Nigeria’s exchange rate at the NAFEX window appreciated against the dollar to close at N385.75/$1 during intraday trading on Tuesday, October 20. TradeNAIRA is the only transparent Nigerian Naira Currency Exchange. Exchange Rates Updated: Aug 30,2020 21:23 UTC. In Nigeria foreign exchange, the rate that is easily accessible to the people is the Black market. Data is collated from various black market dealers on the mainland and island parts of Lagos State where forex is sold. Send money to Nigeria with the best NGN exchange rates for USD, EUR, BTC, GHC and GBP. The Naira currency was introduced in 1973, replacing the Pound at a rate of two Naira = one Pound. Despite the drop in speculative buying of foreign exchange, the huge demand backlog by manufacturers and foreign investors still puts pressure and creates a volatile situation in the foreign exchange market. Current exchange rate US DOLLAR USD to NIGERIA NAIRA NGN including currency converter, buying & selling rate and historical conversion chart. Below shows the current exchange rate of the currency pairs updated every 1. How Much Is 1000 Dollars Usd To Ngn According The. The rate had closed at ₦535/€1 on Tuesday, October 20th 2020. The opening indicative rate was N386.04 to a dollar on Wednesday. According to Reuters, currency traders said that the naira is expected to be stable this week as banks limit foreign exchange transactions by both firms and individual buyers on the unofficial black market to curb speculation. The black market is a market where transactions are carried out with some form of illegality or non-complaint behaviour. Chike is a senior member of the Nairametrics Editorial Team. The CBN had in the past weeks moved to clear the huge backlog of foreign exchange demand, especially by foreign investors wishing to repatriate back their funds. Rates are based on real time exchange rates. Today’s Naira Black Market Exchange Rates.
This represents a N3 gain when compared with the N465/$1 that it exchanged on Wednesday, September 16. Naira To Dollar Convert Ngn Usd With Exchange Rate Today. READ: Naira falls big across all forex market despite another $50 million allocation to BDCs, (READ MORE: Exchange rate stabilizes across forex markets as BDC window gets fresh dollar supply). This site uses Akismet to reduce spam. The drop in forex supply reinforces the volatility of the foreign exchange market.
The exchange rate between the naira and the US dollar for today (Wednesday, October 21st 2020), stands at ₦460/US$1 in the parallel market. According to the data tracked by Nairametrics from FMDQ, forex turnover dropped from $166.55 million on Thursday, October 15, 2020, to $125.40 million on Friday, October 16, 2020. We also noted that forex traders monitored during the previous week, appeared to hoard forex, as they anticipated further depreciation in the market. NAFEX: The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Friday, closing at N385.83/$1. The price quoted daily on this page represents the average price obtained by our Research Team. Convert Nigerian Naira To British Pound . Nigeria Proposes Jail Time, Fines as It Tries to Boost Naira 2016-11-18; Nigerian Cocoa Grinder FTN Says Naira Drop Is Hurting Output 2016-11-15; Nigeria To Arrest Black-Market Naira Traders to … This represents a 16 kobo drop when compared with the N385.67/$1 that it exchanged for on Thursday, October 15. According to Reuters, currency traders said that the naira is expected to be stable this week as banks limit foreign exchange transactions by both firms and individual buyers on the unofficial black market to curb speculation. Official dollar to naira exchange rate today which includes the cbn rate, bank rate, parallel market and the black market rate in 2019. This corresponds to a 0.37% increase for EUR this week.. To have a monthly quick review, EUR was traded at ₦545 at the beginning of October on Thursday, October 01, 2020.With EURO being traded at ₦540 now, we see a …
Sell. The supply of dollars has been on a decline for months due to low oil prices and the absence of foreign capital inflow into the country. –.
Naira falls big across all forex market despite another $50 million allocation to BDCs, Exchange rate stabilizes across forex markets as BDC window gets fresh dollar supply, 4 selected Maize importers will not be affected by Buhari forex for food ban, The risk of buying Forex at black market rate of N460/$1, Exchange rate maintains stability as BDCs expect another dollar supply from CBN, Naira stabilizes across forex markets as BDCs get over $450m allocation from CBN in 1 month, Exchange rate gains at NAFEX window as BDCs get further dollar supply from CBN, Naira remains stable against the dollar across the forex markets despite liquidity squeeze.
Japanese Yen. The exchange rate between the naira and the British pound sterling stands at ₦593/₤1 on Wednesday, 21st October 2020. The supply of dollars has been on a decline for months due to low oil prices and the absence of foreign capital inflow into the country. Parallel market: According to information from Abokifx, a prominent FX tracking website, at the black market where forex is traded unofficially, the Naira remained stable against the dollar to close at N462/$1 on Friday.
BDC operators have urged the apex bank to reconsider the margin allowed for the currency traders, as it was inadequate to meet their expenses. EURO to Naira exchange rate is ₦540 in Nigeria Lagos Parallel Market today, October 18, 2020.EUR started this week at ₦538 in Black Market on Monday, October 12, 2020. As at today, the parallel rate stands at: Dollar to naira exchange rate today Sell $1 = ₦361. Today’s Naira Black Market Exchange Rates. As part of the measure to check forex abuse and check illegal transactions, the CBN last month directed the freezing of accounts of about 38 companies. A Not So Brief Of The Fall And. This represents a 38 kobo drop when compared to the N386 that was recorded on Monday. This was the same rate that it exchanged for on Thursday, October 15.
Also, view Euro to Naira currency charts. The N391.99 to a dollar is the highest rate during intraday trading before closing at the rate of N386/$1. Forex turnover dropped by 24.7% as Nigeria’s exchange rate at the NAFEX window depreciated against the dollar to close at N385.83/$1 during intraday trading on Friday, October 16. However, the exchange rate against the dollar has failed to sustain the initial gains made after the CBN announced plans to provide liquidity. Here, we shall be taking a look at the black market Dollar to Naira exchange rate in Nigeria. Convert Naira To Dollar New Wallpaper Hd Noeimage. This is also despite the continuation of the protest against the special anti-robbery unit (SARS) by the Nigerian youth which has limited movement in major cities across the country especially Lagos. Did The Dollar To Naira. You may contact him via his email- [email protected]. We also noted that forex traders monitored during the previous week appear to hoard forex as they anticipated further depreciation in the market. Actual rates may vary slightly based on vendor. Our prices are a guide and could be slightly different from the price you get when you eventually decide to buy or sell. This was expected to inject more liquidity to the retail end of the foreign exchange market and discourage hoarding and speculation. The rate had also closed at ₦460/US$1 on Tuesday, October 20th 2020. This is also as businesses shut down due to the outbreak of violence in some parts of the country including Lagos during the protest against the special anti-robbery unit (SARS) and police brutality by the Nigerian youth.
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