“We direct our focus to the upcoming Eurobond issuance – planned for September – as it is a potential trigger for much-awaited FX adjustment. The lack of improvement in the latter, despite the sharp rise in oil prices YTD, is particularly concerning, said Mohamed Abu Basha, head of macroeconomy – EFG Hermes, Investment Banking and the leading financial partner in Frontier Emerging Markets (FEM).
He noted that some black market operators who used to get dollars from the BDCs could no longer do so since the CBN has stopped dollar sales to that market segment, adding that demand still remains amid dollar shortage. Olusegun Akintunde, an analyst at Polaris Bank Limited, said the CBN’s foreign exchange control measures are working as forex roundtripping has reduced. Read also: What Nigerians should expect with launch of e-NairaĪt the Investors and Exporters (I&E) forex window, Naira depreciated by 010 percent to N411.50/$ despite increased liquidity as the market daily turnover printed at $486.31 million on Wednesday. Such legitimate needs include Personal Travel Allowance (PTA), Business Travel Allowance (BTA), school fees, and medicals. The CBN also directed banks to sell dollars for the legitimate needs of the end-users. This means dollar to naira changed its position from the previous day.On July 27, 2021, the Central Bank of Nigeria (CBN) stopped dollar sales to the Bureau De Change (BDC) operators due to foreign exchange infractions. Newsonline Nigeria reports that the black market, the players buy a dollar for N560 and sell for N570 on Tuesday morning, Octoafter they bought N568 and sold N572 the previous day. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange. Note: dollar to naira exchange rate has stabilized at N570-575 per $1 since Monday, October 11.Įven though the dollar to naira opened in the parallel market at ₦570 per $1 today, Newsone reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. This means dollar to naira changed its position from the previous day. This represents a change of $2 from the previous day. The local currency opened at N570.00 per $1 at the parallel market otherwise known as the black market, today, Tuesday, 19 October 2021, in Lagos Nigeria after it closed N572.00 per $1 on Monday, 18 October 2021. The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market ( black market).ĭollar to Naira exchange rate today Lagos parallel market (black market dollar exchange rate today) How much is exchange rate of Dollar to Naira in Black Market today? per dollar on Tuesday, 19 October 2021, after it closed at N414.73 per $1 on Monday, 19 October 2021. 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 N…. October 19 dollar to naira official exchange rate: $1 dollar to naira = Not published due to Eid-el Maulud celebration
How Much Is Dollar To Naira Exchange Rate Today Official Rate? Newsonline has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates. The rates you buy or sell forex may be different from what is captured in this article.īlack Market Rate Dollar To Naira Exchange Rate Today 19 October 2021 has emerged. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The official NAFEX rates are obtained from the website of the FMDQOTC. Disclaimer: NEWSONLINE NIGERIA does not set or determine forex rates.Lagos parallel market (black market dollar exchange rate today).October 19 dollar to naira black market exchange rate: $1 dollar to naira = N570.How much is exchange rate of Dollar to Naira in Black Market today?.October 19 dollar to naira official exchange rate: $1 dollar to naira = Not published due to Eid-el Maulud celebration.How Much Is Dollar To Naira Exchange Rate Today Official Rate?.
Black Market Rate Dollar To Naira Exchange Rate Today 19 October 2021 has emerged.