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One Dollar Now Going For 523 Naira At Black Market

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The naira is currently exchanging at 523/$ at the black market. This is as a result of the decision of the Central Bank of Nigeria to stop the allocation of foreign exchange to Bureau de Change operators in the country.

After the Monetary Policy Committee meeting on Tuesday, the Governor, CBN, Godwin Emefiele, had accused the BDCs of abusing the privilege given to them and sabotaging efforts to ensure naira stability in the country.

He said, “The facts abound that BDCs have turned themselves into agents that facilitate graft and corrupt activities of people who seek illicit fund flow and money laundering in Nigeria and we will go after all of them.

“Throughout this meeting of the MPC, we extensively debated this matter, and independently with each member of the committee exhibited accurate and deep understanding of issue at stake.

“After these exhaustive and extensive deliberations, the management of the Central Bank with the support of the committee reached the following decisions which will take the following effect. Hence, the CBN will henceforth discontinue the sale of foreign exchange to BDC operators.”

As at Monday, one dollar went for 503, then it now fell to 505 on Tuesday, few hours after the CBN made the announcement. Then on Wednesday after trading, the dollar was bought at N515 and sold at N523 according to naijabdcs.com, the official website of the BDCs.

The CBN, however, maintained the official rate of N410.16/$1 on its website.

Before the new regulation, the CBN had been supplying each BDC $10,000 twice a week at the rate of N393.

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Dollar To Naira Exchange Rate Today 25 September 2021 (Black Market Rate)

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Dollar to Naira exchange rate today 25 September 2021, black market rate can be accessed below.

 

JomogNews Nigeria has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

 

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

 

September 25 dollar to naira official exchange rate: $1 = N414.90

The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at N414.90 per dollar on Saturday, 25 September 2021, after it closed at N414.90 per $1 on Friday, 24 September 2021.

This represents a change of 0.00%.

 

How much is exchange rate of Dollar to Naira in Black Market today?

The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).

 

LAGOS PARALLEL MARKET RATES September 25, 2021 (BLACK MARKET)

 

September 24 dollar to naira black market exchange rate: $1 = N575

 

Lagos parallel market (black market dollar exchange rate today)

The local currency opened at N575.00 per $1 at the parallel market otherwise known as the black market, today, Saturday, 25 September 2021, in Lagos Nigeria after it closed NN575.00 per $1 on Friday, 24 September 2021. This represents a change of $0 from the previous day.

JomogNews Nigeria reports that the black market, the players buy a dollar for N570 and sell for N575 on Saturday morning, September 25, 2021, after they bought N570 for and sold N575 the previous day.

Meanwhile, JomogNews Nigeria reports that the USD started this week at ₦550 in Parallel Market also known as Black Market on Monday, September 20, 2021 in Ogba while in Ikeja it started at N575.

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Dollar To Naira Exchange Rate Today 24 September 2021 (Black Market Rate)

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Dollar to Naira exchange rate today 24 September 2021, black market rate can be accessed below.

JomogNews Nigeria has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

 

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

 

September 24 dollar to naira official exchange rate: $1 = N413.14

The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at N413.14 per dollar on Friday, 24 September 2021, after it closed at N413.68 per $1 on Thursday, 23 September 202

This represents a change of 0.00%.

 

How much is exchange rate of Dollar to Naira in Black Market today?

 

The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows:

For the Lagos market (black market).

 

LAGOS PARALLEL MARKET RATES September 24, 2021 (BLACK MARKET)

 

September 24 dollar to naira black market exchange rate: $1 = N575

Lagos parallel market (black market dollar exchange rate today)

The local currency opened at N575.00 per $1 at the parallel market otherwise known as the black market, today, Friday, 24 September 2021, in Lagos Nigeria after it closed N572.00 per $1 on Thursday, 24 September 2021. This represents a change of $3 from the previous day.

JomogNews Nigeria reports that the black market, the players buy a dollar for N570 and sell for N575 on Thursday morning, September 23, 2021. after they bought N570 for and sold N572 the previous day

Meanwhile, JomogNews Nigeria reports that the USD started this week at ₦550 in Parallel Market also known as Black Market on Monday, September 20, 2021 in Ogba while in Ikeja it started at N575.

 

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All You Need To Know About e-Naira Amid Dollar To Naira Crash

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e-Naira: All information about e-Naira can be accessed below.

JomogNews Nigeria reports that the Central Bank of Nigeria (CBN) is set to launch the eNaira (e-Naira) on October 1, 2021.

This online news platform understands that the proposed launch of the e-Naira (e-Naira), is coming at a time the dollar to naira exchange rate is experiencing instability.

e-Naira: Every information about e-Naira

Let us take a closer look at the eNaira, what it means for you, and how you can position to take advantage of its launch.

What is the e-Naira (e-Naira)?

The e-Naira will be a digit representative of the paper Naira currency issued by the Central Bank of Nigeria. The eNaira will be a “complementary” legal tender in Nigeria, having the same exchange value as the Naira, and maintain a “parity of value” with the Naira. The e-Naira will not earn any interest to holders. The e-Naira is built on a blockchain open ledger technology. Creating the eNaira on the blockchain means you cannot have a duplicate or fake eNaira. Each eNaira note will be unique.

Is the e-Naira a Stablecoin (e-Naira)?

A stable coin is a cryptocurrency backed by reserves. The keyword is reserves, but what kind of reserves? Stable coins are backed by holding an equal equivalent of FIAT money like the US dollar. FIAT means government-issued but usually not backed by any commodity, e.g., gold. Thus a stable coin like USDT is tied to a currency, the US dollar, and maintains a stable exchange value. Note, stable, not immovable. The eNaira technically is linked to the FIAT Naira, but is the Naira stable? Well, not exactly. To be a stablecoin, the eNaira has to be tied to a currency like the US Dollar or Euro or even the Yuan.

e-Naira app Download (e-Naira app Download)

Remember, this is a digital currency and not a physical coin or paper note. As a result of this, you will need a wallet to store the E-naira token. Just like the physical Naira, the CBN will design the e-Naira usage to still pass through regulated financial institutions, in the form of digital cash to individuals and businesses.

Therefore, the app will be provided by individual banks and other financial institutions. The E-naira app will be made available on Android Google Play Store and Apple iOS store.

How safe is the e-Naira (eNaira)?

Think of the e-Naira in this way; you want to send N100 to an uncle in a remote village without a bank branch. A common practice is to buy mobile phone recharge cards of that value, load them to your phone, and text your uncle. Your uncle can then go to any phone card retailer and discount his N100 mobile phone credit for N95. The mobile retailer can redeem the call credits and pay cash because he trusts the person doing the exchange; however, he cannot tell if the mobile numbers are real.

The e-Naira is designed to solve this verification risk by assuring all holders that each e-Naira is a valid token. This authenticity is achieved by building the e-Naira on the blockchain. Thus instead of buying phone credits, I will debit my bank account for N100, convert to e-Naira, and transfer it to my uncle. My uncle can spend the funds directly from his phone or transfer and get cash. Every retailer is more likely to accept the e-Naira because it can’t be easily faked.

How will I get the e-Naira (e-Naira)?

The CBN has planned a rollout in a tiered manner; first, it will issue the e-Naira, to financial institutions like banks. Your bank will then retail the e-Naira to you. If your transaction value is less than N50,000 a day, you don’t need a bank account to get the eNaira; you can use a NIN verified phone number to buy eNaira. If you want to withdraw more than N50,000 but up to the daily limit of N1 million, then you will need a BVN in addition to a NIN verified phone number. The CBN has very strict ‘Know Your Customers” protocols for this process, the aim being to assure all retailers of the safety and utility of the eNaira.

Why should I use the e-Naira (e-Naira)?

The eNaira has a low-cost advantage when compared to FIAT. The daily transfers between accounts are at no cost to the holder of the account. Lower transaction cost is a massive incentive as traders will pay no fees for withdrawals and deposits to and from their bank account. No transaction fees reduce the cost of commerce while improving safety.

How will dollar remittance to e-Naira work (e-Naira)?

The e-Naira will be integrated into the CBN’s forex process, and this is to make it easier to receive remittances to Nigeria. These transfers could be from the CBN crediting e-Naira directly to the International Money Transfer Organisation (IMTO). A Nigerian abroad sending $100 to his uncle can debit his US bank account and credit $100 to an IMTO, who will buy eNaira from their corresponding Nigerian bank. The $100 is converted to e-Naira instantly at a far lower transfer fee which is a real benefit and a significant advantage the e-Naira will enjoy.

What about inflation on e-Nigeria (e-Naira)?

The street definition of inflation is too much cash chasing too few goods; however, not all inflation is this simple. Coins in Nigeria are scarce; thus, most merchants round up their prices to match with available currency, usually notes. This rounding up induces an artificial rise in prices because any cost-push does not cause the price hike but other factors, for example, selling eggs for N100 instead of N88. With the e-Naira, it becomes possible to transfer the exact cash price in the marketplace, especially in rural areas. This reduces the possibility of “round-up inflation.”

The e-Naira (e-Naira) can be the ECOWAS currency

The e-Naira can be used by any two parties who can credit a Nigerian banking institution with corresponding currency. This means a trader banking with UBA in Burkina Faso can settle his import bills from the Gambia using e-Naira. This will be the next level of the rollout. The financial institutions and FINTECH start to build out an ecosystem with eNaira as the base product.

The e-Naira (e-Naira) helps the financially excluded

The e-Naira will also bring in the vast majority of the unbanked Nigerians who have no bank account but have a phone into the formal financial economy. With the e-Naira, salary payments and payments for goods and services can be concluded. A plumber can accept payments on his phone, store them in his wallet, and make transactions with any vendor.

What are the risks about e-Naira (eNaira)?

Data security. The e-Naira is online, the BVN and NIN information is also online, the risk of malicious actors attempting to hack or gain access to the data is very low. The process of minting and burning eNaira tokens by the CBN has to be top-notch.

Overall, it’s a plus to the Nigerian economy, and it’s a positive progression towards a cashless society, with lower costs, and higher productivity.

How to Register for eNaira wallet (e-Naira wallet)

E-Naira registration will be free and will go live from the launch date. As I said earlier, financial institutions in Nigeria will still be relevant for the usage of E-Naira. Hence, you will have to visit your bank and ask the customer care officer to add the E-naira feature on your banking profile. You may be given a form to fill to get your E-naira account created and activated.

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