Black Market Exchange Rates for Naira (Lagos)

CBN devalues the Naira

The central bank had devalued the official exchange rate to N380/$1 from N360.1/$1. The adjustment occurred on Thursday, August 6th, 2020. The adjustment is thought to be a move towards unification of the multiple exchange rate windows.
The CBN has adjusted the official exchange rate twice this year. The first one was from N307/$1 to N360/$1 and then just last week, from N360/$1 to N380/$1.
The parallel market exchange rate has averaged N475/$1 more recently.
According to Bloomberg, “Goldman Sachs Group Inc. this week said a significant devaluation of the naira is likely in 12 to 18 months to stabilize Nigeria’s external accounts. An exchange rate of 500-550 per dollar should bring about the desired balance”.
The direction of the exchange rate will be determined by oil prices, growth in the global economy, and Nigeria’s forex policies. The exchange rate disparity is currently due to low forex supply, caused in part by the Covid-19 pandemic which has kept foreign investment out of the country limiting the supply available to the government. If this situation improves, then we could see a convergence between the parallel market to the NAFEX market with the former strengthening towards the latter.
However, a further devaluation could occur if forex scarcity persists and corporates find it difficult to purchase forex at the NAFEX(I&E) window driving up demand at the black market.
submitted by vegasbm to Nigeria_FreeSpeech [link] [comments]

Why is there foreign currency shortage (i.e. rampant black market forex exchange) in countries if there is a trade surplus?

For example, Nigeria registered its first trade deficit in 7 years for the first time this year, but forex in the black market has been a pretty common phenomenon for many years. In addition the Nigerian government appears to control the Naira which, again, does not make sense if the country is registering trade surplus overall.
submitted by MTobian to AskEconomics [link] [comments]

Nigeria’s case study in how not to float your currency

This is an automatic summary, original reduced by 83%.
Today, the official interbank market closed at 306 naira to $1. But over at Abokifx, the same US dollar sells for 473 naira on the black market-a spread of 55%, enough to tempt even the purest of souls into a game of 'round-tripping'.
The moment the naira was 'floated' on June 20 this year, the authorities then found themselves in a position of not wanting the exchange rate to depreciate past a certain point to avoid the knock-on effect of higher petrol prices.
This meant that the only way to stop the naira floating away beyond reach was to employ the old tricks of hobbling the markets, fixing rates with a mixture of persuasion and mostly threats and generally wrapping the whole thing in a thicket of rules.
On the day the naira was floated in June, the Central Bank of Nigeria intervened in the markets to clear the huge backlog of unmet demand with a mixture of spot rates and forward contracts to be filled up to one year later.
In the absence of the CBN from the interbank market, the money from the oil majors probably made up between 50%-60% of the supply of forex to the market.
Not so fast said the CBN-the oil majors were also instructed that after selling their dollars to petrol marketers, any leftover had to be sold to the CBN. The reason for this directive remains unclear especially as the CBN is no longer intervening in the forex markets.
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Mandera's Black Market Forex Exchange - YouTube Nigeria's Black Market Money-Changers How much is dollar to naira in Nigeria black market today March 4, 2016 Nigerian currency trading at 440 to the U.S. dollar Nigerian Central Bank sets new exchange rate for certain consumers MIXED FEELINGS OVER BLACK MARKET EXCHANGE RATES Face Off: Is The CBN Forex Policy Good Or Bad For The Nation -- Pt 1

Abokifx 2020 Current Black Market Exchange Rate in Nigeria. Abokifx Exchange Rate 2020 – is a remarkable online platform for daily updates of Nigerians black market (parallel marker) currencies conversion rate ranging from dollars, pounds sterling, euros, and other foreign currencies. Go through this article and learn how to use this remarkable online accessory. AbokiFX which is ... Dollar to Naira Rate Black Market November 11 2020. November 11, 2020 + Dollar to Naira Rate Black Market November 10 2020. November 10, 2020. Online Currency Convertor Services. Our currency calculator gives you real time figures based on the our online rate of the day. Simply choose the currency that you want to convert and we'll show you the exchange rate history. Nigerian Naira Converter ... Black Market (Lagos) exchange rates for Naira today are. Sell rates: USD ₦ 468, EUR ₦ 545, GBP ₦ 600, CAD ₦ 345, ZAR ₦ 28, GHS ₦ 84, RMB ₦ 60, XOF ₦ 0.83, XAF ₦ 0.74, and AED ₦ 130; Buy rates: USD ₦ 460, EUR ₦ 540, GBP ₦ 592, CAD ₦ 325, ZAR ₦ 20, GHS ₦ 76, RMB ₦ 50, XOF ₦ 0.81, XAF ₦ 0.7, and AED ₦ 115; Today on Black Market (Lagos) NOVEMBER 12, 2020 Electronic transaction volumes increased 67% during lockdown — CBN - NAN NOVEMBER 12, 2020 Turkey Eases Currency Trading Limits Again, Boosting Lira - BLOOMBERG NOVEMBER 12, 2020 Forex demand pressure worries CBN MPC members - PUNCH NOVEMBER 12, 2020 Dollar holds gains as investors temper COVID-19 vaccine enthusiasm - REUTERS NOVEMBER 12, 2020 Hedge Fund Blocks Nigeria in ... Several traders Black Market Forex Rates Nigeria fail at online trading because they are completely unaware of the entire system. For instance, many of them consider both forex and binary trading to be the same Black Market Forex Rates Nigeria concepts. However, after reading this article, several traders would come to know that both forex and binary trading are two different concepts. MARKET NEWS. Nov 13 ... , 2020 Nigeria’s strength lies in export of services, says Awolowo - PUNCH Nov 13 ... Why Nigeria's Economy Slowed Down - VP Osinbajo - DAILY TRUST Nov 13, 2020 Forex reserves decline to $35.63bn, lowest in two months ... Nigeria naira eases on black market as FX demand pressure resurfaces -traders. Breaking News . Quotes. All Instrument Types. All Instrument Types; Indices; Equities; ETFs; Funds; Commodities; Currencies; Crypto; Bonds; Certificates; No results matched your search. Search website for: Popular News. More. PRECIOUS-Gold gains on mounting pandemic, vaccine worries . UPDATE 8-Oil falls on rising ... Parallel market: According to information from Abokifx – a prominent FX tracking website, at the black?market where forex is traded unofficially,?the Naira appreciated against the dollar to close at N462/$1 on Friday. This represents a N3 gain when compared to the N465/$1 that it exchanged for on Wednesday, October 28. Due to the changing regulatory climate in Nigeria, local banks have struggled to maintain a credible currency exchange policy that stands the test of time. TradeNAIRA plans to manage this problem by putting free market forces to use. By creating an open and transparent platform, Mr Nwike believes that whatever the economic situation in Nigeria, users can buy and sell their currencies for ... Nigeria to eliminate forex black market, says Finance Minister December 21, 2016 Nigeria’s Finance Minister, Kemi Adeosun, has announced on Tuesday that the federal government had instructed the Central Bank to eliminate currency black market, where foreign currencies fetch more naira than the official rate.

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Mandera's Black Market Forex Exchange - YouTube

(Nigeria Forex) Nigeria's Black-Market Money-Changers - how to change money in Nigeria: Officially, Nigerians are supposed to go to the bank to change foreign currency - especially due to the fear ... Nigeria has set a new naira exchange rate for consumers with certain foreign expenses and stepped up dollar sales on the official market to narrow the spread with the black market. Mandera's Black Market Forex Exchange - Duration: 2:58. K24 TV Recommended for you. 2:58. Apostolic churches heed government’s decree banning mass gatherings - Duration: 4:00. ... This video gives a summary of the current exchange rate in the Nigeria black market for today. The Nigerian Naira traded much lower on Monday in the unofficial black market at 440 to the green back. This comes as dollar shortages persist in the economy. Despite removing the peg and floating ... Being a border town, Mandera does business with neighbouring Ethiopia and Somalia, with many traders from the kenyan town frequently crossing over into these... Black market forex traders are in denial and jittery. Manufacturers appear confused. Manufacturers appear confused. The Central Bank says the policy would help boost the Naira.