Going by available data on the window where dollar to naira trades every day, the currency at the central stood at (undisclosed).

This figure in which dollar to naira traded means that the Nigerian currency either gained or lose in value against the dollar, as the foreign exchange (forex) trading closed at N421.89 per $1 on Wednesday, August 24.

How much is the dollar to naira at the black market today?

Bureau De Change (BDC) operators in Lagos were selling dollar to naira for N686 and buying the currency for N680 in the black market in the state.

This publication, however, finds it pertinent to draw to your attention that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

The post Dollar To Naira Exchange Rate Today (Thur. Aug. 25, 2022) appeared first on Business News in Nigeria.

While highlighting the role of the Central Bank of Nigeria (CBN) as it relates to forex stability, World Bank, in its November edition of its Nigeria Development Update, stated that the local currency is under pressure because of the apex bank’s constant increment of the exchange rate’s value.

World Bank argued that CBN is too rigid in its forex policies, and according to the international body, the rigidity is accelerating inflation in the country.

The report read: “The government’s exchange rate management policies continue to discourage investment and fuel inflation. Exchange rate stability is a key CBN policy objective, and to preserve its external reserves the CBN continues to manage FX demand and limit the supply of FX to the market.

“Pressure on the naira remains intense, and while the CBN has raised the nominal official exchange rate three times since the start of the pandemic (by 15 percent in March 2020, five percent in August 2020, and seven percent in May 2021), FX management remains too rigid to respond to external shocks. Meanwhile, exchange-rate management has emerged as one of the key drivers of inflation.”

Maintaining that the central bank is yet to introduce flexibility as it relates to responding to external shocks, World Bank stated that the NAFEX rate, which is the only officially acceptable one in the country, doesn’t represent the reality of the forex market.

“While the CBN supplied an average of $2.5bn to the Investors and Exporters forex window in the months just prior to the COVID-19 crisis, it only supplied an average of $0.5bn in the months thereafter.

“The NAFEX rate, which is now the guiding exchange rate for the economy, continues to be managed and is not fully reflective of market conditions. The parallel market premium over the NAFEX rate reached 29 percent in August 2021 after the CBN cut off its weekly supply of $20,000 per bureau de change. The CBN has intermittently supplied forex to BDCs since 2005, providing ample opportunities for currency round-tripping,” the report added.

The post Dollar To Naira: World Bank Faults Nigeria’s Forex Policies appeared first on Business News in Nigeria.

According to the data at the FMDQ Security Exchange where forex is traded officially, dollar to naira exchange rate stood at N413.19/$1 today.

How much is dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, dollar to naira opened at N540 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

The post Dollar To Naira Exchange Rate Today (Thursday, November 18, 2021) appeared first on Business News in Nigeria.

According to the data at the FMDQ Security Exchange where forex is traded officially, dollar to naira exchange rate stood at N413.89/$1 today.

This means that the Nigerian currency gained against the United States dollar, as foreign exchange (forex) trading closed at N415.07 per $1 on Friday, November 5, 2021.

How much is dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, dollar to naira opened at N552 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

The post Dollar To Naira Exchange Rate Today (Wednesday, November 10, 2021) appeared first on Business News in Nigeria.

According to the data at the FMDQ Security Exchange where forex is traded officially, dollar to naira exchange rate stood at N414.01/$1 today.

This means that the Nigerian currency gained against the United States dollar, as foreign exchange (forex) trading closed at N414.30 per $1 on Friday, November, 5 2021.

How much is dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, dollar to naira opened at N575 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

The post Dollar To Naira Exchange Rate Today (Monday, November 8, 2021) appeared first on Business News in Nigeria.

According to the data at the FMDQ Security Exchange where forex is traded officially, dollar to naira exchange rate at N414.26/$1 on Tuesday, and closed at N415.02 on the same day.

This development represented a drop as dollar to naira opened at N414.12 on Monday, November 1, after it closed at N414.49/$1, on Friday, October 29.

How much is the exchange rate of dollar to naira at black market?

The exchange rate for a dollar to naira at the Parallel Market (Black Market) as of today (Tuesday, November 2) sells at N572/1$. This is was according to sources at Bureau De Change (BDC) in Lagos.

Please note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

The post Dollar To Naira Exchange Rate Today (Tue, Nov 2, 2021) appeared first on Business News in Nigeria.

According to the data at the FMDQ Security Exchange where forex is traded officially, dollar to naira exchange rate at N414.12/$1 on Monday, and closed at ₦415.10 on the same day.

This development represented a drop as dollar to naira opened at N414.49 on Friday, October 29, after it closed at N415.10/$1, a day before (Thursday, October 28).

How much is dollar to naira at black market today?

Sources at the black market where dollar to naira trades unofficially, confirmed to Unmask NG that it sold for N572/$1 on Monday, November 1.

Please note that the Central Bank of Nigeria (CBN) does not recognise the black market, as it advised everyone to approach their respective banks for forex-related dealings.

The post Dollar To Naira Exchange Rate Today (Monday, November 1, 2021) appeared first on Business News in Nigeria.