Business

Latest Dollar To Naira Exchange Rate Today Friday 31st December 2021

Published

3 years ago

December 31, 2021

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Latest dollar to naira exchange rate today, 31st December 2021 can be accessed below.

On this page, JomogNews Nigeria compiles dollar to naira exchange rates daily during the week so our readers can easily have access to the rates the American dollar exchanged against the Nigerian naira each day for the week.

JomogNews reports that the dollar to naira exchange at the official market, as well as, at the parallel market otherwise known as the black market for each day during the week will be accessed by our readers.

Below are the dollar to naira exchange rate for each of the days during the week…

Black Market Dollar To Naira Exchange Rate Today 30th December 2021

JomogNews 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.

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 #413.79 per dollar on Thursday, 30 December 2021, after it closed at #415.00 per $1 on Wednesday, 29 December 2021. This represents a change of -0.06……Read More…

Naira Gains Massively At Black Market On Boxing Day

JomogNews reports that the Nigerian official currency, Naira has gained against the United States dollar, exchanging at N555/$1 after opening the week at N570 per dollar on Monday, December 20, 2021.

A survey conducted by JomogNews Nigeria at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Boxing Day, Sunday morning, December 26, 2021, showed that the naira to usd exchanged at N555/$1, gaining N15 from the N570 position of 1 dollars to naira it started the week with though still poor compared to when usd to naira exchanged for N530/$1 on November 11, 2021…Read More..

Naira Gains Massively At Black Market As Pounds, Euro, Dollar Fall

JomogNews reports that the Nigerian official currency, Naira has gained against the United States dollar, exchanging at N565/$1 after opening the week at N570 per dollar on Monday, December 20, 2021.

A survey conducted by NewsOnline Nigeria at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Thursday morning, December 23, 2021, showed that the naira to usd exchanged at N565/$1, gaining N5 from the N570 position of 1 dollars to naira it started the week with though still poor compared to when usd to naira exchanged for N530/$1….Read More..

Naira Gains Massively At Official Market Few Days To Christmas

Naira has gained massively at the official market a few days to Christmas as forex liquidity surges by 139%.

JomogNews reports that the exchange rate between the naira and the US dollar closed at N414.8/$1 at the official Investors and Exporters (I&E) window.

Naira started the week with a 0.07% gain against the US dollar on Monday to close at N414.8/$1 compared to N415.07/$1 recorded in the previous trading sessions. Forex turnover at the official market jumped by 138.5% to $360.18 million from $151.03 million recorded in the previous trading session….Read More.

Dollar Jumps As Omicron Spreads Amid Rate-Hike Talk

JomogNews understands that the dollar index against major currencies rose 0.7%, recouping all of the value it had lost on Thursday following a series of central bank policy statements.

The euro and British pound fell 0.8% and 0.6%, respectively, after having booked gains the two previous days. The euro stood at $1.1239 and the pound at $1.3236 at 2100 GMT….Read More..

The Naira, JomogNews Nigeria reports, gained against the US dollar on Wednesday to close at N414.25/$1. This represents a 0.13% gain when compared to the N414.80 that was recorded in the previous trading sessions as the pressure on the country’s external reserves continued with a decline of $157 million…..Read More…

Naira Crashes Massively At Black Market After Steady Exchange Rate

JomogNews reports that the Nigerian official currency, Naira has crashed against the United States dollar exchanging at N572/$1 weeks after a steady exchange rate of N565/$1……Read More…

Dollar To Naira Exchange Rate Remains Stable At Official Market

JomogNews reports that dollar to naira exchange rate closed at N415.07/$1 at the official Investors and Exporters (I&E) window.

This online newspaper understands that Naira remained stable against the US dollar on Thursday to close at N415.07/$1. This was the same rate that was recorded in the previous trading sessions as a drop in the country’s external reserves continues with a decline of $20 million….Read More…

Naira Crashes At Official Market Despite Forex Supply Improvement

JomogNews reports that the exchange rate between the naira and the US dollar closed at N415/$1 at the official Investors and Exporters (I&E) window.

Naira depreciated against the US dollar on Monday to close at N415/$1, representing a 0.07% drop compared to N414.73/$1 recorded in the previous trading sessions as drop in the country’s external reserve continues with a decline of $33 million……Read More

Naira Gains At Official Market As External Reserves Rise Massively

JomogNews reports that the exchange rate between the naira and the US dollar closed at N414.73/$1 at the official Inves tors and Exporters (I&E) window….REad More…

Naira Maintains Position Against Dollar At Parallel Market

JomogNews reports that the Nigerian official currency, Naira has maintained its position against dollar weeks after a steady rise which saw it gaining over N25 since it fell to its lowest of N575 to a dollar on September 20, 2021..….Read More…

Naira Gains Massively At Official Market, See New Exchange Rate

JomogNews reports that the exchange rate between the naira and the US dollar closed at N414.8/$1 at the official Investors and Exporters (I&E) window on Friday…..READ MORE…

JomogNews reports that Nigerian official currency, naira, has crashed against the American official currency, dollar, at the parallel market also known as the black market on Thursday, December 3, trading at ₦565 per a dollar with Bureau De Change (BDC) operators buying at at ₦560 per a dollar as at 9:15 am in the Lagos market…..READ MORE!

Naira Settles Flat At Official Window, See New Exchange Rate

JomogNews reports that the exchange rate between the naira and the US dollar closed at N415.07/$1, at the official Investors and Exporters (I&E) window.

This online newspaper understands that the Naira closed flat against the US dollar on Monday at N415.07/$1, the same as recorded in the past three trading sessions. This is despite trading as high as N456.97 during intra-day session. FOREX liquidity at the official market continues to improve as it increased by 19.1% to $256.69 million from $215.47 million recorded in the previous day…..Read More…

Naira Crashes Massively At Parallel Market, See New Exchange Rate

JomogNews reports that the Nigerian official currency, Naira has fallen massively weeks after a steady rise which saw it gaining over N25 since it fell to its lowest of N575 to a dollar on September 20, 2021.

A survey conducted by Newsonline Nigeria at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Tuesday morning, November 30, 2021, showed that the naira to usd exchanged at N565/$1, a day after 1 dollars to naira exchanged at N557/1 and weeks after usd to naira exchanged for N530/$1….Read More…

Naira Hits Strong At Parallel Market, Slumps At Official Market

JomogNews reports that the Nigerian official currency, Naira, has recovered against the American dollar, trading at ₦557 per dollar, days after slumping at the parallel market popularly known as the black market by the traders…..Read More.

Naira Further Crashes At Official Market, See New Exchange Rate

JomogNews reports that the exchange rate between the naira and the US dollar closed at N415.07/$1, at the Investors and Exporters (I&E) window, where forex is traded officially. Naira depreciated against the US dollar on Wednesday with a 0.07% fall to close at N415.07/$1 compared to N414.8/$1 recorded on Tuesday, 23rd November 2021. Similarly, forex turnover at the official window recorded a marginal decrease of 12.9% to $243.34 million.

Meanwhile, JomogNews Nigeria gathered that the naira fell marginally at the parallel market, as it closed at N560/$1, representing a 0.18% depreciation compared to N559/$1 recorded in the previous trading session. This is according to information obtained from BDC operators in Lagos…..Read More…

Naira Falls Massively Against US Dollar, See New Exchange Rate

Naira has fallen massively against US Dollar, See New Exchange Rate below.

JomogNews reports that the Nigerian official currency, Naira has crashed massively against dollar weeks after a steady rise which saw it gaining over N25 since it fell to its lowest of N575 to a dollar on September 20, 2021

Naira Falls Massively At Black Market Against Dollar

Naira has fallen massively at the black market against dollar.

This online news platform understands that survey at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Sunday evening, November 21, 2021, showed that the Naira exchanged at N560/$1, two weeks after it exchanged for N530/$1…Read More..!

BREAKING: Naira Hits Strong At Parallel Market

JomogNews 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.

November 22 dollar to naira official market exchange rate: $1 dollar to naira =₦413.53

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

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 ₦413.53 per dollar on Monday, 22 November 2021, after it closed at ₦414.40 per $1 on Friday, 19 November 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).

Naira Crashes By 2.8% At Parallel Market, See New Exchange Rate

Naira has crashed y 2.8% at Parallel Market, See New Exchange Rate below.

JomogNews reports that the naira, on Friday, depreciated against the dollar at the parallel section of the foreign exchange market.

Bureaux De Change (BDC) operators in Lagos told NewsOnline Nigeria on Friday that the naira exchanged for N545 per dollar at the street market.

This represents N15 or 2.8 percent depreciation when compared to the N530 it traded last week.

Naira Falls Against Dollar At Black Market, See New Exchange Rate

JomogNews reports that the Nigerian official currency, Naira has fallen weeks after a steady rise which saw it gaining over N25 since it fell to its lowest of N575 to a dollar on September 20, 2021.

This online news platform understands that survey at the Bureau De Change (BDC) market in Wuse Zone 4 in Abuja, Nigeria’s capital and Ogba area of Lagos, Nigeria’s commercial city, last week, showed that the Naira exchanged between N525 and N530/$1…..Read More…

Why Naira Is Gaining Against US Dollar At The Black Market 

JomogNews reports that Naira strengthened against the US dollar last week to a 2-month high of N535/$1 at the black market, thereby reducing the gap between the parallel and the official rates; an uptick that was driven by a significant drop in demand for FX at the black market…..Read More…

Naira Gains Whopping N25 At Black Market

JomogNews reports that Naira has launched a sustained recovery at the parallel market, gaining N25 since it fell to its lowest of N575 to a dollar on September 20, 2021.…..Read More….

Dollar Recovers After Free Fall Against Naira At Black Market

JomogNews reports that the US dollar gained on Friday evening, November 12, 2021 as the dollar closed the day at ₦540 with a gain of ₦10 at the parallel market also known as the black market after a “major fall”……Read More….

Dollar Crashes To Lowest Against Naira Since CBN Banned AbokiFx

JomogNews reports that the US dollar crashed on Thursday, November 11, 2021 as Naira opened the day at ₦535 with a massive gain of ₦20 at the parallel market also known as the black market…..Read More…

Naira Rises Massively As Analysts Make Fresh Anticipation

Naira has risen massively as analysts anticipate devaluation at Investors Window.

JomogNews reports that Nigeria’s local currency, naira, rises against the United States dollar weekend but analysts appear not to be satisfied with a relatively overpriced local currency, thus expecting further devaluation at Investors and Exporters foreign exchange rate window.

Data from the FMDQ Exchange platform showed that Naira traded at N414.30 to a dollar in the Investors and Exporters window, gaining 0.2% week on week against the previous record.

While external reserves position has expanded significantly following an inflow from foreign currency borrowings of $4 billion and about $3.5 billion inflow from special drawing rights, the naira has faced many pressures, crossing N420 briefly at investors and exporters foreign exchange window.

This week, Nigeria’s foreign currency reserves snapped its ten consecutive weeks of accretion as it closed lower by $102.20 million week on week to $41.73 billion, according to Cordros Capital in a macroeconomic note.

In the parallel market, the foreign exchange rate has worsened after the central bank decision to ban weekly dollar supply to bureau de change operators in July. However, low dollar supply has persisted despite growing prices of oil in the global market,

Latest Dollar To Naira Exchange Rate Today, 4th November 2021

Naira Crashes After Gaining Against Dollar, See New Exchange Rate

Naira has weakened again days after gaining against dollar.

JomogNews reports that Nigeria’s official currency, crashed at parallel market also known as the black market on Wednesday, November 3, 2021, after gaining “massively” last week.

Naira Gains Massively As Dollar Crashes At Black Market

Naira has gained massively with dollar crashing at black market.

JomogNews reports that the American official currency, dollar crashed at the parallel market also known as the black market on Monday, November 1, trading at ₦565 per a dollar with Bureau De Change (BDC) operators buying at at ₦555 per a dollar as at 9:15 am in the Lagos market as monitored by Newsone Nigeria reporters who visited the market on Monday morning.

Dollar Starts November On Free Fall Against Naira At Black Market

The dollar has started November on a free fall against Naira at the black market.

That’s the latest dollar to naira exchange rate today, check back tomorrow for more. Also click on Newsonline Nigeria to read other stories.

Business

GTCO Reports N1 Trillion Pre-Tax Profit In 6 Months, First To Hit Milestone

Published

4 weeks ago

September 12, 2024

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GTCO Plc released its second quarter audited financial statements showing a pre-tax profit of N494.5 billion nearly double the same profits reported a year earlier.

This represents the best second-quarter results reported thus far by any financial holding company or bank in Nigeria and follows a blistering N509.3 billion reported in the first quarter of the year.

In total, the bank has now reported a whopping N1 trillion in the first half of 2024.

Key Highlights – Q2 2024

Interest Income: N336.2 billion, +176%
Net Interest Income: N264.2 billion, +177%
Loan Impairments: N33.9 billion, -79%
Net Commission and Fees: N48.8 billion, +126%
Other Income: N305.2 billion, -15%
Total Operating Expenses: N102.7 billion, +48%
Pre-tax profit: N494.4 billion, +95%
Loans & Advances: N3.1 trillion, +34%
Total Deposits: N10.2 trillion, +62%
Net Assets: N2.3 trillion, +96%
EPS: N16

Commentary: GTCO’s second-quarter result remains the highest reported by any commercial bank this year and is only second to the bank’s first-quarter results.

A key driver of the performance was a growth in net interest income which rose by 177% to N264.2 billion.
This is also the best net interest income reported by the bank for any quarter in its history, underscoring the performance of its risk assets in the period under review.
To put this into context, GTCO reported a total net interest income of N259.3 billion in the whole of 2022.
In total, the bank’s net interest income for the first half of the year sums up to about N491.5 billion (2023 FY: N436.6 billion) and was driven by loans to customers.
A further breakdown shows that N361.9 billion was earned from its Nigerian operations and another N255.9 billion from outside the country.
However, Nigeria contributed N843.1 billion to pre-tax profits.
Included in the bank’s 6 months income of N630.2 billion is “Unrealized fair value gain on the financial instrument” of N493 billion and another N130.2 billion on “Unrealized Gain on Forward Transactions”, all connected to forex revaluation.
This suggests that its N1 trillion pre-tax profits include over N520 billion of unrealized gains.
The bank also reported gross commission and fees of N113.9 billion which was driven by e-business income of N32.5 billion and N16.3 billion in Commission on foreign exchange deals.
Account maintenance charges also earned the bank another N15.6 billion.
GTCO’s Corporate Banking Group remains its bread and butter contributing N521 billion to pre-tax profits with its retail division coming next with N298.6 billion (2023 H1: N63.2 billion).

GTCO also declared an interim dividend per share of N1 to its shareholders which is double the 50 kobo per share paid in the same period in 2023.

The bank share price closed at N45.45 per share down 0.11%.

Business

How Dealers Frustrated Our efforts To Sell Cement At N3,500 Per Bag – Rabiu

Published

1 month ago

August 30, 2024

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The Chairman of BUA Cement, Alh. Abdul Samad Rabiu, yesterday recounted how cement dealers frustrated his company’s N3, 500/bag policy, last year.

He spoke at the 8th Annual General Meeting of the company in Abuja.

He said that while his company sold over a million tones of cement to dealers at N3, 500, per bag, with the intention that they would pass the benefits to end-users, the dealers sold a bag of cement to consumers at as high as N7000 and N8,000.

A ton is equal to 20 bags of 50 kg weight.

He said the company had to discontinue the policy as its intervention was not to subsidise dealers.

According to him, BUA Cement could not stop the dealers whom he said made huge profits from the high margin because the company had no control over prices in the open market.

He added that the Naira devaluation last year and the fuel subsidy removal also played roles in making the policy unsustainable.

Alh Rabiu said, “We were selling cement at N3,500 with the expectation that the dealers and the retailers would pass the benefits of the low price to the end-user customers.

“It’s such that whatever price you sell cement at, you pay. It doesn’t matter what happens if the price doubles or triples if it’s less than that. So, we didn’t actually have that price.

“So, a lot of the dealers took advantage of that policy. Rather than pass the low prices to the customers, they were selling at even double the price we sold to them.

“Some were selling at N7, 000 and 8 000 per bag. They made a lot of money from. the very high margin. I think we had sold more than a million tons, yes at N3,500 before we realised what the dealers were doing.”

“And then, because of the issues that Nigeria faced at the time about devaluation of the.Naira last year and the removal of fuel subsidy, we could not continue that policy.

“We wanted that price to stay at that level but dealers refused. So, we could not sustain that simply because we did not want to be in a situation where we are subsidizing dealers. We are subsidizing the dealers.

“So, I’m referring to the point where the FX rates, the exchange rates, from when we decided to sell it at N3,500, the rate was about N600 to maybe N1,800, N1,900 to the US Dollar. So, it became even more challenging and more difficult for us to actually sustain that price.”

The Chairman said, however, that the company had continued to work towards making that prices did not escalate at levels of the percentage increase of the Naira devaluation.

His words, “If you see the exchange rate then, and the exchange rate today, we see that cement is actually cheaper today than what it was last year.

“The reason being that if the dollar was up, so we see there is, the price of cement should actually be maybe N10,000 Naira per bag. The dollar exchange rate has actually been goin up you know. The price of cement, if you take the N4,000 that it was in the beginning of last year, at 4,000 .and today’s N6,000, it’s only 50% increase.

“So, we directly pushed to ensure that the price of cement is not getting higher than what it is today.

“But then again, you have areas where everything is dollar-dominated. Energy is the biggest cost. You know, it’s not correct.

“And our energy today is denominated in dollars. We buy gas to power our plants mainly. And gas is priced in dollars.”

The Chairman revealed that one of BUA’s plants monthly invoice, NGKW is about N15 billion Naira for one plant, one factory.

Maybe N16 billion monthly. It used to be N3 or N4 billion Naira. That is just one example.”

According to the financial report presented by the Board of the company, the company recorded a strong revenue growth of 27.4% to N460 billion (2022: N361 billion), resulting from its increasing market share.

However, with the devaluation of the Naira in June 2023, and its continued depreciation, as well as growing inflation, the Company experienced increasing price pressures which affected production costs, which increased by 39.5% to N276 billion (2022: N197.9 billion).

Within this period under review, a net foreign exchange loss of N70 billion (2022: N5.5 billion) was recorded, with N52.5 billion attributed to finance costs.

This was associated with the construction of an additional 3mmtpa lines at Obu and Sokoto, and the sum of N17.5 billion was attributed to foreign trade payables.

Despite these challenges, the Company reported a net profit after tax of N69.5 billion and declared a N2 dividend per share.

Business

GTBank Confirms Attempt To Compromise Website, Assures Customers No Data Breach

Published

2 months ago

August 15, 2024

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Guaranty Trust Bank (GTB) Ltd says there were attempts to compromise its website domain but customers’ data were not affected.

On Wednesday, reports circulated that there was a compromise on the domain address of GTBank by suspected cyber criminals.

The attackers were said to have created another hypertext transfer protocol (HTTP) layer of the website in an apparent ploy to steal customers’ data through phishing.

Phishing is a scam where attackers deceive people into revealing sensitive information or installing malware such as viruses, worms, adware, or ransomware.

The reports had created panic among customers who thought their accounts could be affected.

However, responding to the development in a statement on Thursday, GTB said the “bank’s website has not been cloned and no instance of compromise of customer data”.

“Our attention has been drawn to reports in the media alleging that hackers have seized the Bank’s website, cloned, it, and intercepted customer data,” the bank said.

“While there was an isolated incident of an attempt to compromise our website domain, we would like to assure all our customers and stakeholders that the Bank’s website has not been cloned and that we do not store customer information on our website, and as such, there has been no instance of compromise of customer data.”

The bank also said a dedicated team of information security experts is “currently working round the clock to restore domain settings, and we can assure our customers that our website will be up shortly”.

GTB also urged all customers to disregard the claims in the media reports, assuring them of their “unwavering commitment to safeguarding customer data”.

In a report on June 13, SB Morgen (SBM) Intelligence, a geopolitical research firm, said the amount of money lost to fraud in Nigeria’s financial sector increased by N14.71 billion or 83 percent between 2019 and 2023.

SBM said the amount increased steadily from N2.96 billion to N17.67 billion within the reviewed period.