The black market exchange rate of the US dollar to Naira in Nigeria early morning of Monday, January 25, 2021, was N477/N472 (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.
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.
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$.
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.
The latest worsening value of Naira/USD comes a few hours after the governor of the Central Bank of Nigeria (CBN) Godwin Emefiele took a swoop on FX analysts whom he said use black market rate for trading analysis, saying the CBN will not succumb to their pressure.
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”
He stated this at the end of the last 2020 Monetary Policy Committee (MPC) meeting, in Abuja.
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.
I sympathise with him because some of the measures put in place by the apex bank are not producing the desired impact at stabilising forex. But I don’t pity him because his employers are pathetically part of the problem.
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.
It’s N470/1USD at the parallel market at the close of business on Friday, November 13, 2020, a data from abokifx.com revealed.
