Black Market Dollar To Naira Exchange Rate Today — Graphic of Dollars and Nairas

Naira to dollar crashes at all exchange windows

By Grace Omajemite Last updated Mar 24, 2023

Naira to dollar at the black market; other exchange rates have depreciated.

Dollar to Naira black market exchange rate.

The naira lost value against the dollar, with the black market exchange rate averaging N754 to $1 on March 23, 2023,. This is a depreciation of 0.53% from the previous session’s N750/$1 exchange rate.

Insight into this was provided to Ejes Gist News Nigeria by participants in the black market foreign exchange window.

Dollar to naira at the Investors and Exporters Window

The naira fell against the dollar at the Investors and Exporters Window on Thursday, trading at N461.67.

The rate represented a 0.04 percent decrease from the N461.50 it exchanged for against the dollar on Wednesday.

On Thursday, the open indicative rate was N461.25 to the dollar.

The highest rate recorded during the day’s trading was N462.50 to the dollar before it settled at N461.67.

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During the day’s trading, the naira fell as low as N460 to the dollar.

At the official investors’ and exporters’ window, a total of 80.03 million dollars were traded.

On the P2P cryptocurrency exchange market, the naira also depreciated against the US dollar, trading on average for N745.8/$1 on Friday morning, 24th March 2023, down from N743.93/$1 on Thursday.

On the other hand, the naira to dollar exchange rate at the official Investors and Exporters window rose by 0.05% on Thursday, 23rd March 2023, to a final rate of N461/$1 from N461.25/$1 on Wednesday.

However, on Thursday, only $82.83 million changed hands at the official exchange, a decrease of 28.34% from the $115.58 million that moved on Wednesday.

On Wednesday, March 21st, 2023 saw a decrease in the country’s foreign reserves to $36.44 billion from Tuesday, March 7th, 2023’s total of $36.47 billion.

Naira to dollar crashes at black market amid Bola Tinubu’s emergence as President-elect March 1st:

On Wednesday, the naira to dollar black market exchange rate plummeted.

The black market exchange rate between the naira and the US dollar crashed on Wednesday, March 1, 2023, trading at an average of N760/$1 when compared to the previous trading session.

The dollar to naira, which closed on Tuesday, February 28, 2023, at N755 per $1, crashed to N760 per $1 on Wednesday following the announcement of Bola Ahmed Tinubu as president-elect.

In addition, the official Investors and Exporters window exchange rate between the naira and the US dollar closed at N462/$1 on Tuesday, February 28th, 2023. This is the same rate as it was on Monday.

Meanwhile, the country’s currency rose against the US dollar in the cryptocurrency P2P exchange market, trading at an average of N745.98 per $1 on Wednesday morning, March 1, 2023, a 0.60% increase from N750.5 per $1 on Tuesday.

However, at the official exchange on Tuesday, a total of $48.09 million was transacted, an 11.55% decrease from the $54.37 million that exchanged hands on Monday. The country’s external reserves were $36.679 billion on February 27th, 2023, up from $36.698 billion on February 24th, 2023.

Trading at the official NAFEX window

The exchange rate at the official market closed at N462/$1 on Tuesday, February 28, 2023, the same rate it recorded on Monday, February 27, 2023.

The opening indicative rate closed at N461.33/$1 on Tuesday, February 28, 2023.
Furthermore, an exchange rate of N462.5/$1 was the highest rate recorded during intra-day trading before it settled at N462/$1, while it traded for as low as N446/$1 during intra-day trading.

A sum of $48.09 million in FX value was traded at the I&E window on Tuesday, which is 11.55% lower than the $54.37 million that exchanged hands in the previous session.

The black market exchange rate of naira to dollar today falls to N760/$1 on February 28, 2023.

The black market exchange rate between the naira and the US dollar fell by 0.26% on Tuesday, February 28th, 2023, to trade at an average of N750/$1, down from N754/$1 in the previous trading session.

This is according to black market FX operators who spoke with Nairametrics.

Similarly, the naira depreciated marginally against the US dollar on the cryptocurrency P2P exchange market, trading at an average of N750.5/$1 on Tuesday morning, February 28th, 2023, a 0.08% decrease from N749.88/$1 on Monday.

Similarly, the official Investors and Exporters window exchange rate between the naira and the US dollar fell by 0.18% to close at N462/$1 on Monday, February 27, 2023, compared to N461.17/$1 on Friday.

However, forex turnover fell 64.53% to $54.37 million at the official exchange on Monday, down from $153.3 million last Friday. The country’s external reserves were $36.698 billion on February 24, 2023, up from $36.707 billion on February 23, 2023.

Trading at the official NAFEX window

The exchange rate at the official market closed at N462/$1 on Monday, February 27, 2023, a 0.18% depreciation from N461.17/$1 recorded on Friday, February 24, 2023.

The opening indicative rate closed at N461.35/$1 on Monday, February 27, 2023.
Also, during intraday trading, the exchange rate went as low as N446/$1 and as high as N462.05/$1; it settled at N462/$1.
A sum of $54.37 million in FX value was traded at the I&E window on Monday, which is 64.53% lower than the $153.3 million that exchanged hands in the previous session.

Naira to dollar black market today falls to N745/$1 on February 27, 2023.

The Naira-to-dollar exchange rate has crashed at the official and black market exchange windows.

The exchange rate between the naira and the US dollar depreciated on Monday, January 27th, 2023, to trade at an average of N745/$1 on the black market, following two weeks of stability.

This is the case, according to information from black market traders who spoke with Ejes Gist Business.Compared to last Friday’s exchange rate of N731/$1, the naira depreciated by 1.92 percent.

Naira to dollar crashes at the official and black market exchange windows

FX traders said that the drop was expected at the beginning of the year because there was more demand for foreign exchange in the country.The trader claims that Nigerians’ desire to send money to their children abroad, buy assets, and pay for school fees abroad, among other things, is what is driving the high demand.

In addition, the exchange rate at the peer-to-peer cryptocurrency exchange decreased by 0.35 percent on Monday morning to a low of N745.6 per dollar.

Black market exchange rate of the dollar to naira.

The exchange rate at the Investors and Exporters (I&E) window weakened slightly to N461.67/$1 on Friday, January 6, 2023, a 0.04% decline from Thursday, January 5, 2023’s N461.5/$1 rate.

A total of $79.05 million changed hands on the official market on Friday, a marginal increase from the previous day’s $68.14 million. However, Nigeria’s external reserves stood at $37.15 billion as of January 5, 2023, a 0.12% increase from $37.11 billion as of December 4, 2022.

The Nigerian Financial Intelligence Unit (NFIU) has said that cash withdrawals from government accounts will no longer be allowed as of March 1.

This will support efforts to combat illicit activities and move towards a cashless economy at the federal, state, and local government levels as well as within their agencies, according to a statement issued by Modibbo Hamman-Tukur, Director and CEO of the National Financial Intelligence Unit (NFIU).

It also said that civil servants and government workers can’t get their salaries and allowances for working abroad in cash.

According to the NFIU, the new measures will aid in the nation’s transition to a cashless economy while also preventing money laundering and corruption.

The MLPPA, 2022, and the Proceeds of Crime (Recovery and Management Act, 2022) (POCA, 2022), which provide the legal framework limiting cash transactions and sanctions for violation of the provisions, were also mentioned as being directly violated by the cash withdrawals.

(NAN)