Connect with us

Business

Naira To Dollar Exchange Rate Closes Week At N1,469.97/$1 At Official Market

Similarly, the naira appreciated marginally at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,485/$1, an increase of 1.01% against N1,500 it closed the previous day.

Published

on

Naira to Dollar Exchange Rate closed the week at N1,469.97/$1 at official market.

JomogNews Nigeria reports that the Naira strengthened against the dollar in the official market, to close the week at N1,469.97/$1 as the ongoing demand pressure continued to erode the value of Nigeria’s currency.

This is notwithstanding the Central Bank of Nigeria’s (CBN) implementation of several policies designed to enhance the supply of foreign exchange (forex).

The domestic currency appreciated marginally at the end of the week by 0.71% to close at N1,469.97 to a dollar at the close of business, data from the NAFEM where forex is officially traded, showed.

This represents an N9.5 gain or a 0.71% increase in the local currency compared to the N1,479.47 closed on Thursday.

The intraday high recorded was N1560/$1, while the intraday low was N996/$1, representing a wide spread of N564/$1.

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $253.77 million, representing a 21% decrease compared to the previous day.

Similarly, the naira appreciated marginally at the parallel forex market where forex is sold unofficially, the exchange rate quoted at N1,485/$1, an increase of 1.01% against N1,500 it closed the previous day.

The Great British Pound (GBP) remained flat at £1/N1,890 while Naira gained against the Euro by 0.95% to close at N1585/EUR1 against NI600 / EUR1 reported the previous day.

In the cryptocurrency market where forex is sold using stablecoins, N1,485/$1. The market crossed N1,400 on the 25th of January and has remained closer to N1500/$1 since then.

Market analysts attributed the current state of Naira to a consistent uptick in the demand for dollars that has persisted since the beginning of January.

Several key factors have fueled this heightened demand which include among other things, a significant portion of the demand which stems from businesses actively seeking to replenish their inventory or procure raw materials, leading to an increased need for foreign exchange.

Individuals pursuing education abroad have also significantly contributed to the surge in demand for dollars. This trend is likely driven by the necessity of covering tuition fees and other educational expenses.

International students are actively bolstering their foreign currency reserves to meet tuition fees and other financial commitments. Additionally, students are securing funds for discretionary spending, including holiday allowances.

The Central Bank of Nigeria (CBN) has announced significant reforms in the foreign exchange market, signalling a stride towards a market-driven exchange rate mechanism, potentially paving the way for a free float of the Naira.

This follows last week’s circular removing caps on international money transfer operations.  The CBN’s recent circular outlines pivotal changes, including the discontinuation of a cap on the spread of interbank foreign exchange transactions and the lifting of restrictions on the sale of interbank proceeds.

 “A key objective of the ongoing foreign exchange market reforms by the Central Bank of Nigeria is to promote a market-based price discovery system,” the circular states, marking a shift towards a more liberalized forex regime.

“Under the new guidelines, forex transactions will operate on a “Willing Buyer and Willing Seller” basis, ensuring more flexibility in the exchange rates determined by market forces. The CBN emphasizes the importance of transparency and ethical standards, mandating that “Authorized Dealers are to continue to conduct their foreign exchange transactions…and to strictly adhere to high ethical standards.”

 

Business

Naira Vs USD: CBN To Ban Street Trading, Mulls Fresh Guidelines For BDCs

“A Tier 1 BDC is authorized to operate on a national basis, can open branches, and may appoint franchisees, subject to the approval of the CBN.

Published

on

By

Amid the continued fluctuation of the Naira against the US dollar in the foreign exchange market, the Central Bank of Nigeria says it is considering stopping street trading, among other fresh guidelines, to Bureau De Change Operators in Nigeria.

The apex bank disclosed this Friday in its draft Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria.

CBN plans to fix the minimum per capital share for Tier 1 and 2 BDC licenses to N2 billion and N500,000 million, respectively. This is a move away from the previously N35 million per capital share for general license.

“A Tier 1 BDC is authorized to operate on a national basis, can open branches, and may appoint franchisees, subject to the approval of the CBN.

A Tier 1 BDC (which is the franchisor) shall exercise supervisory oversight over its franchisees. All franchisees shall adopt their franchisor’s name, branding, technology platform, and rendition requirements.

A Tier 2 BDC is authorized to operate only in one state or the FCT. It may have up to three locations – a head office and two branches, subject to approval of the CBN. It is not permitted to appoint franchisees.”

The development comes amid a clampdown on illegal BDCs in Abuja, Lagos, Kano and Ibadan Oyo States by the operatives of the Economic and Financial Crimes Commission to stabilize the Naira against USD.

At the close of work on Friday, the Naira depreciated N1,665.50 per US dollar from N1571.31 on Thursday at the FMDQ market. Meanwhile, in the parallel market.

The Naira traded for N1,750 to N1,800 per USD on Friday compared to N1,680.00 on Thursday.

CBN had unveiled several FX interventions in the past months but the country’s foreign exchange crisis has, however, persisted.

Continue Reading

Business

Black Market Dollar To Naira Exchange Rate Today 19th February 2024

Published

on

By

Black Market Dollar to Naira Exchange Rate Tracker, 19th February 2024 in Nigeria can be accessed below.

JomogNews Nigeria has obtained the official Naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.

As of now, you can purchase 1 dollar at ₦1,710 and sell it at ₦1,715 however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.

See the black market Dollar to Naira exchange rate for 19th February below.

You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1705 and sell at N1710 on Monday 19th February 2024, according to sources at Bureau De Change (BDC).

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.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1710
Selling Rate N1,715

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1,605
Selling Rate N1,607

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

The Federal Government has stepped up talks with the Kingdom of Morocco to expedite the process of reaching the Final Investment Decision (FID) on the Nigeria-Morocco Gas Pipeline.

The pipeline would pass through the Republic of Benin, Togo, Ghana, Cote d’Ivoire, Liberia, Sierra Leone, Guinea, Guinea-Bissau, Gambia, Senegal, Mauritania, and end in Morocco with a spur to Spain, according to a statement released on Thursday by the Chief Corporate Communications Officer of the Nigeria National Petroleum Company Limited (NNPCL) Olufemi Soneye.

JomogNews Nigeria reports that on Wednesday, January 24, 2024, the NNPC Ltd.’s Executive Vice President, Gas, Power & New Energy, Mr. Olalekan Ogunleye, and Mme Amina Benkhadra, Director General of the Morocco National Office of Hydrocarbons and Mines (ONHYM), served as the discussion’s anchors. The meeting was between the Honorable Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, and the Moroccan Minister of Energy Transition and Sustainable Development, Leila Benali.

The discussions centered on ways to advance the collaboration between the two nations in order to expedite the Nigeria-Morocco Gas Pipeline Project following the several Memoranda of Understanding (MoUs) that were inked in Abuja in 2022.

In order to achieve the goal of reducing energy poverty on the continent, the stakeholders emphasized the project’s strategic significance for their respective nations as well as for all of Africa. They also emphasized the urgency with which the project must be completed.

Continue Reading

Business

Black Market Dollar To Naira Exchange Rate Today 16th February 2024

Published

on

By

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

See the black market Dollar to Naira exchange rate for 15th February, below. You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1555 and sell at N1565 on Thursday 15th February 2024, according to sources at Bureau De Change (BDC).

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.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1555
Selling Rate N1565

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate 1516
Selling Rate 1517

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Continue Reading

Trending

%d bloggers like this: