Naira Hits All-Time Low At CBN Official Market This Morning
Ejes Gist News reports that the Nigeria’s currency, the Naira, weakened significantly against the US dollar in the official market on Friday, reaching its lowest rate in that market, despite a marginal increase in foreign exchange supply.
The naira closed at N414.90 per $1, the lowest it has ever traded at the so-called Investors and Exporters window, according to data from the FMDQ securities exchange window where forex is officially traded.
The currency depreciated by N1.22 on Friday, or 0.30 percent, from its Thursday exchange rate of N413.68.
Foreign exchange turnover fell by 10.10 percent to $193.59 million, down from $175.86 million the previous session on Thursday.
Before closing at N414.90 per $1 on Friday, the Naira reached an intraday high of N400.00 and a low of N415.20.
This comes just a week after the CBN tightened its grip on those it claimed were responsible for the currency’s rapid depreciation in recent months.
The central bank initially halted forex sales to BDCs, and abokiFX was forced to stop publishing black market rates last week.
Dealers said the naira exchanged as low as 570 per dollar in the morning on the black market in Abuja, but later rose to 568 per dollar in the evening as demand decreased.
Dealers in Uyo, Akwa Ibom State, said the local unit began trading with the hard currency at N570 per dollar in the morning, but later sold for N560 per dollar at the end of the day.
“Because it’s already the weekend, people are afraid to keep their dollars so that they don’t depreciate in value because we can’t use abokiFX.com anymore. Traders are now using their intelligence to sell their dollars so that they do not lose money,” said one dealer who did not want to be identified.
Previous reports on Naira to Dollar Exchange Rate
Ejes Gist News had obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.
This Post Covers the following Questions;
- Dollar To Naira On Black Market Today.
- What Is Dollar To Naira Today In Black Market
- Dollar To Naira Black Market Rate
- Dollar To Naira Black Market Exchange
- Dollar To Naira Black Market Calculator
- Dollar To Naira Today Black Market
- CBN Nigeria Exchange Rate Today
How Much Is Dollar To Naira Exchange Rate Today Official Rate?
The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at N414.21 per dollar on Wednesday, 22 September 2021, after it closed at N413.68 per $1 on Monday, 20 September 2021. This represents a change of 0.08%.
Exchange Rate of Dollar To Naira in Black Market Today?
The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (Ogba and Ikeja market).
LAGOS PARALLEL MARKET RATES September 22, 2021 (Dollar To Naira On BlackMarket Today)
Ogba in Lagos parallel market (black market dollar exchange rate today)
The local currency opened at N557.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 22 September 2021 In Lagos Nigeria, after it closed N557.00 per $1 on Tuesday, 21st September 2021. This represents a change of $7 from the previous day.
The black market, the players buy a dollar for N550 and sell for N557 on Wednesday morning, September 22, 2021. after they bought N540 for and sold N550 the previous day.
Ikeja in Lagos parallel market (black market dollar exchange rate today)
The local currency opened at N573.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 21 September 2021, in Lagos Nigeria after it closed N575.00 per $1 on Tuesday, 21 September 2021. This represents a change of $2 from the previous day.
The black market, the players buy a dollar for N570 and sell for N573 on Tuesday morning, September 22, 2021. after they bought N570 for and sold N575 the previous day
A parallel market (street market) is characterised by noncompliant behaviour with an institutional set of rules.
Last week, Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), said the only recognised foreign exchange market is the Importers and exporters (I&E) FX window.
Emefiele talked tough over illegitimate traders at the parallel market, saying they are causing confusion and manipulating the foreign exchange market.
He had stopped dollar sales to the earlier authorised BDCs and directed banks to meet legitimate forex demands.
AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014.
Despite denying CBN’s allegations, abokiFX suspended parallel market data information on its platform — taunting with a clause: “We sincerely hope this suspension will lead to the Naira appreciation from next week”.
On Monday 19, AbokiFX cleared forex data information from its platform.
Meanwhile, at the I&E window, the currency opened trading at N412 to the dollar
The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded.
Cbn Nigeria Exchange Rate Today September 19 ,2021
|Currency||Buying ₦||Central Bank ₦||Selling ₦|
Exchange Rate of Dollar To Naira Today on BlackMarket ?
LAGOS PARALLEL MARKET RATES
BUY / SELL
BUY / SELL
BUY / SELL
|19/09/2021||559 / 570||763 / 770||647 / 655|
|18/09/2021||560 / 570||760 / 770||645 / 655|
|17/09/2021||552 / 562||754 / 760||640 / 648|