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[akeliciousmedia]

Naira depreciates to N1,770/$ in parallel market

The Naira yesterday depreciated to N1,770 per dollar in the parallel market from N1,750 per dollar last weekend. Similarly, the Naira depreciated to N1,675.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,675.62 per dollar from N1,652.62 per dollar last weekend, indicating N23 depreciation for…

[ejesgistnews]

The Nigerian naira has plunged further, hitting new lows against the US dollar in both official and parallel markets. At the Nigerian Autonomous Foreign Exchange Market (NAFEM), formerly the official Central Bank of Nigeria (CBN) exchange rate, the dollar now trades at ₦1700. On the parallel market, also known as the black market, the naira has dropped to ₦1755 per dollar, compared to yesterday’s close of ₦1745. Dollar to Naira Exchange Rate Today, November 22, 2024: Black Market and CBN Rates Similarly, the naira closed at ₦1658 on NAFEM during the previous trading session. Implications for the Economy The continued devaluation of the naira highlights mounting pressure on Nigeria's foreign exchange reserves and escalating economic concerns. The widening gap between the official and parallel market rates signals rising demand for foreign currency amid dwindling supply. Economists warn that the persistent depreciation could further strain businesses reliant on imports and worsen inflationary pressures in the country.

[smlblogtv]

Concerns As Naira Continues Fall Against US Dollar, Hits ₦1,740/$1 In Parallel Market

Experts have expressed concern as Nigeria’s currency, the Naira, continues its depreciation trend, with the exchange rate hitting ₦1,740/$1 in the parallel market after trading last weekend. Naija News reports that the Naira exhibited stability with slight appreciation in the Nigerian Autonomous Foreign Exchange Market (NAFEM), as market participants speculate that the Central Bank of Nigeria…

[mynewshq]

Naira depreciates to N1,660 in parallel market, as scarcity hits dealers

Nigeria’s foreign exchange (Forex) market has come under fresh pressure as scarcity worsens. Consequently, demand pressures which has been building up since August have compelled huge depreciation of the Naira to N1,660 per dollar in the parallel market. The market had closed high last weekend at N1,645 per dollar, significantly above the N1,625 it closed the previous week. Dealers who spoke to Vanguard yesterday attributed the depreciation to the slowdown in the volume of forex that has been coming into the parallel segment of the market since last month. Vanguard findings also revealed that there has been significant declines in the volume of forex supply at the official segment of the market. The volume of dollars traded (turnover) in the market yesterday declined by 22 percent to $197.37 million from $254.17 million traded last weekend. However, the Naira appreciated to N1,580.46 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1580.46 per dollar from N1,593.32      per dollar last weekend , indicating N12.86 appreciation for the naira.   Consequently, the margin between the parallel market and NAFEM rate widened to N79.54 per dollar from N51.68 kobo per dollar last week Friday. Read the full article

[lagmennet]

Naira stable at N1,535/$ in parallel market

The Naira yesterday was stable at N1,535 per dollar in the parallel market.However, the Naira depreciated to N1,532.58 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,532.58 per dollar from N1,523.85 per dollar on Monday, indicating N8.73 depreciation for the naira.

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[wushigod]

Dollar supply in the official foreign exchange market reached a substantial sum of $7.3bn in the months of March and April, findings by The PUNCH have shown. This is as the naira rebounded against the United States dollar to N1,390 per dollar at the official market and steadied at 1,340/$ at the parallel market, popularly called the black market on Monday. According to data sourced from the FMDQ Security Exchange, forex sales data showed that there was improved liquidity in the market as $4.7bn transaction was sold in March. However, FX sales reduced by 51 per cent month-on-month to $2.5bn coinciding with the observed naira depreciation in April. Bureau De Change operators at Wuse Zone 4 said they bought at N1,310 and sold at N1,340 leaving a profit margin of N30. This means the rate remained at the amount quoted on Monday. Malam Yahu, a trader said, “The naira remained as it was on Monday, trading at N1,340. We buy at N1, 310 and our profit is just N30. Nothing really caused the stagnant rate. That’s just how the market went today. We wait to see what tomorrow and next.” At the official market known as the Nigerian Autonomous Foreign Exchange Market, the naira appreciated by N29 or 2.1 per cent to N1,390 per dollar, from N1,419 per dollar recorded on Monday, the lowest since March 13, 2024. The naira had depreciated following slowing inflows occasioned by the withdrawal of funds by Foreign Portfolio Investment. The intraday high closed at N1,450 on Tuesday from N1,451 per dollar on Monday. The intraday low also depreciated to N1,200 on Tuesday as against N1,060 on Monday and closed on Friday at NAFEM, data from the FMDQ Securities Exchange indicated. Dollars supplied by willing buyers and willing sellers appreciated by 34.4 per cent or $77.53m to $225.36m from $147.83m recorded on Monday. Governor of the Central Bank of Nigeria, Olayemi Cardoso, at various fora had emphasised the critical need to attract inflows to maintain liquidity in the foreign exchange market and stabilise the exchange rate. He emphasised the importance of managing exchange rates to address inflationary pressures and ensure both price stability and sustained long-term economic growth. “Failure to tame inflationary pressure using the exchange rate channel may jeopardize not only price stability but also long-term growth.”

[gidd-blog1]

JUST IN: Again, Naira Crashes at the Official Market

The Nigerian currency Naira on Tuesday depreciated at the official market, trading at N1,300.15 to the dollar yet again. Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed that the Naira lost N65.66. This represents a 5.3 per cent loss when compared to the previous trading date on Monday, April…

[444namesplus]

Ba Bal Be Begṛm Belṛn Bem Bi Bihin Bikpan Biẓe Bonfṛl Bul Bunhi Bw Bwmbu Bṛjw Bṛso Cha Chadem Che Chel Chennal Cheẓim Chi Chiten Chol Chu Chul Chuldjem Chwn Chwṣun Chṛ Chṛkpw Chṛne Da Dam Daẓu De Del Delksṛl Demdṛ Demto Devan Dilmen Dino Ditel Dja Djam Dji Djikpo Djiksṛl Djildjem Djohw Djol Djolfṛ Djolhen Djom Djul Djunti Djw Djwmdw Djwmnu Djṛ Djṛn Dolmum Dontwm Dumvil Dw Dwdja Dwn Dṛ Dṛson Fan Fanpwl Fe Fegbun Fel Femlu Femson Fidwl Fimi Fiṣwl Fo Foksel Folgon Fon Fwbw Fwkṛ Fwn Fṛl Fṛlṣṛl Gba Gbaltim Gbama Gbe Gbelo Gbi Gbim Gbin Gbo Gbu Gbumkul Gbṛ Ge Gimmil Golzu Gu Gul Gum Gunkpṛm Gw Gwngal Gṛ Gṛn Hamgw Hedu Hejem Hemchwn Henfom Henẓi Hi Hifṛ Him Hin Hivu Ho Hol Huhol Hulgel Hulru Hum Hw Hwkpil Hwl Hwvo Hwẓwl Hṛ Hṛnksin Jafal Jam Jamvo Janle Je Jebu Jelu Jentchim Jeẓṛ Ji Jokpu Jolzwn Jomtchṛn Jomvṛm Jonlu Jonṣo Ju Judṛ Julpul Jw Jwkpu Jṛ Jṛbṛ Jṛm Kan Koksu Kotchwm Kpalṣol Kpen Kpidu Kpikwl Kpil Kpimze Kpochun Kpozwn Kpu Kpukpṛn Kpum Kpun Kpuvṛm Kpw Kpwm Kpwn Kpṛ Kpṛl Kpṛlbil Kpṛlzo Kpṛm Kpṛndjam Kpṛnksa Ksa Ksalba Ksan Ksanti Ksanum Kse Ksega Ksemfum Ksetṛm Ksi Ksil Ksim Ksimko Ksintche Ksonnan Ksu Ksum Ksumtchu Kswchwl Kswl Ksṛ Ksṛmbo Ksṛn Ku Kul Kwdjum Kwkpin Kwnda Kwnlṛ Kṛndum La Lal Lan Le Lem Leẓen Limvo Linzṛ Lo Lom Lovam Lu Lulnṛ Lun Lunṣṛm Lutchum Luvo Lw Lwgbo Lṛ Lṛbo Lṛkem Lṛm Lṛnṣu Ma Mal Manbi Merṛ Mi Mil Mo Mollun Mu Mum Mw Mwlṛn Mwnge Mṛmpom Na Nafem Nase Natchil Natin Navw Nazu Ne Neme Nemti Niku Nitchu Nol Noljil Nomsa Nonsi Nu Nulgbun Nunsi Nwm Nwmvwn Nwnta Nṛ Nṛl Nṛlgim Nṛn Nṛtchi Nṛzim Pafi Pan Pilpim Po Polju Pon Pu Pum Puntwn Putcham Pwlum Pṛ Pṛl Pṛldjol Pṛm Pṛzw Ra Ralsul Re Rekw Reltṛ Reṣṛ Rilzel Rintchwl Riẓw Rovw Ru Rullon Rum Rwfṛ Rwndu Rṛjw Sedwm Sim So Solhṛl Soljen Sonṣṛ Sugbe Sul Suvo Swm Swn Sṛ Sṛpṛ Ta Taẓa Tcha Tche Tchekpun Tchem Tchemgwn Tchemram Tchinben Tcho Tcholdjwn Tchom Tchomru Tchon Tchonne Tchuku Tchum Tchun Tchutam Tchuẓu Tchw Tchwfa Tchwgil Tchwmgbo Tchwmksen Tchwnun Tchṛ Tchṛkol Tchṛm Tchṛsum Tehṛl Tem Tenbam Ti Timdjel To Tom Tomlwn Tul Twm Twtchen Twẓan Tṛmgil Tṛnpa Va Vam Vehi Vel Venven Veẓa Vim Virun Vo Vodjin Vol Vom Vovo Vu Vufu Vun Vw Vwkpu Vwntchul Vwtcha Za Zachel Zal Ze Zelchṛ Zem Zeẓam Zinchum Zitchṛ Zo Zolgul Zumkpin Zw Zwl Zwllw Zwlṛ Zwmnṛ Zwpem Zwzun Zṛ Ṣa Ṣalsel Ṣan Ṣaẓu Ṣekswn Ṣem Ṣemva Ṣenli Ṣi Ṣin Ṣoche Ṣom Ṣovel Ṣul Ṣumksa Ṣun Ṣunga Ṣupṛ Ṣw Ṣwdṛm Ṣwlbo Ṣwn Ṣṛl Ẓa Ẓanre Ẓegbun Ẓi Ẓin Ẓisel Ẓisi Ẓo Ẓonṛ Ẓul Ẓun Ẓunbi Ẓw Ẓwre Ẓṛjwm

[hardynwa]

JUST IN: CBN begins sales of dollars to BDCs

The Central Bank of Nigeria has announced its decision to sell foreign exchange worth $20,000 to each eligible Bureau De Change operator across the country. This is coming more than two years after the suspended former CBN governor, Godwin Emefiele, stopped the sales of foreign exchange to BDC operators in that segment of the forex market. The apex bank disclosed this in a new circular issued and signed by the Director, Trade and Exchange Department, Hassan Mahmud, on Tuesday. The circular titled, “Sale of Foreign Exchange to Bureau de Change Operators to meet retail demand for eligible invisible transactions” said the move aimed at rectifying the persisting distortions in the retail segment of Nigeria’s foreign exchange market and bridging the widening gap in the exchange rate. It said the allocation will be sold at a rate of N1,301/$, reflecting the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market as of the previous trading day, dated February 27, 2024. The circular read, “Following the ongoing reforms in the foreign exchange market, aimed at achieving an appropriate market-determined exchange rate for the Naira, the Central Bank of Nigeria has observed the continued price distortions at the retail end of the market, which is feeding into the parallel market and further widening the exchange rate premium. “To this end, the CBN has approved the sale of foreign exchange to eligible Bureau De Change to meet the demand for invisible transactions. The sum of $20,000 is to be sold to each BDC at the rate of N1,301/$- (representing the lower band rate of executed spot transactions at NAFEM for the previous trading day, as of today, 27th February 2024). “All BDCs are allowed to sell to end-users at a margin NOT MORE THAN one per cent (1 per cent) above the purchase rate from CBN.” It further directed eligible BDCs to make Naira payments to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentation. “All eligible BDCs are directed to make the Naira payment to the designated CBN Foreign Currency Deposit Naira Accounts and submit confirmation of payment, with other necessary documentation, for disbursement at the appropriate CBN Branches ABUJA, AWKA, LAGOS and KANO,” it added. The CBN in frantic efforts to save the free fall of the naira has made a number of significant reforms towards addressing Naira depreciation, such as probing and clearing FX backlog, limiting forex for foreign education and medical tourism, increasing BDCs’ minimum share capital, and curbing FX speculators, among others. Details later… Read the full article

[ejesgistnews]

Dollar to Naira Exchange Rate Today: Black Market and CBN Rates – Tuesday, November 19, 2024 For Nigerians involved in trade, travel, or investment, keeping up with the latest Dollar to Naira exchange rates is essential. This article provides the current exchange rate for USD to NGN in both the black market and the official Central Bank of Nigeria (CBN) channels, along with insights into rate fluctuations and alternative platforms for currency exchange. Dollar to Naira Black market Exchange Rate Yesterday According to the data obtained from Bureau De Change Operators (BDCs), the black market rate on Monday, November 18, 2024, closed at: ₦1,740 per US dollar. Dollar to Naira Black Market Rate for Today, November 19, 2024. In the black market, the Dollar to Naira exchange rate often reflects real-time demand and supply, making it an essential metric for those outside formal banking channels. As of today: Buying Rate: ₦1,742 Selling Rate: ₦1,745 CBN Official Dollar to Naira Exchange Rate The official rate from the CBN is typically lower than the black market rate but is limited to certain types of transactions, such as government-approved imports and formal business operations. The official exchange rate today is: Buying Rate: ₦1,681 Selling Rate: ₦1,683 Alternative Platforms for Dollar to Naira Exchange Rates Several online platforms, including Geegpay and Grey, also offer competitive exchange rates and serve as trusted alternatives to the traditional black market: Geegpay Rates: USD: Buying at ₦1,749, Selling at ₦1,753 GBP: Buying at ₦2,120, Selling at ₦2,127 EUR: Buying at ₦1,798.03, Selling at ₦1,800.55 Grey Exchange Rates: USD: Buying at ₦1,755, Selling at ₦1,755 GBP: Buying at ₦2,102, Selling at ₦2,203 EUR: Buying at ₦1,845.03, Selling at ₦1,852 These platforms are regulated and widely used in Nigeria, providing reliable access to foreign exchange without the volatility often seen in the black market. Historical Context: Rising Dollar to Naira Exchange Rate Over the past year, the Dollar to Naira exchange rate has experienced considerable volatility. In October 2023, the black market rate was approximately ₦900 per dollar. Since then, it has nearly doubled, driven by a combination of factors such as inflation, global oil price fluctuations, and foreign currency supply issues in Nigeria. Why Nigerians Use the Black Market for Dollar Exchange The black market, or parallel market, allows for easier access to foreign currency without government-imposed restrictions. Major reasons include: Favorable Rates: Higher exchange rates often mean more Naira for each Dollar exchanged. Accessibility: It is often simpler to access dollars in the black market than through formal banks, which may limit availability. Latest Forex News in Nigeria (November 19 , 2024) Here's the latest Forex news in Nigeria as of November 19, 2024: Naira Devaluation Impact on 2025 Budget: Economists have indicated that the 2025 budget, while nominally higher, is worth less in dollar terms due to the naira's devaluation. The budget is pegged at N47.9 trillion, translating to approximately $34.14 billion at the current exchange rate of N1,400/$. CBN Caps Forex Profit for BDCs: The Central Bank of Nigeria (CBN) has directed Bureau De Change (BDC) operators to cap their forex profit margin at 1.5% to correct market distortions. Increased Forex Turnover: The Nigerian foreign exchange market continues to see high activity, with daily turnover hitting $1.4 billion at the Nigerian Autonomous Foreign Exchange Market (NAFEM). Surge in Forex Inflows: Nigeria's foreign exchange inflows have surged by 57% in the past year, contributing to some stability in the naira's value. Understanding the Difference Between Black Market and CBN Rates The black market rate generally runs higher than the CBN rate due to limited official access to dollars, which drives up demand in the parallel market. The CBN rate is regulated, targeting approved business transactions and some personal remittances.

FAQs on Dollar to Naira Exchange Rates Why is there a difference between CBN and black market rates? The black market reflects real-time demand and supply fluctuations, whereas the CBN rate is regulated to control exchange for approved uses. Can everyone use the CBN rate? No, CBN rates are primarily available for government-approved imports and transactions. Many individuals rely on the black market for convenience and access. Are Geegpay and Grey safe platforms for exchange? Yes, both platforms are well-regulated, providing secure, competitive rates for exchanging foreign currency. Will the Naira stabilize in the future? Future trends depend on economic policies, oil prices, and global market conditions, with currency stability reliant on these factors. Conclusion on Dollar to Naira Exchange Rate Today. Staying updated on the Dollar to Naira exchange rate is essential for business, travel, and investment decisions. Regularly checking black market and CBN rates, as well as online exchange platforms like Geegpay and Grey, can help you make informed decisions in Nigeria’s dynamic forex environment

[smlblogtv]

Naira Appreciates, But Dollar Turnover Drops 44%

Nigeria’s currency, the Naira, experienced a significant appreciation yesterday, gaining N10 against the US dollar in the parallel market to trade at N1,680 per dollar. Naija News reports that this marks a notable improvement from last weekend’s rate of N1,690 per dollar. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also strengthened, reaching N1,552.92 per…

[speedyposts]

NAFEM Exchange rate falls to record low of N1348/$1

Naira on Monday fell to a record low of N1,348.63 per dollar following strong demand on the official market, also known as NAFEM. 

This is despite the news of the additional release of $500 million to various sectors in its determination to address the backlog of verified foreign exchange transactions by the Central Bank of Nigeria (CBN). 

This represents 33.87% or N456.73 weaker than N891.90 recorded at the close of trading on Friday. 

The observed depreciation is unparalleled and stands as the lowest point in the historical performance of the Naira, reflecting the severity of the current economic challenges. 

The sixth time the Naira crossed the N1,000/$ threshold  

 This latest depreciation marks the sixth time the Naira has breached the N1,000/$ threshold in the official market, highlighting a persistent trend of weakness.  

The first instance occurred on Friday, December 8th, 2023, when the currency reached a historical low of N1,099.05 per dollar. This was followed by a brief reprieve before a second depreciation on Thursday, December 28th, 2023, closing at N1,043.09 per dollar.   

These developments represent a significant turning point for the Naira.  

 Despite recent efforts by the Central Bank of Nigeria (CBN) to bolster the foreign exchange market through interventions, the currency’s downward trend persists, prompting concerns about its potential impact on the broader economy.  

This development is likely to aggravate existing inflationary pressures and further strain household budgets, particularly for those reliant on imported goods.   

The first instance occurred on Friday, December 8th, 2023, when the currency reached a historical low of N1,099.05 per dollar. This was followed by a brief reprieve before a second depreciation on Thursday, December 28th, 2023, closing at N1,043.09 per dollar.   

These developments represent a significant turning point for the Naira.  

 Despite recent efforts by the Central Bank of Nigeria (CBN) to bolster the foreign exchange market through interventions, the currency’s downward trend persists, prompting concerns about its potential impact on the broader economy.  

This development is likely to aggravate existing inflationary pressures and further strain household budgets, particularly for those reliant on imported goods.   

The implications for businesses, both large and small, are also significant, with potential increases in production costs and challenges in maintaining profitability.   

The domestic currency depreciated by 33.87% to close at N1,348.63 to a dollar at the close of business, data from the NAFEM where forex is officially traded, showed.   

This represents an N456.73 loss or a 33.87% decline in the local currency compared to the N891.90 it closed on Friday.   

The intraday high recorded was N1414.94/$1, while the intraday low was N701/$1, representing a wide spread of N713.94/$1.   

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $64.29 million, representing a 36.33% increase compared to the previous day.   

However, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 2.76%, quoted at N1,450/$1, while peer-to-peer traders quoted around N1,466.20/$1.  

This represents an N456.73 loss or a 33.87% decline in the local currency compared to the N891.90 it closed on Friday.   

The intraday high recorded was N1414.94/$1, while the intraday low was N701/$1, representing a wide spread of N713.94/$1.   

According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $64.29 million, representing a 36.33% increase compared to the previous day.   

However, the naira depreciated at the parallel forex market where forex is sold unofficially, the exchange rate depreciated by 2.76%, quoted at N1,450/$1, while peer-to-peer traders quoted around N1,466.20/$1.  

What you should know 

Nairametrics reported that the Central Bank of Nigeria (CBN) said that it has released 500 million dollars to various sectors in its determination to address the backlog of verified foreign exchange transactions. 

Mrs. Hakama Sidi-Ali, CBN’s Acting Director of the Corporate Communications Department, said this in a statement on Monday in Abuja. 

According to the News Agency of Nigeria (NAN), Sidi-Ali said this comes barely a week after the apex bank paid approximately 2.0 billion dollars to settle outstanding commitments across manufacturing, aviation, and petroleum sectors. 

Mrs. Hakama Sidi-Ali, CBN’s Acting Director of the Corporate Communications Department, said this in a statement on Monday in Abuja. 

According to the News Agency of Nigeria (NAN), Sidi-Ali said this comes barely a week after the apex bank paid approximately 2.0 billion dollars to settle outstanding commitments across manufacturing, aviation, and petroleum sectors. 

She said that the management of the CBN was committed to settling all legitimate foreign exchange backlogs within a short time frame. 

A comprehensive strategy to improve liquidity 

She said the CBN had begun implementing a comprehensive strategy to improve liquidity in the Nigerian foreign exchange markets in the short, medium, and long terms. 

“As the Governor said, the CBN’s focus is on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years,” she said. 

Sidi-Ali said that the forex market reforms were designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities. 

She expressed confidence that a stable exchange rate would boost investor confidence and attract foreign investment. 

“As the Governor said, the CBN’s focus is on addressing fundamental issues that have hindered the effective operation of the Nigerian FX markets over the years,” she said. 

Sidi-Ali said that the forex market reforms were designed to streamline and unify multiple exchange rates, foster transparency, and reduce arbitrage opportunities. 

She expressed confidence that a stable exchange rate would boost investor confidence and attract foreign investment. 

She urged all participants in the market to play by the rules, adding that transparency in the market would enable the fair determination of exchange rates. 

[eventtimeltd]

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[bardesigners]

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