the current scarcity of new naira notes and its impact on the economy. “The scarcity of new naira notes has created a lot of problems for the economy,” said one operator.

“Most of our customers already transfer into our accounts but some of us still need cash to pay for daily expenses important for running a business. Some of our staff still rely on public transportation.”

Another operator added, “This situation is unacceptable, and we hope that the latest intervention by the council of state will help to address the issue as soon as possible. While the policy to go cashless is a welcome development, it needs time and careful planning to deliver the rewards. As things stand, time is short and the planning has been short of a disaster.”

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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

4 mins 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

1 day 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.