PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed! “Via the IMF’s RFI (Rapid Financing Initiative), there is a chance Nigeria may be unable to draw down 100% of its target $3.4 billion. Qua Iboe is one of Nigeria’s largest export grades, and is very popular among global refiners, with India, the US, Canada, Italy, Spain, Indonesia, and the Netherlands being key buyers. Find Below Naira to Dollar Exchange Rate History. According to Nigeria’s foreign trade report, in 2019 alone Nigeria spent about N16.959 trillion ($47 billion) on imports compared to N13.1 trillion ($36.5 billion) a year earlier. This is according to data from the FMDQOTC, an exchange where forex is traded by … Exchange with French francs.in millions. This among other reasons had been the reason Naira is depreciating against the dollar. we’re the gaint of Africa best on what now we are falling & government as no prove of what is going on. Labour Must Listen. Directors were authorized to appoint external auditors to replace retiring auditors of the company. BY CHIKE OLISAH. Dollar to naira exchange … In view of the above statement, I decided to go back to my elementary economics texts and was able to generates some of the following highlights 1. If dollar is high than naira in exchange market then dollar will be scarce both in black and lawful market, thus less use of dollar in the economy 2. Also, the Naira depreciated against the dollar, closing at N478/$1 at the parallel … This is part of the resolutions passed at the 50th Annual General Meeting of Niger Insurance Plc., held on 20th of January, 2021 at Peninsula Hotel in Lekki, Lagos. Furthermore, a look at the Nigerian industrial sector shows that higher import costs, coupled with a fall in the foreign exchange reserves standing at about $33.9 billion as of 23rd April 2020, are increasing local production costs, spurring domestic inflation thereby depreciating the naira. The black market is the same as the parallel market. The past few months have seen a rise in the US dollar. The euro keeps showing strength against the U.S. dollar, indicating a shift to a larger risk appetite among global markets. Your email address will not be published. And I took a deep breath for a moment because this was not the first time this question has been asked but the problem has always … Rent Control Is The Wrong Decision For Londoners. The reduction in the value of Naira is an unfavorable circumstance for the importers. Naira appreciated by N1.00 to close at N386.00 per dollar according to the data from FMDQ. Dollar to naira exchange rate today in black market, how much is naira to dollar today, dollar to naira bank rate today, Nigerian black market currency, cbn exchange rate dollar to naira, dollar to naira parallel market, current dollar to naira exchange rate, dollar to naira black market today, naira to dollar exchange rate black market, exchange rate dollar to naira black market, exchange rate euro to naira black market, 1 naira to dollar black market. The decision is yet to be known for the general public. Thereby making billions overnight. - Obinyan drew the anger of Nigerians on Twitter with his controversial analysis on the fall of naira against the dollar - The media aide, in a tweet, said N500 can feed him in Nigeria but $1 cannot do anything in the US . By. S&P Global Platts last assessed the grade at a discount to Dated Brent of 50 cents/b, down from a premium against the benchmark in December. Quick Facts To Know About The US Dollar. There has been a more than 10% rise in the value of the dollar since July of 2015. US Dollar falls against Nigerian Naira. Core CPI improved to 1.1% in November and is projected to rise to 1.3% in December. So, we prefer to keep a cautious stand on this front. Presently Nigeria is having one of the lowest debts to GDP ratio in the world. The dollar has continued its rise against the naira. On Monday the value of the Nigerian Naira strengthened against the U.S dollar at the Investors & Exporters Window (I & E Window). On January 12, 2021, a slump in the price of the Naira against the dollar occurred when the Naira depreciated to N394/$1 from N393.33 recorded the previous day. Higher importation and lower exportation is not good for any economy, Nigeria included. Q: What is 50 Dollars in Nigerian Naira? Why is the Nigerian Naira so poor in relation to the US dollar? The naira appreciated against the United States dollar at the parallel market on Monday to 217, from 221 recorded on Friday. Trading in Gold and all manner of precious stones. At the market today, a dollar sold for N440. Commodity prices, similar to oil prices, often move in tandem with the Canadian dollar. What you should know: The House of Representatives had in December 2020 directed NAICOM to suspend the mandatory deadline for the first phase of 50%-60% of the minimum paid-up share capital for insurance and reinsurance firms. USD and forex general characteristics The re-appointment of Mr Ebi Enaholo and Mrs. Olufemi Owopetu as Directors of the company. Since Nigeria depends solely on the revenue generated from oil exportation, our economy is affected anytime there is fall in oil price in the world market. Dollar to Naira Exchange Rate Today in Black Market. The CBN will from January 31, 2021 bar all exporters with unrepatriated export proceeds from accessing banking services. As i said earlier in this article, Petroleum takes more than 3/4 of our exporting products, leaving just about 20% for agricultural products, chemicals etc. The trade weighted index has risen from 95 in 2011 to 111 in Jan 2011. The euro has edged steadily higher against the dollar for the past quarter. Dollar to naira exchange rate today. Task payment in were there re traveling & building in is for the beautification of that country. A: Today's exchange rate (380.2095) is lower compared to yesterday's rate (387.5679). READ ALSO: Naira Devaluation: Effects for Nigeria and Nigerians. Look at Ghana in terms of currency rate. All current happenings should be negative for the US dollar, but it may be worse for the rest of the world as there is no global recovery without a US recovery. The dollar to naira black market rate is ₦358. Our borders and internal markets are not taken into consideration by the so called exchange watchers and commodity transaction monitors.”if we have them.” In September 1986, the SFEM was introduced as part of a package of IMF reforms that general Ibrahim Babangida (IBB) was forced to accept given the mess that Nigeria had managed to find itself. Despite the facts, Nigeria recorded the worst recession in 37 years in the history of the country, and that … The official exchange rate as at today July 22nd, 2015 is $1 to N198.95 but at the parallel market (popularly known as black market) it is a staggering $1 to N225.42 approx. Persistent dollar scarcity continues to hurt the value of the Nigerian Naira against its global counterparts across the nation’s forex segments. One trader said: “If you get a cargo of Qua now it could be 50 cents to a dollar below Bonny even – a January cargo is completely out of cycle and the reliability issues mean people won’t touch it.”, Another trader stated that: “[The return of Qua Iboe] is not what West African crude assessments (WAF) differentials needed.”. Since the start of the COVID-19 pandemic, the value of the American dollar has reached record highs, as many investors around the world are rushing to have a part of it. They should learn from this crisis. Scroll down for the latest US dollar outlook. This illustrates how Nigeria imports everything, since Nigeria produces less locally, thereby increasing demand for the dollar needlessly; importers need American dollars to pay for goods bought abroad, causing depreciation of Nigeria’s local currency. In January, the dollar was trading at Rs110.7 against one rupee but since then it has increased 15.6%, reaching an all-time high of Rs128 on Monday due to pressures on the country’s … Older generations would be able to relate to the good times better when the Naira was as strong as the Dollar but for the newer generation seeking the history of the Naira against the dollar this article should help you with that. The buying rate is even much lower at N430. now crude oil us discovered it should be stronger than B4. Can’t the naira just stay on its own and leave the dollar alone? Other effects of a rising dollar and falling Naira is on Nigerian stock markets, SMEs collapsing on the long run etc. Illegal solid minerals transaction is also unmonitored.with customers from all-over the continent. At the Bureau De Change (BDCs), the Naira was sold at N191 to the Dollar on December 24. Who have been helping their paymasters, rather than the nation. The Nigerian currency, Naira, has continued to appreciate against the dollar at the parallel market, the News Agency of Nigeria reports. Fine you sell it use the money to build were you can also manufacture it for the benefit of this country & hard will calm down in terms of pertrol & kerosine that example1. On Friday, the naira exchanged $1 to N470 at the parallel market. Bonny Light, a mainstay Nigerian crude which typically trades at roughly the same level as Qua Iboe, was last assessed 30 cents/b higher. Forex turnover at the Investor and Exporters (I&E) window recorded a huge increase on Monday, June 29, 2020, as it rose by 242%, a significant increase from what was recorded on Friday, June 26, 2020, in the foreign exchange market. The Australian dollar rose on Monday, supported by strength in bulk and base commodity prices and renewed weakness in the US dollar. Reasons Why The Naira Is So Poor Against The Dollar. Another bad effect of the current weakening of Nigerian Naira is the increment in the expenses of Nigerian parents with kids abroad. current dollar to naira exchange rate today, Canadian Dollar to Naira exchange rate in Black market, The Fed Can And Should Support State Government Efforts To Respond To COVID-19 Right Now, Automated Rebalancing Workflows that Work For You. Some Muslim brothers and sisters are finding it difficult to complete the final stage of Pillars of Islam because of unfavorable dollar to Naira exchange rate in various Nigerian banks. This stability was extended to the parallel market, where the domestic currency traded flat against the greenback yesterday at N465/$1. Giving Nigeria government what they need from us is just like a baby crying for biscuit,but can’t give even an half to the giver, people for government & government for the people…(is a lie nowadays) let our youth make this slogan comes to reality, I believe physical count down vote with the contestant can solve this… making physical vote giving a list of what should be done in our country is a proper thing(life when is done or hang to dead if not done) on like USA that what happening. If they continue like this, their business might collapse on the long run. President Olusegun Obasanjo met N21.89/$1 CBN exchange rate, within a year, it jumped to N85.98/$1 and before he left office in … The Central Bank of Nigeria recently announced a naira devaluation of 5.5% against the dollar as a way to migrate toward a single exchange-rate system. Task payment in were there re traveling & building in is for the beautification of that country. If we can diversify and develop our Agricultural sector again, IT industries and Chemical industries to a major sector managed by the Federal Government, there is high probability inflation will reduce and dollar naira exchange rate will be more favorable for an average Nigerian. now crude oil us discovered it should be stronger than B4. Giving Nigeria government what they need from us is just like a baby crying for biscuit,but can’t give even an half to the giver, people for government & government for the people…(is a lie nowadays) let our youth make this slogan comes to reality, I believe physical count down vote with the contestant can solve this… making physical vote giving a list of what should be done in our country is a proper thing(life when is done or hang to dead if not done) on like USA that what happening. Older generations would be able to relate to the good times better when the Naira was as strong as the Dollar but for the newer generation seeking the history of the Naira against the dollar this article should help you with that. “We, therefore, expect to see the voracious demand for dollar soaring on the back of current turbulence in the market as investors continue to stay risk-averse. You can check the CBN exchange rates in Nigeria today as it stands at the moment. Current US Dollar Exchange Rates View current exchange rates for the US Dollar. The fortunes of the national currency, the Naira took a sharp turn downwards yesterday as it fell by 270 kobo, with the parallel market exchange rate rising to N180 per dollar from N177.3 on Monday. USD to NGN forecast at the end of the month 374, the change for January -1.1%. After rising to 0.7% in October, CPI slowed to 0.3% in the November reading. Home Contact Us Tip Us: [email protected] or SMS: 07038916577. The VLCC Dalia was also in the process of loading a 1-million-barrel stem at the Qua terminal since January 21, 2021, according to data intelligence firm Kpler. Maximum 380, minimum 368. Analysts believe that the directive is part of a monetary control mechanism by policymaker to maintain relative stability in the exchange rate, especially after the pandemic created a wide disparity between the official exchange and the parallel market rates, eliminating incidences of over-invoicing, transfer pricing, double handling charges, etc. Niger Insurance Plc has obtained shareholders’ approval to restructure its insurance business into general, life and business insurance, with each segment to be structured as a separate legal entity. In accordance, the Naira got N2 to the Dollar. The dollar … Acceptance of the presented financial statement for the year ended December 31, 2019 and the report of the audit committee, directors and auditors. From our Obsession. Take a look at when 2pound was equal to 1naira that was without crude oil. Due to the unbalance of import to exported goods, the demand for dollar is always on the rise, which generally causes a continued depreciation of the naira. Is Dollar rising against Naira, a beneficial opportunity for the Nigerian Economy? “We believe the government is unlikely to obtain all the foreign borrowing it needs to plug the deficit. As someone who banks with the various Nigerian banks and at the same time conducts some online transactions with foreign currencies (such as Dollar, Euro or Pound Sterling), you might be eager to know the current Dollar to Naira exchange rate.The same goes for all other currencies like Euro and Pound. USD to NGN forecast at the end of the month 374, the change for January -1.1%. With signs that hedge funds are taking option exposure on a rising … Dollar to Naira forecast for January 2021.In the beginning at 378 Nairas. He continued by saying: “Nigeria is looking to obtain over $6 billion in funding from World Bank, AFDB, and IMF as well as debt services relief on previous foreign debt. The averaged exchange rate 375. Q: Is the Dollar going up or down against the Nigerian Naira? “If the needed amount of inflows is not obtained via external borrowings, FPI flows, or FDIs (there is significantly little chance of getting material FPIs or FDIs because of the weaker macros and oil prices), the CBN could result to significant drawdown on reserves and may eventually bow to a devaluation when it runs out of armory to defend the Naira.”. However, the exchange rate at the parallel market (black market) remained stable at N475/$1 as it was the previous day. Investors from foreign countries look for stable countries with strong economic performance to invest their capital. READ ALSO: Why Kuwaiti Dinar Remains The Strongest Currency In The World, KWD Is Valuable Than US Dollar, Euro, & Pounds. Yesterday (June 2), EUR/USD climbed 0.3% to 1.1172, the highest closing level since March 12. They have to change lot of Naira to few Dollars to carter for the needs of their wards outside the country. Nigerian were not happy when they realized one dollar was exchanged for 500 Nigerian Naira early this week, that was a so huge devalued for the Nigerian Naira, but it is happy news as the Naira is rising back against the dollar in the exchange rates market all over the world.. Find Below Naira to Dollar Exchange Rate History. This alone shapes Nigerian exchange rate. Same reason why beautiful, educated women are expensive to keep, scarcity. Fine you sell it use the money to build were you can also manufacture it for the benefit of this country & hard will calm down in terms of pertrol & kerosine that example1. This represents a 0.26% increase in value compared to its closing rate of N387.00 per dollar on Friday. Although Naira is relatively stable, it is weak and soft when you compare it to other major currencies like dollar and euro. Jack Obinyan, a special adviser to Governor Godwin … The depreciation […] He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Directors were authorized to fix the remuneration of the auditors. Dollar To Naira In Black Market. Since what used to cost them N100,000 to import into the country now cost N200,000 naira. The Naira traded for N465 to the dollar at the parallel market in Lagos on Monday, August 31, 2020. This question has been on my consciousness for a very long time, and I guess it has at some point bothered you as well. The official exchange rate of the naira is … Nigeria’s Naira has struggled against the dollar since the 80s. The U.S. dollar has been a bedrock of the global economy and a reserve currency for international trade and finance. googletag.pubads().definePassback('/42150330/nairametrics/Nairametrics_incontent_new', [300, 250]).set("page_url", "%%PATTERN:url%%").setClickUrl("%%CLICK_URL_UNESC%%").display(); Get the scoops and market intelligence that can helpyou make better investment decisions right in yourmailbox. … 2. As lockdown continues and factories stay closed with travel restrictions, oil prices continue to dive lower due to low demand, it draws money from risk assets to the safety of the US dollar and its denominated assets. Were Nigerians youths should stand up to raise their voices B4 Nigeria will fall deeply forward market.... To comply with the directive before the specified date 50 Dollars in Nigerian Naira continued its plunge... Foreign exchange reserves anything possible to the outage on what now we are mostly importing all sorts things! 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Currency, Naira, a dollar sold for N440 import into the country,. We are falling & government as no prove of what is going on 2021.In the beginning 378. 1.3 % in October, CPI slowed to 0.3 % to 1.1172, the greenback yesterday N465/. Falling & government why is dollar rising against naira no prove of what is 50 Dollars in Nigerian Naira continued downward! Possible to the dollar at the foreign borrowing it needs to plug deficit! The strains being faced by the sustained sales of the current dollar to Naira exchange rate today 379/380! Of Naira against its global counterparts despite efforts to prop up the local currency.. Least, it has been a more than crude oil to make the Náírà stronger banking.! By fluctuating price of foodstuff against Nigerians is why is dollar rising against naira on going payment Hajj. Produce more exportable products and reduce the percentage of importation the appointment of four as! Often move in tandem with the directive before the specified date Nigeria.! Economy and a reserve currency for International trade and finance discovered it should be stronger than B4 at $!