How much is Dollar to Naira Today Wednesday 28/07/2021? [bank rate / aboki rate]. You might want to ask, what is the equivalent of dollar to naira today?
How much is Dollar to Naira Today? If you have dollars now in Nigeria, you are a rich man. See the current dollar to Naira exchange rate as of today. We compare the Dollar to Naira bank rate vs aboki rate. Dollar to naira exchange bank rate is far lower than the dollar to naira aboki rate. Of course, you know that the exchange rate in banks is different from the exchange rate in the parallel market. See the details below. Dollar to Naira Today
US Dollar to Naira Lagos Parallel Market Rates Today
Buy / Sell
Buy / Sell
Buy / Sell
|28/07/2021||515 / 522**||700 / 710**||590 / 600**|
|28/07/2021||500 / 505*||695 / 703*||585 / 592*|
|27/07/2021||500 / 505||695 / 703||585 / 592|
|26/07/2021||500 / 504||695 / 703||585 / 592|
|23/07/2021||500 / 504||698 / 705||588 / 595|
The dollar to naira bloack market rate is N495 is you want to sell and N500 if you want to buy. That is, if you have dollars that you want to exchange dollar for naira (sell), the amount is N495/$. On the other hand, if you want to exchange naira to dollar (buy), the amount is N500/$. Dollar to Naira Today
This is the dollar to naira exchange rate in the streets. It’s also called dollar to naira rate in the parallel market or dollar to naira Aboki rate. Black market money exchangers are local BDC street retailers found in almost all states in Nigeria.
Dollar to naira parallel market
What is aboki exchange rate in Nigeria today? The exchange rate of Dollar to Naira Today is minimal. If you have a dollar to change with Aboki, make sure you confirm the dollar to naira bank rate today so that you will not be cheated. From the table above, you can see that the dollar to naira black market rate is N495.
As of today, the exchange rate dollar to naira black market is different from the bank rate which is N411/$. According to Morningstar, one United States Dollar equals 411.00 Nigerian Naira.
Just recently, the Central Bank of Nigeria devalued the naira by 7.6% against the dollar. This has weakened Naira to a four-year low in the parallel market after the central bank’s efforts to coax banks to sell more dollars to customers failed to bridge the widening gap between the official and street rates. Dollar to Naira Today
How CBN regulates Exchange Rates of Dollar to Naira today
Dollar rate in Nigeria bank (Data Source: CBN)
|Code||Name||Buying (₦)||Central (₦)||Selling (₦)|
|USD||United States Dollar||409.19||409.69||410.19|
|GBP||United kingdom Pound||568.82||569.51||570.21|
|EUR||Euro member countries||486.69||487.29||487.88|
|XOF||Communaute Financiere Africaine BCE||0.72||0.73||0.74|
|XAF||Communaute Financiere Africaine CFA||0.72||0.73||0.74|
|WAU||WEST AFRICAN UNITS ACCOUNTS||583.26||583.97||584.69|
|CNY||China Yuan Renminbi||63.19||63.27||63.35|
|SAR||Saudi Arabia Riyal||109.11||109.25||109.38|
|XDR||International Monetary Fund (IMF)||583.96||584.67||585.38|
|ZAR||South Africa Rand||28.53||28.56||28.6|
Dollar to Naira in the News
CBN Releases $200m to Banks to Quell FX Speculation – This day
The Central Bank of Nigeria (CBN) yesterday released a total of $200 million to all commercial banks in the country as part of efforts to meet dollar demand for legitimate end users in the country.
This followed the decision by the regulator to henceforth discontinue foreign exchange (FX) sale to Bureau De Change (BDC) operators in the country.
THISDAY gathered from a senior central bank official all banks customers that require FX for legitimate transactions such as school fees, Personal Travel Allowance (PTA), Basic Travel Allowance (BTA) and medical payments would be required to undergo minimal documentation to assess the greenback.
However, CBN Governor, Mr. Godwin Emefiele, disclosed the end of FX sales to BDCs while briefing journalists at the end of a two-day meeting of the Monetary Policy Committee (MPC) in Abuja.
Emefiele directed all commercial banks to immediately create designated branches for the sale and disposal of FX to customers who deserve it for legitimate purposes. He said the CBN will no longer process or issue new licences for BDC operations in the country, adding that all licences being currently processed, regardless of the stage, had been suspended.
He said the CBN would now channel weekly FX allocations hitherto meant for BDCs to commercial banks.
Emefiele said commercial banks were now permitted to begin accepting FX cash deposits from their customers.
He explained that the measures were to ensure that the apex bank was better able to carry out its mandate in an effective and efficient manner as well as to guarantee preservation of the commonwealth and financial system stability.
Emefiele said the decision to eliminate the BDC operators from the FX market was necessitated by their dubious and unwholesome practices, adding that the operators have gone beyond their primary role of being retail dealers of FX to wholesale dealers.
The CBN governor stated that rather than catering for the retail users, who required about $5,000 to meet their FX needs, BDCs now transacted in millions of dollars. He said BDCs bought dollars from the CBN at N197 only to sell to their customers at N250.
Emefiele said it was no wonder that BDCs had risen “from a mere 74 in 2005 to 2,786 BDCs today. In addition, the CBN receives close to 150 new applications for BDC licenses every month.”
He said the move was inevitable as the drop in oil prices was depleting dollar reserves, which, according to him, had dropped from $37.3 billion in June 2014, to $28 billion presently.
The CBN governor expressed concern that Nigeria’s import bill now stood at N917.6 billion a month.
He said regarding the BDC operators, “They have turned themselves away from their objectives. They are now agents that facilitate graft and corruption in the country. We cannot continue with the bad practices that are happening at the BDC market.”
Emefiele added that there was evidence of prevailing ownership of several BDCs by the same promoters to procure multiple FX from the apex bank.
He said, “Several international organisations, embassies, patronise BDC through illegal forex dealers to fund their institutions. We will deal ruthlessly with Nigerian banks that deal with illegal BDCs and we will report foreign organisations patronising them.”
Emefiele added, “The public should note that once a customer provides basic documentation to purchase FX, all banks must immediately meet that on demand or within a stipulated timeframe sell foreign exchange to the customer.
“Any customer who doesn’t receive FX along these lines must report this to their banks and where they are unsatisfied with the resolution, they are required to contact the CBN on out toll free line 07002255226 or email email@example.com to lodege the complaints with details of the bank transaction.”
Shedding more light on the reasons for the stoppage of FX sales to BDCs, Emefiele explained that the CBN sold over $20,000 to more than 5,500 BDCs per day, adding that the amounts translated to about $110 million per week and $5.72 billion per year.
“The CBN and the government cannot continue to allow this unwholesome practice to continue in Nigeria,” he said.
According to him: “In total disregard for the policies that the CBN introduced to meet its mandate of safeguarding the value of the naira, we have continued to observe that stakeholders in some sectors have not been helpful in this direction.
“In particular, we have noted with disappointment and great concern that our BDC operators have abandoned the original objectives of their establishment, which was to serve retail end users who need $5,000 or less.
“Instead, they have become wholesale dealers dealing in forex to the tune of millions of dollars per transaction. Despite the fact that Nigeria is the only country in the world today where a central bank sells dollar directly to BDC operators.”
He added, “Operators in Nigeria’s bureau de change segment have not reciprocated the bank’s gesture to help maintain price stability to the large market.
“Whereas, the bank has understanding with BDC operators that they make small margins from the US dollar allocated to them, they have reneged and become somewhat greedy, recalcitrant with abnormal high profit sale while ordinary Nigerians have been left to feel the pain and therefore suffer.
“Rather than work to achieve the laudable objectives for which they were licensed, the bank has noted the following unintended but unfortunate outcomes.
“Increase in operators only interested in wider margins and profits from the forex market regardless of prevailing rates in the market.
“Gradual dollarisation of the Nigerian economy with attendant adverse consequences on the conduct of monetary policy and subversion of the cashless policy initiatives of the CBN.”
He added that BDCs had resorted into financing of unauthorised transactions with FX procured from the CBN.
He stated, “Our examiners are currently looking at the books and we have reports that indict embassies, international organisations who instead of selling their FX to the recognised investors and exporters’ window have resorted into operating with illegal FX dealers in contravention of our laws.
“And we will deal ruthlessly with Nigerian banks who have acted as collaborators with these forex dealers because they’ve allowed their banking and payment systems infrastructure to be used to facilitate these illegal dealing in foreign exchange.”
Emefiele added, “As for those foreign organisations involved, we will report them to their regulators, we will write to those organisations. These unintended outcomes have placed unsustainable financial burden on the CBN and had limited foreign exchange.”
Emefiele expressed concern about the level of insecurity in the country, saying it has negative implications for business confidence and overall economic activities. He urged the federal government to intensify security surveillance in farming communities to ensure uninterrupted farming activities.
However, at the meeting, the MPC also resolved to retain Monetary Policy Rate (MPR), otherwise known as interest rate, at 11.5 per cent and the asymmetric corridor of +100/-700 basis points around the MPR.
The apex bank also left the Cash Reserve Ratio at 27.5 per cent and Liquidity Ratio at 30 per cent.
The MPR is the rate at which the CBN lends to commercial banks and it often determines the cost of borrowing in the economy.
Emefiele, who read the committee’s communiqué, explained that the decision to hold all the monetary policy tools constant was due to the need to stimulate the growth of the economy. He said the MPC decided to hold all policy parameters constant believing that it would enable the continued permeation of current policy measures in supporting the recorded growth recovery and macro-economic stability.
The committee also noted the marginal increase in the external reserves, which rose to $33.83 billion on July 22, 2021, from $32.78 billion as at June 30.
According to the CBN governor, aggregate credit as at the end of May 2021 stood at N24.23 trillion, compared to N22.68 trillion at the end of December 2020, representing a year-to date increase of N1.55 trillion.
He said under the central bank’s development finance initiatives, the sum of N756.51 billion was granted to 3,734,938 small holder farmers cultivating 4.6 million hectares of land, of which N120.24 billion was extended for the 2021 wet season to 627,051 farmers for 847,484 hectares of land, under the Anchor Borrowers’ Programme (ABP).
He said, “For the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS), the sum of N121.57 billion was disbursed to 32,617 beneficiaries; and for the Targeted Credit Facility (TCF), N318.17 billion was released to 679,422 beneficiaries, comprising 572,189 households and 107,233 Small and Medium Scale Enterprises (SMEs).
“Under the National Youth Investment Fund (NYIF), the Bank released N3 billion to 7,057 beneficiaries, of which 4,411 were individuals and 2,646 SMEs.
“Under the Creative Industry Financing Initiative (CIFI), N3.22 billion was disbursed to 356 beneficiaries across movie production, movie distribution, software development, fashion, and IT verticals.”
Emefiele also said, “Under the N1 trillion Real Sector Facility, the Bank released N923.41 billion to 251 real sector projects, of which 87 were in light manufacturing, 40 in agro based industry, 32 in services and 11 in mining.
“On the N100 billion Healthcare Sector Intervention Facility (HSIF), N98.41 billion was disbursed for 103 health care projects, of which, 26 are pharmaceuticals and 77 are in the hospital services.
“Similarly, the sum of N232.54 million was disbursed to five beneficiaries under the CBN Healthcare Sector Research and Development Intervention (Grant) Scheme (HSRDIS) for the development of testing kits and devices for COVID-19 and Lassa Fever.”
Emefiele pointed out that the committee observed the gradual recovery in output growth following positive growth in the first quarter and improving Purchasing Managers’ Index in subsequent months. He expressed optimism that the second quarter output result would show further improvement.
According to him, the committee commended the continued effort of both the monetary and fiscal authorities as well as public health agencies to stem the COVID-19 pandemic and return the economy to the path of recovery.
He said, “While the economy has been gradually reopening, members noted that the pandemic was far from over and, therefore, continued to hinder the recovery.”
The MPC urged the Presidential Task Force on COVID-19 to intensify efforts towards procurement of more vaccines to ensure that more Nigerians are vaccinated.
Emefiele said the CBN would continue to release maize from its strategic reserve directly to feed-millers as part of its response to address rising food prices and moderate the price of maize across the country.
He stated, “Notwithstanding, the moderate decline in market indices, the Committee noted that the equities market remained in a good place, indicating sustained investor confidence in the Nigerian economy.
“The MPC applauded the continued resilience of the banking system in the face of severe shocks to both the domestic and global economies.
“Members noted management’s effort in maintaining a reasonably low level of non-performing loans ratio, even though aggregate credit moderated slightly.
“The Committee encourages Nigerian banks to extend more credit to consumers and firms to enhance consumption and production activities necessary to strengthen the recovery.”
CBN bans sales of forex to BDCs – Premium Times
July 27th, 2021
The Central Bank of Nigeria says it has ended the sales of forex to Bureau De Change operators, saying the parallel market has become a conduit for illicit forex flows and graft.
The bank said it will also no longer process applications for BDC licences in the country.
Weekly sales of foreign exchange by the CBN will henceforth go directly to commercial banks, the CBN governor, Godwin Emefiele, said Tuesday in a live TV broadcast after announcing that the bank has retained its benchmark policy rate.
“We are concerned that BDCs have allowed themselves to be used for graft,” Mr Emefiele said,.
He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.
He said the organisations have chosen to channel forex through the black market than use the official Investors and Exporters (I&E) window, called Nafex.
Mr Emefiele said the regulator will “deal ruthlessly” with banks allowing illegal forex dealers to use their platforms and will report the defaulting international organisations to their regulators.
“We will deal with them ruthlessly and we will report the international bodies,” he said.
Sales to Nigerians
Accordingly, Mr Emefiele said banks are mandated to “immediately” and transparently sell forex to customers who present the required documents. All banks are to immeidtaely create dedicated tellers for the same purpose.
Naira loses at official, black markets – PREMIUM TIMES
Naira fell marginally against the U.S. dollar at the parallel market on Wednesday after it remained unchanged for the past two days.
The currency also fell at the official market after maintaining steady gains in the last two sessions.
Data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed that the naira closed at N503.00 per $1 at the black market window on Wednesday.
This represents a N1.00 or 0.20 per cent devaluation from N502.00 it traded in the last two previous sessions.
Also, data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira closed at N411.50 at the Nafex window.
This represents a N0.67 or 0.16 per cent depreciation from the N410.83 rate it traded in the previous session on Tuesday.
The local unit clinched an intraday low of N420.95 and a high of N3400.00 before closing at N411.50 on Wednesday.
This happened as forex turnover dipped by 25.71 per cent, with $160.12 million recorded at the end of the market session as against the $215.53 million posted in the previous session on Tuesday.
The spread between the parallel market and the Over-the- Counter rates stood at N91.50, translating to a margin of 18.20 per cent as of the close of business on Wednesday.
Naira Gains At Official Market – PREMIUM TIMES
Naira gained against the U.S. dollar on Tuesday at the official market, a day after a major slip at the official and parallel markets.
Data posted on the FMDQ Security Exchange where forex is officially traded showed that the currency closed at N410.00 per $1 on the official Nafex window, as forex supply rose from what was recorded in the previous session on Monday.
Tuesday’s performance represents a 0.41 per cent appreciation from N411.67 it traded in the previous session on Monday.
Forex turnover increased by 79.54 per cent with $169.07 million posted as against the $94.17 million recorded in the previous session on Monday.
Naira hit an intraday low of N420.88 and a high of N387.67 before closing at N410.00 on the dot on Tuesday.
However, the currency remained stable against the U.S. dollar at the parallel market, data posted on abokiFX.com, a website that collates parallel market rates in Lagos showed.
According to data posted on abokiFX.com, the local unit exchanged hands with the hard currency again at N500.00 per $1 on the dot at the black market.
By implication, the spread between the parallel market and Nafex window rates is pegged at N90.00. This translates to a disparity of 18.00per cent as of the close of business on Tuesday.
Emefiele informs foreign investors Naira exchange rate value is N430-440/$1 – Nairametrics
The Governor of the Central Bank of Nigeria, Godwin Emefiele advised investors in the U.K that he expects the true value of the naira to be between N430-440 to the dollar.
Mr. Emefiele made this comment in a Webinar organized by the Standard Bank of Africa (parent company of Stanbic IBTC Nigeria). According to sources who attended the event on Monday, Mr Emefiele told participants that the current exchange rate at the parallel market was between N430-440/$1 and not the black-market rate which closed at about N500/$1.
In an apparent attempt to woo foreign investments, the CBN Governor also encouraged foreign investors to reconsider their waning interest in Nigerian Equities suggesting that some of the stocks were undervalued. Nigeria’s capital importation data into equities was just $755 million in the whole of 2020 compared to $1.8 billion in 2019.Make money writing for us. Apply for Freelance writing jobs in NIgeria.
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