SKYTREND NEWS has obtained the exchange rate of the naira to dollar at black market today Sunday March 10th, 2024 in Nigeria in the parallel market also called black market and also in the Nigeria official currency market.
What is the Dollar to Naira Black Market Exchange Rate today in Black Market, Sunday 10th March, 2024?
As at today Sunday March 10, 2024, the naira is exchanging at 1 USD to 1,600 NGN at the parallel market, popularly called black market. Willing buyers reported buying the US dollar for N1,590 and selling for N1,600. This is according to information gathered from Bureaux De Change (BDC) operators in Lagos, leaving a N10 profit margin.
What is $1 US Dollar to Naira Black Market Exchange Rate today Sunday 10th March, 2024?
The black market dollar to naira exchange rate today, Sunday March 10, 2024, is as follows: Buying rate: ₦1,590.00 per US dollar. Selling rate: ₦1,600.00 per US dollar.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 1,590 |
| Selling Rate | 1,600 |
What is the Dollar to Naira Black Market Exchange Rate today in Black Market, Monday 7th March, 2024?
As at today Thursday March 7, 2024, the naira is exchanging at 1 USD to 1,550 NGN at the parallel market, popularly called black market. Willing buyers reported buying the US dollar for N1,540 and selling for N1,550. This is according to information gathered from Bureaux De Change (BDC) operators in Lagos, leaving a N10 profit margin.
What is $1 US Dollar to Naira Black Market Exchange Rate today Monday 7th March, 2024?
The black market dollar to naira exchange rate today, Thursday March 7, 2024, is as follows: Buying rate: ₦1,540.00 per US dollar. Selling rate: ₦1,550.00 per US dollar.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 1,540 |
| Selling Rate | 1,550 |
What is the Dollar to Naira Black Market Exchange Rate today in Black Market, Monday 4th March, 2024?
As at today Monday March 4, 2024, the naira is exchanging at 1 USD to 1,550 NGN at the parallel market, popularly called black market. Willing buyers reported buying the US dollar for N1,540 and selling for N1,550. This is according to information gathered from Bureaux De Change (BDC) operators in Lagos, leaving a N10 profit margin.
What is $1 US Dollar to Naira Black Market Exchange Rate today Monday 4th March, 2024?
The black market dollar to naira exchange rate today, Monday March 4, 2024, is as follows: Buying rate: ₦1,540.00 per US dollar. Selling rate: ₦1,550.00 per US dollar.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 1,540 |
| Selling Rate | 1,550 |
What is the Dollar to Naira Black Market Exchange Rate today in Black Market, Sunday 3rd March, 2024?
As at today Sunday March 3, 2024, the naira is exchanging at 1 USD to 1,550 NGN at the parallel market, popularly called black market. Willing buyers reported buying the US dollar for N1,540 and selling for N1,550. This is according to information gathered from Bureaux De Change (BDC) operators in Lagos, leaving a N10 profit margin.
What is $1 US Dollar to Naira Black Market Exchange Rate today Sunday 3rd March, 2024?
The black market dollar to naira exchange rate today, Sunday March 3, 2024, is as follows: Buying rate: ₦1,540.00 per US dollar. Selling rate: ₦1,550.00 per US dollar.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 1,540 |
| Selling Rate | 1,550 |
Naira to Dollar Black Market Exchange Rate on Monday 23rd October, 2023
As of today Monday October 23rd 2023, the naira is currently in freefall in value against the US dollar, exchanging at 1 USD to 1,170 NGN at the parallel market popularly called black market. Buyers reported buying one US dollar for ₦1,160 and selling at N1,170. This is according to information gathered from Bureaux De Change (BDC) operators in Lagos and Abuja leaving a N10 profit margin.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 1,160 |
| Selling Rate | 1,170 |
What is the Naira to Dollar Black Market Exchange Rate on Saturday 21st October, 2023
VERY SERIAL is reporting that naira to dollar exchange rate has continued to crash and is currently exchanging at a record low of N1,170 to a dollar at the black market.
As of today Saturday October 21st, 2023, the naira crashed its value against the US dollar, to exchange at 1 USD to 1,170 NGN at the parallel market popularly called black market. Buyers reported buying one US dollar for ₦1,160 and selling at N1,170. This is according to information gathered from Bureaux De Change (BDC) operators in Lagos and Abuja leaving a N10 profit margin.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 1,160 |
| Selling Rate | 1,170 |
Dollar To Naira Black Market Exchange Rate 17th October, 2023
As of today Tuesday October 17th, 2023, the naira strengthened its value against the US dollar, to exchange at 1 USD to 1,040 NGN at the parallel market popularly called black market. Buyers reported buying one US dollar for ₦1,030 and selling at N1,040. This is according to information gathered from Bureaux De Change (BDC) operators in Lagos and Abuja who maintained that the average buying rate of the dollar is N1,030 while the selling price is N1,040 leaving a N10 profit margin.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 1,030 |
| Selling Rate | 1,040 |
How much is $1 dollar in Naira now?
How much is $100 dollar in Naira now?
$100 dollar in Naira today is N104,000
Dollar To Naira Black Market Exchange Rate 16th October, 2023
As of today Monday October 16th, 2023, the naira maintained its exchange rate with respect to the US dollar, falling in value to record low at 1 USD to 1,050 NGN at the parallel market popularly called black market. Buyers reported buying one US dollar for ₦1,040 and selling at N1,050. This is according to information gathered from Bureaux De Change (BDC) operators in Lagos and Abuja who maintained that the average buying rate of the dollar is N1,040 while the selling price is N1,050 leaving a N10 profit margin.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 1,040 |
| Selling Rate | 1,050 |
How much is $1 dollar in Naira now?
How much is $100 dollar in Naira now?
$100 dollar in Naira today is N105,000
Dollar To Naira Black Market Rate Today Tuesday 5th September, 2023
On Tuesday September 5, 2023, the US dollar lost N2 to trade at the rate of N917/$1. This implies that 1 US dollar was bought for N912/$1 at the black market and sold to willing buyers at N917/$. The naira depreciation is attributable to an increased demand for the greenback.
Dollar To Naira Black Market Exchange Rate Today Saturday 2nd September, 2023
On Friday September 1, 2023, The US dollar was trading at the rate of N915/$1 on Friday, representing 0.54 per cent appreciation compared to N920 it traded on Thursday, according to data from Abokifx and other Bureau De Change operators trading in the street areas. This implies that 1 US dollar was bought for N910/$1 at the black market and sold to willing buyers at N915/$. The naira appreciation was attributed to a moderation in demand for dollars.
How much is dollar to naira today in black market September 2nd, 2023?
As of Friday September 1st, 2023, the naira firmed up its value against the greenback to exchange at 1 USD to 915 NGN at the parallel market popularly called black market gaining 0.54%. Buyers reported buying one US dollar for ₦915. Bureaux De Change (BDC) operators say the buying rate of the dollar is N910 while the selling price is N915 per dollar, leaving a N5 profit margin.
Dollar To Naira Black Market Exchange Rate Today Friday 1st September, 2023
The Nigerian naira on Thursday maintained its value at N920 against the United States dollar at the parallel segment of the foreign exchange (FX) market, otherwise called black market. Dealers reported buying the US dollar from willing sellers at N915/$ while selling at N920/$ to willing buyers.
How much is dollar to naira today in black market September 1st, 2023?
As of Thursday August 31st, 2023, the naira traded against the greenback to exchange at 1 USD to 920 NGN at the parallel market popularly called black market. Buyers reported buying one US dollar for ₦920. Bureaux De Change (BDC) operators say the buying rate of the dollar is N915 while the selling price is N920 per dollar, leaving a N5 profit margin.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 915 |
| Selling Rate | 920 |
How much is dollar to naira today at the Investors’ and Exporters’ (I&E) window September 1st, 2023?
Dollar was quoted at N757.52 on Thursday August 31st, 2023 at the Investors’ and Exporters’ (I&E) window, the country’s official FX market. This implies that the US dollar was purchased at N756.52 and sold at N757.52 leaving a profit margin of N1 per each US dollar sold at the investors’ and exporters’ (I & E) window segment of the market popularly called the official Central Bank of Nigeria (CBN) market. We have published details for exchange rate of naira to one US dollar, One Pounds Sterling, One Euro as well as other trading currencies for Thursday August 31st, 2023.
Find below official exchange rate of a number of currencies to the Naira from the Website of the CBN.
| Date | Currency | Buying(NGN) | Central(NGN) | Selling(NGN) |
|---|---|---|---|---|
| 8/31/2023 | US DOLLAR | 756.523 | 757.023 | 757.523 |
| 8/31/2023 | POUNDS STERLING | 958.6659 | 959.2995 | 959.9331 |
| 8/31/2023 | EURO | 820.5248 | 821.0671 | 821.6094 |
| 8/31/2023 | SWISS FRANC | 855.0215 | 855.5866 | 856.1517 |
| 8/31/2023 | YEN | 5.1583 | 5.1618 | 5.1652 |
| 8/31/2023 | CFA | 1.3265 | 1.3365 | 1.3465 |
| 8/31/2023 | WAUA | 1077.7789 | 1078.4912 | 1079.2035 |
| 8/31/2023 | RIYAL | 201.6964 | 201.8297 | 201.963 |
| 8/31/2023 | DANISH KRONA | 110.0797 | 110.1525 | 110.2252 |
| 8/31/2023 | SDR | 1006.2512 | 1006.9163 | 1007.5813 |
| Date | Currency | Buying(NGN) | Central(NGN) | Selling(NGN) |
Dollar To Naira Black Market Exchange Rate Today Thursday 31st August, 2023
The Nigerian naira on Wednesday fell to a new low of N920 against the dollar at the parallel segment of the foreign exchange (FX) market, following strong demand for the greenback. Dealers were buying from willing sellers at N915/$ while selling at N920/$ to willing buyers.
How much is dollar to naira today in black market August 31st, 2023?
As of Wednesday August 30th, 2023, the naira lost N5 to exchange at 1 USD to 920 NGN at the parallel market popularly called black market. Buyers reported buying one US dollar for ₦920. Bureaux De Change (BDC) operators say the buying rate of the dollar is N915 while the selling price is N920 per dollar, leaving a N5 profit margin.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 915 |
| Selling Rate | 920 |
During the intraday trading on Tuesday, the dollar was quoted at N920/$1, which represents 0.54 percent (N5) depreciation compared to N915 per dollar traded during the morning session.
The exchange rate gap between the official and parallel segments of the foreign exchange market has widened to N150 per dollar from N96/$1 after FX unification in June amid tight supply of the greenback.
The naira on Tuesday fell to N920- N925 per dollar at the parallel market, following strong demand for the greenback. Dealers were buying from willing sellers at N915/$ while selling at N920-N925/$ to willing buyers.
During the intraday trading on Tuesday, the dollar was quoted at N920-N925/$1, which represents 1.09 percent depreciation compared to N915 per dollar traded during the morning session.
How much is dollar to naira today in Investors’ and Exporters’ (I&E) window August 31st, 2023?
Dollar was quoted at N775.34 on Tuesday August 30th, 2023 at the Investors’ and Exporters’ (I&E) window, the country’s official FX market.
Dollar To Naira Black Market Exchange Rate Today Wednesday 30th August, 2023
As of Tuesday August 29th, 2023, the naira continue to exchange at 1 USD to 915 NGN at the parallel market popularly called black market. Buyers reported buying one US dollar for ₦915. Bureaux De Change (BDC) operators say the buying rate of the dollar is N900 while the selling price is N915 per dollar, leaving a N15 profit margin.
The Nigerian naira has maintained its value, in the black market relative to the US dollar, closing at N915 to a dollar on Tuesday. The value remained at 915/$ on Tuesday.
How much is dollar to naira today in black market August 30th, 2023?
On Tuesday, August 29th, 2023, buyers in the black market purchased one US dollar for N900 and sold it for N915. Between Monday up to now, the value of the Nigeria Naira remained constant after appreciating by N5 on Friday, August 25th, 2023 when the local currency was exchanged at N915 to a Dollar.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 900 |
| Selling Rate | 915 |
Dollar To Naira Black Market Exchange Rate Today Tuesday 29th August, 2023
As of Monday August 29th, 2023, the naira continue to exchange at 1 USD to 915 NGN at the parallel market popularly called black market. Buyers reported buying one US dollar for ₦915. Bureaux De Change (BDC) operators say the buying rate of the dollar is N900 while the selling price is N915 per dollar, leaving a N15 profit margin.
The Nigerian naira has maintained its value, in the black market relative to the US dollar, closing at N915 to a dollar on Monday. This has been the exchange rate since on Thursday. The value remained at 915/$ on Monday.
How much is dollar to naira today in black market August 29th, 2023?
On Monday, August 28th, 2023, buyers in the black market purchased one US dollar for N900 and sold it for N915. Between Friday up to Sunday, the value of the Nigeria Naira remained constant after appreciating by N5 on Friday, August 25th, 2023 when the local currency was exchanged at N915 to a Dollar.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 900 |
| Selling Rate | 915 |
Dollar To Naira Black Market Exchange Rate Today Monday 28th August, 2023
As of Sunday August 27th, 2023, the dollar to naira exchange rate sustained its value at 1 USD to 915 NGN at the parallel market popularly called black market. Buyers reported buying one US dollar for ₦915. Bureaux De Change (BDC) operators say the buying rate of the dollar is N900 while the selling price is N915 per dollar, leaving a N15 profit margin.
The Nigerian naira has maintained its value, in the black market relative to the US dollar, closing at N915 to a dollar on Sunday, after appreciating by 0.54 per cent than the N920 it closed on Friday 25th August 2023. The value remained at 915/$ on Saturday and Sunday. The figure therefore represents a N5 appreciation compared to the N920 it traded on Friday.
How much is dollar to naira today in black market August 28th, 2023?
On Sunday, August 27th, 2023, buyers in the black market purchased one US dollar for N900 and sold it for N915. Between Friday up to Sunday, the value of the Nigeria Naira remained constant after appreciating by N5 on Friday, August 25th, 2023 when the local currency was exchanged at N915 to a Dollar.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 900 |
| Selling Rate | 915 |
Dollar To Naira Black Market Exchange Rate Today Sunday 27th August, 2023
As of Saturday August 26th, 2023, the dollar to naira exchange rate is 1 USD to 915 NGN at the parallel market popularly called black market. Buyers reported buying one US dollar for ₦915. Bureaux De Change (BDC) operators say the buying rate of the greenback is N900 while the selling price is N915 per dollar, leaving a N15 profit margin.
The Nigerian naira has maintained its value, in the black markey relative to the US dollar, closing at N915 to a dollar on Saturday, after strengthening by 0.54 per cent which represents N5, than the N920 it closed on Thursday. The value remained at 915/$ on Friday and Saturday.
The figure therefore represents a N5 appreciation compared to the N920 it traded on Thursday.
On Saturday, August 26th, 2023, buyers in the black market purchased one US dollar for N900 and sold it for N915. Between Friday and the weekend, the value of the Nigeria Naira remained constant after appreciating by N5 compared to Thursday, August 24th, 2023 when the local currency was exchanged at N900 to a Dollar.
How much is dollar to naira today in black market August 27th, 2023?
On Saturday, August 26th, 2023, buyers in the black market purchased one US dollar for N900 and sold it for N915. Between Friday and the weekend, the value of the Nigeria Naira remained constant after appreciating by N5 compared to Thursday, August 24th, 2023 when the local currency was exchanged at N900 to a Dollar.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 900 |
| Selling Rate | 915 |
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N900 and sell at N915 on Saturday, 26th August 2023, according to data obtained by VERY SERIAL from Bureau De Change (BDC) operators.
Official Exchange Rate from CBN Website for Investors and Exporters FX Window for Friday, 25th August 2023.
Find below official exchange rate of a number of currency to the Naira from the Website of the CBN.
| Date | Currency | Buying(NGN) | Central(NGN) | Selling(NGN) |
|---|---|---|---|---|
| 8/25/2023 | US DOLLAR | 773.896 | 774.396 | 774.896 |
| 8/25/2023 | POUNDS STERLING | 973.4838 | 974.1127 | 974.7417 |
| 8/25/2023 | EURO | 834.9564 | 835.4958 | 836.0353 |
| 8/25/2023 | SWISS FRANC | 872.7822 | 873.3461 | 873.91 |
| 8/25/2023 | YEN | 5.2847 | 5.2881 | 5.2916 |
| 8/25/2023 | CFA | 1.2547 | 1.2647 | 1.2747 |
| 8/25/2023 | WAUA | 1024.4605 | 1025.1224 | 1025.7843 |
| 8/25/2023 | RIYAL | 206.3062 | 206.4395 | 206.5728 |
| 8/25/2023 | DANISH KRONA | 112.0127 | 112.0851 | 112.1575 |
| 8/25/2023 | SDR | 1029.2043 | 1029.8692 | 1030.5342 |
| Date | Currency | Buying(NGN) | Central(NGN) | Selling(NGN) |
Dollar to Naira Black Market Exchange Rate Today Monday 13/02/2023 [aboki fx rate]
Dollar to Naira Black Market Exchange Rate Today Monday 12/02/2023 – See the latest and up-to-date dollar to Naira CBN rate as well as dollar to naira bank rate today. Find the Aboki dollar rate in Nigeria today, The official CBN dollar rate, latest dollar to naira news, trends, and updates on our platform.
How Much is Dollar to Naira and the official Exchange Rate Today, Monday, 12th March 2023?
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks. The parallel exchange rate (black market rate) always differs from the CBN rate.
United States USD is being traded at ₦754 in Black Market (Lagos) today, Sunday, March 12, 2023. USD has been traded at ₦760 when Black Market opened this week on Monday, March 6, 2023. This makes quite a marginal decline for United States Dollar against Naira this week.
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The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website, cbn.gov.ng.
The dollar to naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those available at the black market otherwise called parallel market.
How much is dollar to naira today in black market?
How much is Dollar to Naira Today? If you have dollars now in Nigeria, you are regarded as an affluent personality. See the current dollar to Naira exchange rate as of today. We compare the Dollar to Naira bank rate vs aboki rate. Dollar to naira exchange bank rate is far lower than the dollar to naira aboki rate. Of course, you know that the exchange rate in banks is different from the exchange rate in the parallel market. See the details below.
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Exchange Rate For A Dollar To Naira at the Parallel Market (Black Market) is N754 and sells at N760 On Sunday March 12th, 2023.
Currently, Naira is being exchanged with the dollar at the rate of N754/$1 as at Sunday, March 12th, 2023 at the Parallel Market also known as the Black Market.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 750 |
| Selling Rate | 754 |
The local currency (abokiFx) opened at N754.00 per $1 at the parallel market otherwise known as the black market, today, Sunday, 12th March 2023, in Lagos, Nigeria, after it closed at N750.00 per $1 on Friday, 10th March 2023.
Dollar To Naira Black Market Exchange: Naira Falls To Record Low N800/$1 At Black Market After CBN Currency Redesign Announcement
Naira fell significantly against the U.S. dollar at the parallel market over the weekend, following the Central Bank of Nigeria (CBN) announcement that it will withdraw higher notes and redesign the Naira currency to check fraud, inflation and insecurity.
Our checks on Saturday revealed that the current parallel market rate for the US Dollar is N800 while British pound sterling exchanged at N890.
Black market exchange rates across states showed the naira exchanged hands with the greenback at N800.00 in Abuja and Lagos as against N780 it exchanged on Friday, the previous day trading session.
“The banks are not giving US dollars, individuals are only struggling to get on their own, that’s why the rates are high and irregular,” a currency dealer was quoted by PREMIUM TIMES as saying.
The free fall continues as the ban on Bureau the Change operators remain in place just as the Buhari regime announced plans to redesign the country’s currency in response to the country’s economic woes.
The governor of the central bank, Godwin Emefiele, announced on Wednesday that new naira notes would be issued by December 15.
Mr Emefiele stated that the move, which has since been approved Mr Buhari and other stakeholders, was certain to boost the value of the naira.
Following the latest announcement, politicians have continued to approach BDC operators to easily convert their soon-to-expire stockpiled naira to foreign currencies, as the apex bank gave all Nigerians six weeks to return all old naira notes to the bank’s vault.
In 2021, the CBN prohibited the sale of foreign exchange to BDC operators in a bid to arrest the fast fall of the country’s currency. The apex bank had accused the BDCs of unauthorised sales of foreign exchange above the market they were authorised to serve.
BDC operators were a significant part of the black market before the ban, helping people who couldn’t legally access foreign currencies directly from the CBN to maintain their exchange rates.
Naira continues Free Low, Exchanges at N800 per Dollar
After trading on Thursday, the naira closed at N780 to the dollar, lower than N765 closed on Wednesday, which represented a 1.9 percent depreciation.
With the current rate, naira has depreciated by 27.56 percent compared to N565/$ at the beginning of the year.
Effective December 15, 2022, the CBN said it would redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels, according to Godwin Emefiele, governor of the CBN, said in Abuja, Wednesday.
Following the policy announcement, analysts at Financial Derivatives Company (FDC) expect some initial speculation against the Naira but this should be short-lived.
“The Naira traded at N770/$ today (morning) but should settle at its true market value in the days ahead. In times of uncertainty, investors, speculators and manufacturers will prefer to be long in dollars and short in domestic currencies”, the analysts said in a report.
Responding to what will be the impact on the value of the naira in the forex market, the FCD said theoretically, it should have no effect whatsoever. But forex markets are usually a subject of panic and speculation. The first reaction to the new regulations is likely to be a flight to safety by investors, for example, anytime there is a major global market shakeout, investors scramble for gold and dump the U.S. dollar.
At the Investors and Exporters (I&E) forex window, naira remained unchanged at N441.67 per dollar, data from the FMDQ indicated.
Most foreign exchange dealers who participated in the FX auction on Wednesday maintained bids between N423.00 (low) and N447.00 (high) per dollar.
At the Nigerian Fixed Income Market, the Federal Government of Nigeria (FGN) bond secondary market traded on a bearish note on Thursday, with improved offers seen, especially on the long end of the curve. However, the market closed with few trades executed on the 23s, 27s and 37s due to limited bids to match offers, according to a report by Parthian Partners, Africa’s premier inter-dealer broker.
The report noted that treasury bills traded on a mixed note, though with a bearish bias. The session saw offers on the long end of the curve, albeit with a wide bid-offer spread.
“Nevertheless, we saw a sizable number of trades executed on the 14 Sept and 26 Oct NTB papers,” the analysts said.
The special bills papers experienced minimal activity in the market Thursday.
Why is the Naira rate crashing with respect to the US Dollar?
Analysts have blamed the continuous weakening of the naira on rising import bill, dollar savings and the accumulation of cryptocurrencies by Nigerians who have lost confidence in the local unit due to its massive devaluation against the greenback currency.
How is the CBN policies affecting the Naira rate drop?
A crypto trader and founder of Willywealth Trading, Mr Iniobong Williams blamed the Central Bank of Nigeria’s (CBN) foreign exchange policies for the recent drop of the Naira.
He said the announcement that Nigerians buying dollars with naira will be “arrested” made by the CBN governor, Godwin Emefiele, a few days ago also further weakened the naira.
“I believe this has caused tremendous panic among middlemen who try to breach the gap for those in need of FX because CBN cannot meet the high demand,” Mr Williams said.
Also, he said there is also a huge demand now for forex among students who want to pay their school fees and that most students resort to buying from the black market because of the long queue at the bank as a result of limited availability of foreign exchange.
This exchange rate collapse of the Naira with respect to the dollar occurred less than 24 hours after the Central Bank of Nigeria announced that it will redesign all major naira notes and will by December 2022 start circulating them.
The apex bank said affected currency denominations are N100, N200, N500, and N1000, and that the move would enable them to have absolute control of the currency in circulation, manage inflation, as well as tackle counterfeiting.
“Although global best practice is for central banks to redesign, produce and circulate new local legal tender every 5–8 years, the Naira has not been redesigned in the last 20 years.
“On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels,” the CBN governor, Godwin Emefiele, was quoted to have said while briefing journalist on Wednesday.
Dollar to Naira today, 11th July, 2022 exchange rate continues to appreciate at the detriment of Nigeria’s local currency, as the naira continues to defy every policy effort made by the Central Bank Of Nigeria (CBN) to halt it persistent plunge, depreciating at N29 in the first three months of 2022, making it the second worse quarter-on-quarter (q/q) depreciation, and closing at N616/$1 on July 10, 2022 in the black market.
The worst quarter was the third quarter of 2021 when the naira fell by N44.
While the Dollar To Naira exchange rate at the official Investors and Exporters (I&E) market has remained largely stable around the N420/$1 region, on the other hand, the Naira is heading toward N650/$1 on the black market, which has continued its downward trajectory.
How Much Is Dollar To Naira Black Market Today?
Dollar to Naira today at Black Market, (July 11, 2022) exchange rate closed on July 10, 2022, at N616/$1, indicating a N51 depreciation when compared to the N565/$1 on the 31st of December 2021.
As at the 31st of March 2022, the black market rate was at N587/$1, which indicates a N29 decline in the second quarter of 2022.
How Much Is Dollar To Naira Today At Official Exchange Rate?
The official exchange rate of Dollar to Naira today consolidated around the N425/$ region compared to N416/$1 at the beginning of the year.
The drop in forex supply contributed to the downtrend in the value of the local currency at the official market, amid the Central Bank of Nigeria’s interventions.
Naira To Dollar Exchange Rate At Black Market Heading Towards N650/$1
The Naira-US dollar exchange rate at the official Investors and Exporters (I&E) market has remained largely stable around the N420/$1 region. On the other hand, the Naira is heading toward N650/$1 on the black market, which has continued its downward trajectory.
SKYTREND NEWS understands that earlier, to defend the naira, the Central Bank of Nigeria (CBN) has introduced some regulations, from barring the sale of dollars to BDCs to the RT200 scheme, which is designed to provide an N65 rebate on export revenues.
Nonetheless, the CBN intervention comes at a cost in terms of Nigerian foreign reserves, which have not been growing at the expected rate despite high oil prices.
On a year-to-date basis, the reserve has lost $1.37 billion from $40.52 billion in December 2021 to $39.16 billion in June 2022. In the month of June, the external reserve gained $671.63 million, following a $1.1 billion decline in the previous month.
The drop in forex supply contributed to the downtrend in the value of the local currency at the official market, amid the CBN’s interventions.
The Naira had on Friday recovered marginally from Thursday’s loss, gaining 0.52 percent amid low dollar supply at the Investors and Exporters (I&E) forex window, Nigeria’s official foreign exchange market.
The daily foreign exchange market turnover declined by 78.16 percent to $48.67 million on Friday from $222.84 million recorded on Thursday.
Dollar To Naira Exchange Rate At Official Investors And Exporters (I&E) Forex Window For Friday 8th July, 2022
After trading on Friday, Naira/dollar exchange rate closed at N427.75/$ compared to N425.75 closed on Thursday at the I&E window, data obtained from the FMDQ indicated.
Most foreign exchange market dealers who participated in the auction on Thursday maintained bids at N410.00 (low) and N444 (high).
Dollar To Naira Exchange Rate At Black Market For Friday 8th July, 2022
Dollar to Naira today exchange rate at the black market, also called the parallel market, depreciated by N1 to N615 per dollar (selling price) from N614 (buying price).
The persistent pressure on Naira has been attributed to increased demand for the greenback by the users amid shortage.
Nigeria’s external reserves, which give the Central Bank of Nigeria (CBN) the muscle to defend the naira, have declined by 3.0 percent year to date to $39.25 billion as of July 4, 2022 from $40.5 billion recorded at the beginning of the year.
At the money market on Friday, the Overnight (O/N) rate remained unchanged at 14.00 percent, while the Open Repo (OPR) decreased by 0.17 percent to close at 13.83 percent as against the last close of 14.00 percent on Thursday.
The Nigerian treasury bills secondary market closed on a flat note on Friday with the average yield across the curve closing flat at 6.98 percent. Average yields across short-term, medium-term, and long-term remained unchanged at 10.00 percent, 6.59 percent, and 6.11 percent, respectively, according to a market report by FSDH research.
In the Open Market Operation (OMO) bills secondary market, the average yield across the curve closed flat at 6.53 percent. Average yields across short-term and long-term maturities remained unchanged at 7.64 percent and 5.78 percent, respectively.
FGN bonds secondary market closed on a mildly negative note on Friday, as the average bond yield across the curve cleared higher by 4 bps to close at 11.62 percent from 11.58 percent on the previous day. Average yields across medium tenor and long tenor of the curve expanded by 4 bps each. However, the average yield across short tenor of the curve declined by 1 basis point.
Naira begins new week on shaky ground as forex scarcity persists – Blueprint
Dollar To Naira Today, Friday And Thursday
The Naira has fallen to low levels during the week, exchanging for N428.16/US$ at the investors and exporters window as traders adjusted prices to reflect the rate Central Bank of Nigeria sold the currency amidst the ongoing dollar scarcity.
Nigerian currency last week dropped to its biggest low against the US dollar in the last seven months at the official market, and it could get worse in the coming months.
The last time Naira exchanged at N430 or above was Thursday, 30th December 2021 at the official market.
Within the past two weeks, it has been trading between the range of N420 and N425 and above the benchmark before getting worse last Tuesday.
The CBN has stopped its bi-weekly sale of FX to Foreign Portfolio Investors (FPIs) for the second week.
This, many believe, is to clear the outstanding backlog of contractual obligations to supply FX to FPIs through the banks that have not been met. Based on CBN data, foreign reserves are down 2.9 per cent compared to the position as of December 31, 2021.
Despite the high oil price, occasioned by the Russia-Ukraine war, Nigeria has failed to benefit from it due to limited production and the maintenance of a subsidy regime, which is estimated to cost the country at least N4trn this year.
High oil prices imply an increased cost of refined products and Nigeria continues to spend a huge part of its FX earnings on the importation of Petroleum Motor Spirit (PMS) and other refined products due to the complete absence of local refining capacity.
The country has also failed to increase its non-oil exports despite a few projects introduced by the CBN, such as the RT200 FX programme.
Apart from the fiscal downside of the falling naira, the foreign reserves have continued a downward slope, a trend formed towards the end of last year after it failed to sustain a momentary recovery witnessed in October.
The gross figure, which has remained a consistent gradual depletion in the past five months, dropped to $39.090 billion at end of June, 2022 as against $38.540 billion in May of 2022.
Frequently Asked Questions (FAQs) About Dollar To Naira Today Exchange Rates
1. How much is dollar to Naira Exchange Rate today At Official Window?
Dollar to Naira today at the official Investors And Exporters (I&E) Forex Window stood around the N425/$ region compared to N416/$1 at the beginning of the year.
2. How much is dollar to Naira black market today?
Dollar to Naira today (July 11, 2022) at the Black Market, also called parallel market closed at N616/$1.
3. What is the Aboki dollar to naira today exchange rate?
The Aboki Dollar to Naira today rate is not given on their website. In their website, they said rate publishing have been temporary suspended.
4. How much is Dollar to Naira today?
Dollar to Naira today (July 11, 2022) at the Black Market, also called parallel market is N616/$1. Dollar to Naira today at the official Investors And Exporters (I&E) Forex Window stood around the N425/$ region.
The last time Naira exchanged at N430 or above was Thursday, 30th December 2021 at the official market. Within the past two weeks, it has been trading between the range of N420 and N425 and above the benchmark before getting worse last Tuesday.
5. How much is exchange rate Dollar to Naira?
Exchange rate dollar to Naira today July 11, 2022 is N616/1$. The rate closed on Friday 8th July 2022 at N615/1$.
6. What is 1 Dollar to Naira today?
1 Dollar to Naira today is N616/1$ in the black market.
What are the factors that affect the dollar to naira exchange rate today?
The factors that affect the dollar to naira exchange rate include changes in the value of the naira, exchange rate fluctuations, trade openness, inflation rates, and oil prices.
These factors have been found to have both short-term and long-term effects on the exchange rate. For example, exchange rate fluctuations and the real exchange rate positively impact the balance of payment in Nigeria, while inflation and trade openness have a negative impact.
Additionally, the decline in oil prices has led to a deterioration of the exchange rate, highlighting the importance of economic diversification through non-oil exports to improve the value of the naira.
Overall, these factors, along with the role of foreign portfolio investors in the stock market, contribute to the volatility and transmission mechanism between the stock market returns and the foreign exchange market.