Nigeria foreign exchange market is a decentralized or over-the-counter market for the trading of currencies. This includes the value of Nigeria naira to US dollars, Pounds Sterling and other foreign currencies across the World.
The black market exchange rate of the US dollar to Naira in Nigeria early morning of Tuesday, February 02, 2021, was N474/N480 (buy/sell).
Disclaimer: This data is collated from various black market dealers in Lagos, Nigeria, meaning the price you find on this page WILL be slightly different from what you get in your state or street. Location matters.
The foreign exchange market gulp $4.37bn in the third quarter of 2020 as one of the moves by the Central Bank of Nigeria (CBN) to stabilize the naira.
The third-quarter economic report of the apex bank revealed that the CBN’s periodic interventions in the forex market is targeted at boosting the supply side of the market.
In the pre-colonial era, African countries adopted their own means of exchange. For instance, in Nigeria, there was trade by barter system.
In layman’s words, trade by barter is using your own goods in exchange for other goods you’re in need of.
The Central Bank of Nigeria (CBN) has warned that Azimo Money Transfer isn’t a registered IMTO in Nigeria.
The apex bank in a tweet also warned Nigerians to steer clear of another international money transfer operator TransferWise, saying they’re not licensed to handle money transfers in Nigeria.
Some payment platforms get the approval of the Central Bank of Nigeria to carry out cross-border payments and currency exchange.
In this post, we’ll give you an updated list of international money transfer operators (IMTOs) in Nigeria.
All over the world, a currency can either be strong or weak, depending on many factors and economic policies of such country, financial experts say.
Most of the currencies in Africa are weak even before the World was hit by the coronavirus pandemic. But the pandemic has even made more currencies to lose their value against the US dollar, Euro, British Pound which are mostly used for international trade exchange.
Summary: We’ll tell you why Kuwait Dinar remains valuable than the US dollar, the most widely circulated and traded currency on forex and why KWD has maintained the number spot for several years.
Over time, we’ve heard Nigerians asking, “Is the Emirate Dirham higher than the Nigerian Naira?” They are mostly those who are seeking greener pasture in the Arabian country.
Dollar to Naira Exchange Rate this week Monday, December 14, 2020, to Friday, December 18, 2020, is going to be interesting and here are the five things that could trigger a slight spike in the value of US dollar against the Nigerian Naira this week.
A currency is money in paper form (banknotes) or coins backed by law and accepted as a medium of exchange among the people. So, what’s the strongest or valuable currency in the world today and how does it perform against the Nigerian Naira?
The daily parallel market exchange rate closed at ₦475/1USD as Nigeria dived into the first weekend in the month of December (Friday, Dec 4, 2020).
It showed a slight depreciation from the previous day, Thursday, December 3, when trading at the black market closed at N470/1$.
Hey, have you read the latest CBN directive on remittances? If you haven’t, we’ll tell you more about it and the influence of IMTOs on foreign currency exchange rate in Nigeria.
Domiciliary Account allows individuals, businesses and corporate organisations to receive and make payments in foreign currencies.
In this post, we’ll tell you the CBN circular on the domiciliary account and other guidelines of the apex bank regarding the operation of Dom accounts in Nigeria.
The Nigerian Naira now goes for N495 against one US dollar at the parallel market at the close of trading Thursday, November 27, 2020, it’s the worse exchange rate in weeks.
Governor of Nigeria’s apex bank Godwin Emefiele has said that the parallel market is shallow and illegal, patronise by those who engage in illicit transactions and for “corruption purposes”
I watched the governor of the Central Bank of Nigeria (CBN) Godwin Emefiele speak on the activities of speculators on the foreign exchange on TV, he looked and sounded helpless.
The pressure on the Nigerian currency persists as Naira depreciated further Wednesday, hitting N478 against 1US Dollar.
It closed at N470/$1 at the parallel market on Friday, November 13 while it started the week on a more disappointing way, it sold for N475 against the US dollar which it maintained till the close trading on Tuesday, November 17.
Between November 11-November 13, 2020, the interventions of the Central Bank of Nigeria (CBN) seemed to be losing impact as Naira weakened against the US dollar.
Nigeria’s foreign exchange reserves have fallen to $35.63 billion, should investors be worried?
The latest from the Central Bank of Nigeria (CBN) has shown Nigeria’s FX has declined, indicating the lowest level since August 2020.
Summary: A look at policies Nigeria’s apex bank (Central Bank of Nigeria) can consider to increase the value of Nigerian Naira against other currencies.