If you’re looking for the latest dollar to naira exchange rate, look no further than this site. We’ve compiled the Black Market, Official, and Historical rates, as well as information on Eurobonds and their impact on the naira. We’ll also look at the underlying causes of the naira’s depreciation and the recent changes in Eurobond rates. All of these factors can play a vital role in your currency exchange decisions.
Black market rate
If you want to know the current dollar to naira rate, the best place to find it is on the black market. This rate fluctuates daily and is often higher than the official banks rate. Here’s how to find the black market rate:
Last week, the CBN Governor slammed analysts for quoting the black market rate, which was N480 for one dollar. The official rate is N380, so if you bought one dollar on Tuesday, it would cost you N616 on Wednesday. As a result, the dollar’s demand in the black market soared. However, the demand for the dollar remained high, and the naira continued to be weak. A recent report by JP Morgan removed Nigeria from its list of emerging market sovereigns because of its high petrol subsidies and low oil production.
If you’d like to see the latest dollar to naira rate, you can visit some websites. You can find the official rates at a bank or at an Aboki exchanger, but it’s recommended to visit the BDC website for the latest rates. They update their rates at least three times a day. This way, you can be sure to get the best exchange rates. And remember: the black market rate is not always the same as the official one.
Official rate
The official dollar to naira exchange rate is updated daily, but the black market exchange rate is not. The aboki rate is not recognized by the Central Bank of Nigeria (CBN). The black market exchange rate is N570-575 per dollar. The difference is 0.02%. In the past week, the dollar has appreciated against the naira by 0.02%. It’s important to use the official dollar to naira rate when making foreign exchange transactions.
You can also check the black market exchange rate to get a better idea of how much a dollar is worth in Nigeria. This rate is more accurate than the one provided by the CBN. The official dollar to naira rate is posted on the Central Bank of Nigeria’s website newsone. However, you can find other prices on the Bureau De Change market and parallel market. To get the official dollar to naira exchange rate, you’ll need to check the Central Bank of Nigeria’s website every day.
Historical rate
You might be wondering: where has the historical dollar to naira rate gone since 01/12/2003? The table below shows you the USD NGN rate’s history since that date. The table is based on 176 days of data. If you would like to know the current value of the USD, you can visit the United States Federal Reserve’s website. The US Dollar Index is a useful tool that enables you to make predictions.
OANDA Rates are updated daily and reflect the last twenty-four hours of currency exchange. They are aligned to UTC-midnight. By 10:00 PM Eastern Time, they are available. With their Pro Plan, you can also view daily, weekly, and quarterly data. And you can use the OANDA Rates API to convert the current rate into your currency, making it easier than ever to use your existing software.
Impact of Eurobonds on the naira
Investors in Nigeria’s dollar-denominated Eurobond, which is due to mature in 2032, poured in $3 billion on Thursday, as the naira tumbled to record lows. The high interest in the deal is likely related to the hefty returns offered. But it may also have something to do with the developments in oil prices, which have made lending to Nigeria more appealing. The head of the country’s debt management office, Patience Oniha, said that the naira’s credit story helped sell the bond. Nigeria will consider further sales.
The upcoming issuance of Eurobonds will give Nigeria’s central bank firepower in defending the local currency. The proceeds of the debt-financed Eurobond will help Nigeria shore up its external reserves and give the CBN an edge in its pursuit of a stable naira. The issuance of Eurobonds in Nigeria will provide the currency with much-needed liquidity to meet its current obligations.
