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.

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According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as foreign exchange (forex) trading closed at N420.33 per $1 on Thursday, August 18.

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

Going by sources at the Bureau De Change (BDC) in Lagos, dollar to naira is currently selling N685 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 (Mon. Aug. 22, 2022) 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.

This development represents a fact that naira gained as against the dollar, as it closed at N415.10, a 09% drop, on Thursday, October 28.

According to data from FMDQ Security Exchange, where forex is traded officially, dollar to naira opened at N414.49/$1 on Friday, after it closed at N415.10/$1, a day before.

How much is dollar to naira at the black market?

Bureau De Change (BDC) operators at the black market, where the currency trades illegally, confirmed that dollar to naira opened at N517/$1 in Lagos.

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 (Friday, Oct 29, 2021) appeared first on Business News in Nigeria.

In an interview with Punch, Shubham Chaudhuri, the Country Director for Nigeria, World Bank, said even though the international financial institution aligned with the country’s apex bank on the need to achieve price stability as one of its core mandates, it doesn’t agree with it on method and choice of policies in achieving this.

“Nigeria, like many other countries, has gone through a very tough time, especially last year, with the price of oil falling, which had an immediate effect in terms of foreign currency inflows into the country because sales of crude oil are one of the biggest sources of foreign currency inflows into Nigeria.

“So, we recognise that in the middle of the economic crisis, Nigeria was under tremendous pressure, alongside the naira. One of the core mandates of CBN is price stabilisation. However, we differ with the CBN on how best this aim can be achieved,” Chaudhuri was quoted as saying.

According to Chaudhuri, the naira should be allowed to respond to real pressures, instead of the CBN trying to bottle up the pressures.

He said, “In the FX market, the way it works is to let the naira respond to very real pressures but in a way that let the steam off rather than bottle it. Because if you bottle it, the pressure does not get released, and at some points, there has to be a massive adjustment.

“Over the last year, the pressures have been building up. Finding ways to release some of the pressures by letting the naira adjust more gradually would help and keep the naira, in a long run, from depreciating by a very large amount.”

He, therefore, advised that having a more predictable, clear mechanism for the FX market would help in restoring and enhancing the confidence in the market.

The World Bank director said, “We haven’t had foreign portfolio investors come back to Nigeria since the COVID crisis, not at the levels that we saw earlier. Some of that has to do with what is happening to interest rates locally but some of that also has to do with their confidence – that if they do come into the market, they will be able to get the FX out again, repatriate their profits.

“What’s more concerning is foreign direct investors. FDI has not recovered. That also has to do partly with the level of confidence in terms of the ability to predictably access foreign exchange. While we understand and see what the CBN’s overall objectives are, we do differ on how those objectives might be obtained.”

How much is dollar to naira exchange rate today (Thursday, October 28, 2021)?

At the Investors & Exporters FX window ( I&E FX Window), where the currency officially trades, dollar to naira opened trading today (Thursday, October 28, 2021) at N414.13, as against N415.07 it traded the previous day (Wednesday, October 27).

How much is dollar to naira at the black market?

Sources at the black market in Lagos confirmed to Unmask NG that a dollar sold for N565.00 and bought for N570.

Please note that the CBN does not recognise the black market, as it strongly advised members of the public to only seek forex information from FMDQ Security Exchange, or approach their respective banks.

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Unmask NG understands that within a period of six years that Buhari rode into power on the promise of making naira stronger as against the dollar, the local currency had lost its value by at least 250%.

However, as the Central Bank of Nigeria (CBN) launched Africa’s first-ever digital currency in Abuja yesterday (Monday, October 24, 2021), there was excitement among the citizenry, as many opined that the newly-floated eNaira would save the naira.

But financial experts and market analysts thought otherwise, as they all shared the same sentiment on the topic.

According to them, the eNaira would not change or affect the value of the naira in the foreign exchange market.

The immediate past Director-General of the Lagos Chamber of Commerce and Industry, Dr. Muda Yusuf, said there was no relationship between the foreign exchange market and the eNaira.

He said, “There is no connection between the eNaira and the exchange rate. No relationship at all. The exchange rate is determined by the demand and supply fundamentals in the foreign exchange market.

“These are driven largely by imports, exports, and the flow of capital across borders. The naira, whether digital or physical, is just a means of exchange and to some extent, a store of value.”

He, however, noted that the eNaira was consistent with the current digitalisation trend across all sectors globally.

Yusuf, who is the chief executive officer, Centre for the Promotion of Private Enterprises (CPPE), explained that digital applications typically came with efficiency, cost-effectiveness, smartness in usage, and convenience.

“But it is still not clear what the value proposition of the eNaira is, beyond the psychological satisfaction of joining the league of countries with digital currencies,” Yusuf stated.

The CPPE boss noted that transactions on these platforms were already in trillions of naira, and still counting, adding that it remained to be seen what additional value the eNaira would bring.

He said, “A great deal of sensitisation and awareness need to be undertaken to generate trust and confidence in this new payment system initiative.

“International investors typically would prefer a currency that is acceptable globally and convertible such as the dollar.”

Corroborating Yusuf’s claim, Dr. Olalekan Aworinde, a senior lecturer at the Pan Atlantic University, explained that there was a need to do more sensitise the public more on the risks.

He said, “I think that the CBN should be aware of the fact that there is the risk of cyber attacks with the introduction of the eNaira.

“As a result, the CBN needs to properly educate the masses on how to use the eNaira in a way that would not put their safety and the safety of their funds at risk.

Another expert and the Chief Executive Officer of SD&D Capital Management Limited, Idakolo Gbolade, also said there was the need to sensitive the public more.

Dollar to naira exchange rate for Monday, October 24, 2021

Data from FMDQ securities exchange windows, where forex is officially traded, showed that naira exchanged hands with the foreign currency at N415.07 to a dollar on Monday, October 24, 2021. The same rate it exchanged in the past two sessions (Thursday and Friday) last week.

At the black market in Uyo, dealers said they exchanged dollar to naira at N560.00, as against the N565.00 it exchanged last week’s Friday.

“Dealers here are skeptical of buying the dollar due to the launch of the eNaira, they don’t want to buy and lose,” a dealer who does not want his name mentioned, was quoted as saying.

While at Abuja, dealers exchanged dollar to naira at the rate of N568.00.

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