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Bureau De Change (BDC)

  •  The following are the dollar to naira exchange rate in Lagos Nigeria today It also includes the Naira Back Market rates Bureau De Change BDC rate and Central Bank of Nigeria CBN rates nbsp https www youtube com watch v T_Pmf3rRxvc nbsp nbsp Dollars to Naira The following are the dollar to naira current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying United States dollars USD at the parallel unofficial market Dollars to Naira USD to NGN Exchange Rate Today Buying Rate 770 Selling Rate 775 nbsp gggggg nbsp Pounds to Naira The following are the current pounds to naira black market rates today of Bureau De Change BDC operators in Lagos for selling and buying Great Britain Pound Sterling at the parallel unofficial market Pounds to Naira GBP to NGN Exchange Rate Today Buying Rate 910 Selling Rate 920 nbsp gggggg nbsp Euro to Naira The following are the current Euro to naira black market rates today of Bureau De Change BDC operators in Lagos for selling and buying Euros at the parallel unofficial market Euro to Naira CAD to NGN Black Market Exchange Rate Today Buying Rate 760 Selling Rate 770 nbsp gggggg Canadian Dollar to Naira The following are the current CAD to naira black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Canadian Dollars at the parallel unofficial market Canadian Dollar to Naira CAD to NGN Black Market Exchange Rate Today Buying Rate 540 Selling Rate 560 nbsp gggggg Rand to Naira The following are the current Rand to naira black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Rand to Naira at the parallel unofficial market Rand to Naira ZAR to NGN Black Market Exchange Rate Today Buying Rate 31 Selling Rate 38 nbsp gggggg Dirham to Naira The following are the current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Dirham to Naira at the parallel unofficial market Dirham to Naira AED to NGN Black Market Exchange Rate Today Buying Rate 155 Selling Rate 165 nbsp gggggg nbsp Yuan to Naira The following are the current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Yuan to Naira at the parallel unofficial market Yuan to Naira CNY to NGN Black Market Exchange Rate Today Buying Rate 80 Selling Rate 90 nbsp gggggg nbsp Ghanaian Cedi to Naira The following are the current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Ghanaian Cedi to Naira at the parallel unofficial market Cedi to Naira GHS to NGN Black Market Exchange Rate Today Buying Rate 65 Selling Rate 75 nbsp gggggg West African CFA franc to Naira The following are the current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying West African CFA franc to Naira at the parallel unofficial market Dirham to Naira XOF to NGN Black Market Exchange Rate Today Buying Rate 945 Selling Rate 965 nbsp nbsp Central African CFA franc to Naira The following are the current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Central African CFA franc to Naira at the parallel unofficial market CFA to Naira XAF to NGN Black Market Exchange Rate Today Buying Rate 900 Selling Rate 920 nbsp CBN Official Naira Exchange Rates The exchange rate between the Naira and the US dollar according to the data posted on the Central Bank of Nigeria CBN Currency Exchange Rate where forex is official Date Currency Buying NGN Central NGN Selling NGN 11 22 2022 US DOLLAR 442 76 443 26 443 76 11 22 2022 POUNDS STERLING 525 7775 526 3713 526 965 11 22 2022 EURO 454 5374 455 0507 455 564 11 22 2022 SWISS FRANC 463 6716 464 1952 464 7188 11 22 2022 YEN 3 1359 3 1395 3 143 11 22 2022 CFA 0 6719 0 6819 0 6919 11 22 2022 WAUA 576 3837 577 0346 577 6855 11 22 2022 YUAN RENMINBI 62 0103 62 0808 62 1513 11 22 2022 RIYAL 117 8023 117 9353 118 0684 11 22 2022 SOUTH AFRICAN RAND 25 6548 25 6837 25 7127 11 22 2022 DANISH KRONA 61 0998 61 1688 61 2378 11 22 2022 SDR 577 4033 578 0554 578 7074 11 21 2022 US DOLLAR 442 63 443 13 443 63 11 21 2022 POUNDS STERLING 522 6132 523 2036 523 7939 11 21 2022 EURO 453 4744 453 9867 454 4989 11 21 2022 SWISS FRANC 461 9391 462 4609 462 9827 11 21 2022 YEN 3 1171 3 1206 3 1242 11 21 2022 CFA 0 6795 0 6895 0 6995 11 21 2022 WAUA 579 6684 580 3232 580 978 11 21 2022 YUAN RENMINBI 61 7594 61 8296 61 8998 11 21 2022 RIYAL 117 7646 117 8976 118 0306 11 21 2022 SOUTH AFRICAN RAND 25 4593 25 488 25 5168 11 21 2022 DANISH KRONA 60 954 61 0229 61 0918 11 21 2022 SDR 580 9519 581 6081 582 2644 11 18 2022 US DOLLAR 442 49 442 99 443 49 Date Currency Buying NGN Central NGN Selling NGN nbsp Click here for more of the CBN Naira Exchange rate historical data nbsp GTBank Naira Exchange Rates Bank Currency Rate Date GTBank USD to Naira 490 16 10 2022 nbsp First Bank Naira Exchange Rates Currency Rate Date GBP 706 05 09 2022 EUR 602 18 07 2022 CAD 466 18 07 2022 USD 500 04 07 2022 INR 5 80 01 05 2021 RUB 6 20 01 05 2021 nbsp Access Bank Naira Exchange Rates Currency Rate Date USD To Naira 505 30 04 2022 EUR To Naira 531 31 08 2021 GBP To Naira 621 28 08 2021 CAD To Naira 357 18 08 2021 ZAR To Naira 31 18 08 2021 INR To Naira 6 18 08 2021 TRY To Naira 52 18 08 2021 AUD To Naira 299 01 05 2021 RUB To Naira 7 10 01 05 2021 SGD To Naira 268 01 05 2021 AED To Naira 109 26 11 2020 XOF To Naira 800 15 08 2020 nbsp UBA Naira Exchange Rates Currency Rate Date INR To Naira 6 12 15 10 2022 USD To Naira 503 29 04 2022 EUR To Naira 566 31 08 2021 GBP To Naira 622 23 07 2021 CAD To Naira 316 01 05 2021 AED To Naira 119 08 08 2020 nbsp Ecobank Naira Exchange Rates Currency Rate Date USD To Naira 480 23 03 2022 GBP To Naira 621 23 07 2021 EUR To Naira 499 45 16 06 2021 AED To Naira 107 15 08 2020 CAD To Naira 299 30 06 2020 INR To Naira 5 9 25 06 2020 nbsp Stanbic Bank Naira Exchange Rates Currency Rate Date USD To Naira 475 21 01 2022 EUR To Naira 543 22 07 2021 GBP To Naira 646 03 06 2021 CAD To Naira 337 01 05 2021 TRY To Naira 69 01 05 2021 nbsp nbsp Convert US Dollar to Nigerian Naira 1 USD Dollar is 442 134 NGN USD NGN 1 USD 442 134 NGN 5 USD 2 210 67 NGN 10 USD 4 421 34 NGN 25 USD 11 053 4 NGN 50 USD 22 106 7 NGN 100 USD 44 213 4 NGN 500 USD 221 067 NGN 1 000 USD 442 134 NGN 5 000 USD 2 210 670 NGN 10 000 USD 4 421 340 NGN 50 000 USD 22 106 700 NGN nbsp Convert Nigerian Naira to US Dollar NGN USD 1 NGN 0 00226176 USD 5 NGN 0 0113088 USD 10 NGN 0 0226176 USD 25 NGN 0 0565439 USD 50 NGN 0 113088 USD 100 NGN 0 226176 USD 500 NGN 1 13088 USD 1 000 NGN 2 26176 USD 5 000 NGN 11 3088 USD 10 000 NGN 22 6176 USD 50 000 NGN 113 088 USD nbsp 1 US Dollar to Nigerian Naira stats Last 30 Days Last 90 Days High 442 67 442 67 Low 436 36 420 31 Average 439 32 432 43 Volatility 0 10 0 10 nbsp The following are the euro to dollar exchange rates today It also includes the euro to pounds exchange rates euro to yen exchange rates and euro to naira exchange rates among others nbsp Convert Euro to US Dollar EUR USD 1 EUR 1 04179 USD 5 EUR 5 20895 USD 10 EUR 10 4179 USD 25 EUR 26 0447 USD 50 EUR 52 0895 USD 100 EUR 104 179 USD 500 EUR 520 895 USD 1 000 EUR 1 041 79 USD 5 000 EUR 5 208 95 USD 10 000 EUR 10 417 9 USD 50 000 EUR 52 089 5 USD nbsp Convert US Dollar to Euro The following is the current United States Dollar USD conversion to Euro USD EUR 1 USD 0 959887 EUR 5 USD 4 79943 EUR 10 USD 9 59887 EUR 25 USD 23 9972 EUR 50 USD 47 9943 EUR 100 USD 95 9887 EUR 500 USD 479 943 EUR 1 000 USD 959 887 EUR 5 000 USD 4 799 43 EUR 10 000 USD 9 598 87 EUR 50 000 USD 47 994 3 EUR nbsp 1 Euro to US Dollar stats Last 30 Days Last 90 Days High 1 0395 1 0395 Low 0 97498 0 95960 Average 1 0104 0 99545 Volatility 0 81 0 70 Convert US Dollar to Euro USD EUR 10 USD 9 75844 EUR 25 USD 24 3961 EUR 50 USD 48 7922 EUR 100 USD 97 5844 EUR nbsp nbsp nbsp FAQ Q What is the Dollar worth against the Nigerian Naira A One Dollar is worth 442 655 Nigerian Naira today nbsp Q Is the Dollar going up or down against the Nigerian Naira A Today s exchange rate 442 655 is lower compared to yesterday s rate 442 8151 nbsp Q What are 50 Dollars in Nigerian Naira A 50 Dollars buys 22132 75 Nigerian Naira at interbank exchange rates nbsp Q How much is 100 US in euro A 100 USD is currently equal to 97 5844 EUR Aboki FX The Central Bank of Nigeria CBN has said it is investigating Oniwinde Adedotun the founder of abokiFX Sources within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange transactions AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014 On Thursday 16th of September 2021 abokiFX reported that the naira was trading at 570 to the dollar at the parallel market An insider familiar with the events said that unusual forex transactions were found in his account suggesting the promoters of the platform have been involved in illegal forex trading The apex bank is said to be investigating seven accounts belonging to Adedotun and abokiFX vetting every forex transaction from 2019 to 2021 Reports on social media claim that Adedotun is being investigated for foreign exchange rate manipulation but another source within the bank said he could not confirm the rumors There would be a lot more clarity after the next monetary policy committee MPC meeting tomorrow the source said AbokiFX registered in Arizona United States is the 63rd most visited website in Nigeria as of September 16 2021 nbsp Disclaimer This article does not set or determine forex rates The official NAFEX rates are obtained from the website of the FMDQOTC Parallel market rates black market rates are obtained from various sources including online media outlets The rates you buy or sell forex may be different from what is captured in this article nbsp Last Updated on 2022 11 30 11 41 03
    Naira Black Market Exchange Rate Today
     The following are the dollar to naira exchange rate in Lagos Nigeria today It also includes the Naira Back Market rates Bureau De Change BDC rate and Central Bank of Nigeria CBN rates nbsp https www youtube com watch v T_Pmf3rRxvc nbsp nbsp Dollars to Naira The following are the dollar to naira current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying United States dollars USD at the parallel unofficial market Dollars to Naira USD to NGN Exchange Rate Today Buying Rate 770 Selling Rate 775 nbsp gggggg nbsp Pounds to Naira The following are the current pounds to naira black market rates today of Bureau De Change BDC operators in Lagos for selling and buying Great Britain Pound Sterling at the parallel unofficial market Pounds to Naira GBP to NGN Exchange Rate Today Buying Rate 910 Selling Rate 920 nbsp gggggg nbsp Euro to Naira The following are the current Euro to naira black market rates today of Bureau De Change BDC operators in Lagos for selling and buying Euros at the parallel unofficial market Euro to Naira CAD to NGN Black Market Exchange Rate Today Buying Rate 760 Selling Rate 770 nbsp gggggg Canadian Dollar to Naira The following are the current CAD to naira black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Canadian Dollars at the parallel unofficial market Canadian Dollar to Naira CAD to NGN Black Market Exchange Rate Today Buying Rate 540 Selling Rate 560 nbsp gggggg Rand to Naira The following are the current Rand to naira black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Rand to Naira at the parallel unofficial market Rand to Naira ZAR to NGN Black Market Exchange Rate Today Buying Rate 31 Selling Rate 38 nbsp gggggg Dirham to Naira The following are the current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Dirham to Naira at the parallel unofficial market Dirham to Naira AED to NGN Black Market Exchange Rate Today Buying Rate 155 Selling Rate 165 nbsp gggggg nbsp Yuan to Naira The following are the current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Yuan to Naira at the parallel unofficial market Yuan to Naira CNY to NGN Black Market Exchange Rate Today Buying Rate 80 Selling Rate 90 nbsp gggggg nbsp Ghanaian Cedi to Naira The following are the current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Ghanaian Cedi to Naira at the parallel unofficial market Cedi to Naira GHS to NGN Black Market Exchange Rate Today Buying Rate 65 Selling Rate 75 nbsp gggggg West African CFA franc to Naira The following are the current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying West African CFA franc to Naira at the parallel unofficial market Dirham to Naira XOF to NGN Black Market Exchange Rate Today Buying Rate 945 Selling Rate 965 nbsp nbsp Central African CFA franc to Naira The following are the current black market rate today of Bureau De Change BDC operators in Lagos for selling and buying Central African CFA franc to Naira at the parallel unofficial market CFA to Naira XAF to NGN Black Market Exchange Rate Today Buying Rate 900 Selling Rate 920 nbsp CBN Official Naira Exchange Rates The exchange rate between the Naira and the US dollar according to the data posted on the Central Bank of Nigeria CBN Currency Exchange Rate where forex is official Date Currency Buying NGN Central NGN Selling NGN 11 22 2022 US DOLLAR 442 76 443 26 443 76 11 22 2022 POUNDS STERLING 525 7775 526 3713 526 965 11 22 2022 EURO 454 5374 455 0507 455 564 11 22 2022 SWISS FRANC 463 6716 464 1952 464 7188 11 22 2022 YEN 3 1359 3 1395 3 143 11 22 2022 CFA 0 6719 0 6819 0 6919 11 22 2022 WAUA 576 3837 577 0346 577 6855 11 22 2022 YUAN RENMINBI 62 0103 62 0808 62 1513 11 22 2022 RIYAL 117 8023 117 9353 118 0684 11 22 2022 SOUTH AFRICAN RAND 25 6548 25 6837 25 7127 11 22 2022 DANISH KRONA 61 0998 61 1688 61 2378 11 22 2022 SDR 577 4033 578 0554 578 7074 11 21 2022 US DOLLAR 442 63 443 13 443 63 11 21 2022 POUNDS STERLING 522 6132 523 2036 523 7939 11 21 2022 EURO 453 4744 453 9867 454 4989 11 21 2022 SWISS FRANC 461 9391 462 4609 462 9827 11 21 2022 YEN 3 1171 3 1206 3 1242 11 21 2022 CFA 0 6795 0 6895 0 6995 11 21 2022 WAUA 579 6684 580 3232 580 978 11 21 2022 YUAN RENMINBI 61 7594 61 8296 61 8998 11 21 2022 RIYAL 117 7646 117 8976 118 0306 11 21 2022 SOUTH AFRICAN RAND 25 4593 25 488 25 5168 11 21 2022 DANISH KRONA 60 954 61 0229 61 0918 11 21 2022 SDR 580 9519 581 6081 582 2644 11 18 2022 US DOLLAR 442 49 442 99 443 49 Date Currency Buying NGN Central NGN Selling NGN nbsp Click here for more of the CBN Naira Exchange rate historical data nbsp GTBank Naira Exchange Rates Bank Currency Rate Date GTBank USD to Naira 490 16 10 2022 nbsp First Bank Naira Exchange Rates Currency Rate Date GBP 706 05 09 2022 EUR 602 18 07 2022 CAD 466 18 07 2022 USD 500 04 07 2022 INR 5 80 01 05 2021 RUB 6 20 01 05 2021 nbsp Access Bank Naira Exchange Rates Currency Rate Date USD To Naira 505 30 04 2022 EUR To Naira 531 31 08 2021 GBP To Naira 621 28 08 2021 CAD To Naira 357 18 08 2021 ZAR To Naira 31 18 08 2021 INR To Naira 6 18 08 2021 TRY To Naira 52 18 08 2021 AUD To Naira 299 01 05 2021 RUB To Naira 7 10 01 05 2021 SGD To Naira 268 01 05 2021 AED To Naira 109 26 11 2020 XOF To Naira 800 15 08 2020 nbsp UBA Naira Exchange Rates Currency Rate Date INR To Naira 6 12 15 10 2022 USD To Naira 503 29 04 2022 EUR To Naira 566 31 08 2021 GBP To Naira 622 23 07 2021 CAD To Naira 316 01 05 2021 AED To Naira 119 08 08 2020 nbsp Ecobank Naira Exchange Rates Currency Rate Date USD To Naira 480 23 03 2022 GBP To Naira 621 23 07 2021 EUR To Naira 499 45 16 06 2021 AED To Naira 107 15 08 2020 CAD To Naira 299 30 06 2020 INR To Naira 5 9 25 06 2020 nbsp Stanbic Bank Naira Exchange Rates Currency Rate Date USD To Naira 475 21 01 2022 EUR To Naira 543 22 07 2021 GBP To Naira 646 03 06 2021 CAD To Naira 337 01 05 2021 TRY To Naira 69 01 05 2021 nbsp nbsp Convert US Dollar to Nigerian Naira 1 USD Dollar is 442 134 NGN USD NGN 1 USD 442 134 NGN 5 USD 2 210 67 NGN 10 USD 4 421 34 NGN 25 USD 11 053 4 NGN 50 USD 22 106 7 NGN 100 USD 44 213 4 NGN 500 USD 221 067 NGN 1 000 USD 442 134 NGN 5 000 USD 2 210 670 NGN 10 000 USD 4 421 340 NGN 50 000 USD 22 106 700 NGN nbsp Convert Nigerian Naira to US Dollar NGN USD 1 NGN 0 00226176 USD 5 NGN 0 0113088 USD 10 NGN 0 0226176 USD 25 NGN 0 0565439 USD 50 NGN 0 113088 USD 100 NGN 0 226176 USD 500 NGN 1 13088 USD 1 000 NGN 2 26176 USD 5 000 NGN 11 3088 USD 10 000 NGN 22 6176 USD 50 000 NGN 113 088 USD nbsp 1 US Dollar to Nigerian Naira stats Last 30 Days Last 90 Days High 442 67 442 67 Low 436 36 420 31 Average 439 32 432 43 Volatility 0 10 0 10 nbsp The following are the euro to dollar exchange rates today It also includes the euro to pounds exchange rates euro to yen exchange rates and euro to naira exchange rates among others nbsp Convert Euro to US Dollar EUR USD 1 EUR 1 04179 USD 5 EUR 5 20895 USD 10 EUR 10 4179 USD 25 EUR 26 0447 USD 50 EUR 52 0895 USD 100 EUR 104 179 USD 500 EUR 520 895 USD 1 000 EUR 1 041 79 USD 5 000 EUR 5 208 95 USD 10 000 EUR 10 417 9 USD 50 000 EUR 52 089 5 USD nbsp Convert US Dollar to Euro The following is the current United States Dollar USD conversion to Euro USD EUR 1 USD 0 959887 EUR 5 USD 4 79943 EUR 10 USD 9 59887 EUR 25 USD 23 9972 EUR 50 USD 47 9943 EUR 100 USD 95 9887 EUR 500 USD 479 943 EUR 1 000 USD 959 887 EUR 5 000 USD 4 799 43 EUR 10 000 USD 9 598 87 EUR 50 000 USD 47 994 3 EUR nbsp 1 Euro to US Dollar stats Last 30 Days Last 90 Days High 1 0395 1 0395 Low 0 97498 0 95960 Average 1 0104 0 99545 Volatility 0 81 0 70 Convert US Dollar to Euro USD EUR 10 USD 9 75844 EUR 25 USD 24 3961 EUR 50 USD 48 7922 EUR 100 USD 97 5844 EUR nbsp nbsp nbsp FAQ Q What is the Dollar worth against the Nigerian Naira A One Dollar is worth 442 655 Nigerian Naira today nbsp Q Is the Dollar going up or down against the Nigerian Naira A Today s exchange rate 442 655 is lower compared to yesterday s rate 442 8151 nbsp Q What are 50 Dollars in Nigerian Naira A 50 Dollars buys 22132 75 Nigerian Naira at interbank exchange rates nbsp Q How much is 100 US in euro A 100 USD is currently equal to 97 5844 EUR Aboki FX The Central Bank of Nigeria CBN has said it is investigating Oniwinde Adedotun the founder of abokiFX Sources within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange transactions AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014 On Thursday 16th of September 2021 abokiFX reported that the naira was trading at 570 to the dollar at the parallel market An insider familiar with the events said that unusual forex transactions were found in his account suggesting the promoters of the platform have been involved in illegal forex trading The apex bank is said to be investigating seven accounts belonging to Adedotun and abokiFX vetting every forex transaction from 2019 to 2021 Reports on social media claim that Adedotun is being investigated for foreign exchange rate manipulation but another source within the bank said he could not confirm the rumors There would be a lot more clarity after the next monetary policy committee MPC meeting tomorrow the source said AbokiFX registered in Arizona United States is the 63rd most visited website in Nigeria as of September 16 2021 nbsp Disclaimer This article does not set or determine forex rates The official NAFEX rates are obtained from the website of the FMDQOTC Parallel market rates black market rates are obtained from various sources including online media outlets The rates you buy or sell forex may be different from what is captured in this article nbsp Last Updated on 2022 11 30 11 41 03
    Naira Black Market Exchange Rate Today
    Sticky Post2 hours ago

    Naira Black Market Exchange Rate Today

    The following are the dollar to naira exchange rate in Lagos Nigeria today. It also includes the Naira Back Market rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. https://www.youtube.com/watch?v=T_Pmf3rRxvc  

    Dollars to Naira

    The following are the dollar to naira current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying United States dollars (USD) at the parallel (unofficial) market.
    Dollars to Naira (USD to NGN)Exchange Rate Today
    Buying Rate₦770
    Selling Rate₦775
     gggggg 

    Pounds to Naira

    The following are the current pounds to naira black market rates today of Bureau De Change (BDC) operators in Lagos for selling and buying Great Britain Pound Sterling at the parallel (unofficial) market.
    Pounds to Naira (GBP to NGN)Exchange Rate Today
    Buying Rate₦910
    Selling Rate₦920
     gggggg 

    Euro to Naira

    The following are the current Euro to naira black market rates today of Bureau De Change (BDC) operators in Lagos for selling and buying Euros at the parallel (unofficial) market.
    Euro to Naira (CAD to NGN)Black Market Exchange Rate Today
    Buying Rate₦760
    Selling Rate₦770
     gggggg

    Canadian Dollar to Naira

    The following are the current CAD to naira black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Canadian Dollars at the parallel (unofficial) market.
    Canadian Dollar to Naira (CAD to NGN)Black Market Exchange Rate Today
    Buying Rate₦540
    Selling Rate₦560
     gggggg

    Rand to Naira

    The following are the current Rand to naira black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Rand to Naira at the parallel (unofficial) market.
    Rand to Naira (ZAR to NGN)Black Market Exchange Rate Today
    Buying Rate₦31
    Selling Rate₦38
     gggggg

    Dirham to Naira

    The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Dirham to Naira at the parallel (unofficial) market.
    Dirham to Naira (AED to NGN)Black Market Exchange Rate Today
    Buying Rate₦155
    Selling Rate₦165
     gggggg 

    Yuan to Naira

    The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Yuan to Naira at the parallel (unofficial) market.
    Yuan to Naira (CNY to NGN)Black Market Exchange Rate Today
    Buying Rate₦80
    Selling Rate₦90
     gggggg 

    Ghanaian Cedi to Naira

    The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Ghanaian Cedi to Naira at the parallel (unofficial) market.
    Cedi to Naira (GHS to NGN)Black Market Exchange Rate Today
    Buying Rate₦65
    Selling Rate₦75
     gggggg

    West African CFA franc to Naira 

    The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying West African CFA franc to Naira at the parallel (unofficial) market.
    Dirham to Naira (XOF to NGN)Black Market Exchange Rate Today
    Buying Rate₦945
    Selling Rate₦965
      

    Central African CFA franc to Naira

    The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Central African CFA franc to Naira at the parallel (unofficial) market.
    CFA to Naira (XAF to NGN)Black Market Exchange Rate Today
    Buying Rate₦900
    Selling Rate₦920
     

    CBN Official Naira Exchange Rates

    The exchange rate between the Naira and the US dollar according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official.

     Click here for more of the CBN Naira Exchange rate historical data. 

    GTBank Naira Exchange Rates

    BankCurrencyRateDate
    GTBankUSD to Naira₦ 49016/10/2022
     

    First Bank Naira Exchange Rates

    CurrencyRateDate
    GBP₦ 70605/09/2022
    EUR₦ 60218/07/2022
    CAD₦ 46618/07/2022
    USD₦ 50004/07/2022
    INR₦ 5.8001/05/2021
    RUB₦ 6.2001/05/2021
     

    Access Bank Naira Exchange Rates

    CurrencyRateDate
    USD To Naira₦ 50530/04/2022
    EUR To Naira₦ 53131/08/2021
    GBP To Naira₦ 62128/08/2021
    CAD To Naira₦ 35718/08/2021
    ZAR To Naira₦ 3118/08/2021
    INR To Naira₦ 618/08/2021
    TRY To Naira₦ 5218/08/2021
    AUD To Naira₦ 29901/05/2021
    RUB To Naira₦ 7.1001/05/2021
    SGD To Naira₦ 26801/05/2021
    AED To Naira₦ 10926/11/2020
    XOF To Naira₦ 80015/08/2020
     

    UBA Naira Exchange Rates

    CurrencyRateDate
    INR To Naira₦ 6.1215/10/2022
    USD To Naira₦ 50329/04/2022
    EUR To Naira₦ 56631/08/2021
    GBP To Naira₦ 62223/07/2021
    CAD To Naira₦ 31601/05/2021
    AED To Naira₦ 11908/08/2020
     

    Ecobank Naira Exchange Rates

    CurrencyRateDate
    USD To Naira₦ 48023/03/2022
    GBP To Naira₦ 62123/07/2021
    EUR To Naira₦ 499.4516/06/2021
    AED To Naira₦ 10715/08/2020
    CAD To Naira₦ 29930/06/2020
    INR To Naira₦ 5.925/06/2020
     

    Stanbic Bank Naira Exchange Rates

    CurrencyRateDate
    USD To Naira₦ 47521/01/2022
    EUR To Naira₦ 54322/07/2021
    GBP To Naira₦ 64603/06/2021
    CAD To Naira₦ 33701/05/2021
    TRY To Naira₦ 6901/05/2021
      
     

    1 US Dollar to Nigerian Naira stats

    Last 30 DaysLast 90 Days
    High
    442.67442.67
    Low
    436.36420.31
    Average
    439.32432.43
    Volatility
    0.10%0.10%
     The following are the euro to dollar exchange rates today. It also includes the euro to pounds exchange rates, euro to yen exchange rates, and euro to naira exchange rates among others. 

    1 Euro to US Dollar stats

    Last 30 DaysLast 90 Days
    High
    1.03951.0395
    Low
    0.974980.95960
    Average
    1.01040.99545
    Volatility
    0.81%0.70%
    Convert US Dollar to Euro
    USDEUR
    10 USD9.75844 EUR
    25 USD24.3961 EUR
    50 USD48.7922 EUR
    100 USD97.5844 EUR
       

    FAQ

    Q: What is the Dollar worth against the Nigerian Naira?

    A: One Dollar is worth 442.655 Nigerian Naira today 

    Q: Is the Dollar going up or down against the Nigerian Naira?

    A: Today's exchange rate (442.655) is lower compared to yesterday's rate (442.8151). 

    Q: What are 50 Dollars in Nigerian Naira?

    A: 50 Dollars buys 22132.75 Nigerian Naira at interbank exchange rates. 
    A: $100 USD is currently equal to 97.5844 EUR.

    Aboki FX

    The Central Bank of Nigeria (CBN) has said it is investigating Oniwinde Adedotun, the founder of abokiFX. Sources within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for “illegal foreign exchange transactions”. AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014. On Thursday, 16th of September 2021,  abokiFX reported that the naira was trading at 570 to the dollar at the parallel market. An insider, familiar with the events, said that “unusual forex transactions” were found in his account, suggesting the promoters of the platform have been involved in illegal forex trading. The apex bank is said to be investigating seven accounts belonging to Adedotun and abokiFX, vetting every forex transaction from 2019 to 2021. Reports on social media claim that Adedotun is being investigated for foreign exchange rate manipulation, but another source within the bank said he could not confirm the rumors. “There would be a lot more clarity after the next monetary policy committee (MPC) meeting tomorrow,” the source said. AbokiFX, registered in Arizona, United States, is the 63rd most visited website in Nigeria as of September 16, 2021. 
    DisclaimerThis article does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article. 
    Last Updated on: 2022-11-30 11:41:03.

  •  A Federal High Court Abuja on Friday retrained the Economic and Financial Crimes Commission EFCC from confiscating six property traced to Zamfara Governor Bello Matawalle Justice Inyang Ekwo in a judgment hinged the order on Section 308 of the 1999 Constitution which grants absolute immunity to serving governors from civil and criminal proceedings The News Agency of Nigeria reports that the EFCC in the suit marked 70922 had sued the owner of the six landed property The property include Plot 729 Idu Industrial Layout Plot 1327 Cadastral Zone AO5 Maitama District Plot 2934 Cadastral Zone AO6 Maitama District and Plot 730 Cadastral Zone AO6 Maitama District Others are Plot 28048 Cadastral Zone Maitama District and Plot 515 Cadastral Zone BOO Kukwaba District The EFCC in the suit sought forfeiture of the six property to the Federal Government Delivering judgment Justice Ekwo held that the anti graft agency lacked power to initiate any criminal proceedings against Matawalle while in office as governor The judge agreed with Ahmed Raji SAN who appeared for Matawalle that the criminal proceedings activated against the governor by EFCC was an abuse of court process in view of his insulation from criminal trial by immunity law NAN reports that though Ekwo had on May 26 issued interim forfeiture order against the property in a ruling on EFCC S ex parte application he however vacated the order based on the established ownership claim by the governor and the request for dismissal of the suit The judge while vacating the interim order agreed with Raji that the anti graft agency lacked locus standi to initiate the suit for the forfeiture of the property of a serving governor From the avalanche of evidence placed before the court there is no contest or dispute on the ownership of the properties And from the position of the law especially Section 308 of the Constitution EFCC has no other option than to wait till the end of tenure of office of the respondent The owner of the properties having shown up and found to be a serving governor protected by Section 308 EFCC S suit is no longer sanctioned by law and any action not sanctioned by law is an abuse of court process he said Justice Ekwo consequently dismissed the suit in its entirety and directed EFCC to wait till the end of tenure of the governor to activate criminal court proceedings against him EFCC had in the suit claimed that it received an intelligence report to the effect that governor Matawalle on assumption of office had been using the state s fund to acquire multi billion naira property in choice areas of Abuja The governor was also alleged to have moved over N2 1 billion from the state s Ministry of Finance to the Directorate of Investment and Business under his office and used some companies and Bureau De Change BDC to launder the money NewsSourceCredit NAN
    Court stops EFCC from confiscating Matawalle’s Abuja property
     A Federal High Court Abuja on Friday retrained the Economic and Financial Crimes Commission EFCC from confiscating six property traced to Zamfara Governor Bello Matawalle Justice Inyang Ekwo in a judgment hinged the order on Section 308 of the 1999 Constitution which grants absolute immunity to serving governors from civil and criminal proceedings The News Agency of Nigeria reports that the EFCC in the suit marked 70922 had sued the owner of the six landed property The property include Plot 729 Idu Industrial Layout Plot 1327 Cadastral Zone AO5 Maitama District Plot 2934 Cadastral Zone AO6 Maitama District and Plot 730 Cadastral Zone AO6 Maitama District Others are Plot 28048 Cadastral Zone Maitama District and Plot 515 Cadastral Zone BOO Kukwaba District The EFCC in the suit sought forfeiture of the six property to the Federal Government Delivering judgment Justice Ekwo held that the anti graft agency lacked power to initiate any criminal proceedings against Matawalle while in office as governor The judge agreed with Ahmed Raji SAN who appeared for Matawalle that the criminal proceedings activated against the governor by EFCC was an abuse of court process in view of his insulation from criminal trial by immunity law NAN reports that though Ekwo had on May 26 issued interim forfeiture order against the property in a ruling on EFCC S ex parte application he however vacated the order based on the established ownership claim by the governor and the request for dismissal of the suit The judge while vacating the interim order agreed with Raji that the anti graft agency lacked locus standi to initiate the suit for the forfeiture of the property of a serving governor From the avalanche of evidence placed before the court there is no contest or dispute on the ownership of the properties And from the position of the law especially Section 308 of the Constitution EFCC has no other option than to wait till the end of tenure of office of the respondent The owner of the properties having shown up and found to be a serving governor protected by Section 308 EFCC S suit is no longer sanctioned by law and any action not sanctioned by law is an abuse of court process he said Justice Ekwo consequently dismissed the suit in its entirety and directed EFCC to wait till the end of tenure of the governor to activate criminal court proceedings against him EFCC had in the suit claimed that it received an intelligence report to the effect that governor Matawalle on assumption of office had been using the state s fund to acquire multi billion naira property in choice areas of Abuja The governor was also alleged to have moved over N2 1 billion from the state s Ministry of Finance to the Directorate of Investment and Business under his office and used some companies and Bureau De Change BDC to launder the money NewsSourceCredit NAN
    Court stops EFCC from confiscating Matawalle’s Abuja property
    General news2 months ago

    Court stops EFCC from confiscating Matawalle’s Abuja property

    A Federal High Court, Abuja, on Friday, retrained the Economic and Financial Crimes Commission (EFCC) from confiscating six property traced to Zamfara Governor, Bello Matawalle.

    Justice Inyang Ekwo, in a judgment, hinged the order on Section 308 of the 1999 Constitution which grants absolute immunity to serving governors from civil and criminal proceedings.

    The News Agency of Nigeria reports that the EFCC, in the suit marked: 70922 had sued the owner of the six landed property.

    The property include Plot 729, Idu Industrial Layout; Plot 1327, Cadastral Zone AO5, Maitama District; Plot 2934, Cadastral Zone, AO6, Maitama District and Plot 730, Cadastral Zone AO6, Maitama District.

    Others are Plot 28048, Cadastral Zone, Maitama District, and Plot 515, Cadastral Zone, BOO, Kukwaba District.

    The EFCC, in the suit, sought forfeiture of the six property to the Federal Government.

    Delivering judgment, Justice Ekwo held that the anti-graft agency lacked power to initiate any criminal proceedings against Matawalle while in office as governor.

    The judge agreed with Ahmed Raji, SAN, who appeared for Matawalle, that the criminal proceedings activated against the governor by EFCC was an abuse of court process in view of his insulation from criminal trial by immunity law.

    NAN reports that though Ekwo had, on May 26, issued interim forfeiture order against the property in a ruling on EFCC’S ex-parte application, he however vacated the order based on the established ownership claim by the governor and the request for dismissal of the suit.

    The judge, while vacating the interim order agreed with Raji that the anti-graft agency lacked locus standi to initiate the suit for the forfeiture of the property of a serving governor.

    ” From the avalanche of evidence placed before the court,, there is no contest or dispute on the ownership of the properties.

    “And from the position of the law, especially Section 308 of the Constitution, EFCC has no other option than to wait till the end of tenure of office of the respondent.

    “The owner of the properties, having shown up and found to be a serving governor, protected by Section 308, EFCC’S suit is no longer sanctioned by law and any action, not sanctioned by law, is an abuse of court process,” he said.

    Justice Ekwo consequently dismissed the suit in its entirety and directed EFCC to wait till the end of tenure of the governor to activate criminal court proceedings against him.

    EFCC had in the suit claimed that it received an intelligence report to the effect that governor Matawalle, on assumption of office, had been using the state’s fund to acquire multi-billion naira property in choice areas of Abuja.

    The governor was also alleged to have moved over N2.1 billion from the state’s Ministry of Finance to the Directorate of Investment and Business under his office and used some companies and Bureau De Change (BDC) to launder the money.


    NewsSourceCredit: NAN

  •   NEWS ANALYSIS The Socio Economic Implications of The Downfall of The Naira The Socio Economic Implications of The Downfall of The Naira A News Analysis by Solomon Asowata Lydia Ngwakwe and Rukayat Moisemhe Financial experts say the continuous downfall of the Naira has worsened the living standards of Nigerians and made inflation to rise The experts told the News Agency of Nigeria in separate interviews that if the local currency continued to fall against the dollar it could pose great consequences for the economy A professor of Finance and Capital Market Uche Uwaleke said that the free fall of the Naira was not in the interest of the economy The consequences are grave for the economy The rising inflationary pressure is not unconnected with imported inflation The official exchange rate which is now higher than the 2022 budgeted figure will end up widening the government s budget deficit It will equally increase oil subsidy which may push the economy into deeper debt Again in terms of the naira equivalent of servicing government foreign loans the burden will also increase he said According to Uwaleke the only benefit of naira depreciation is to the Federal Government and the Sub Nationals which naira equivalent of the Federal Accounts Allocation Committee FAAC distribution might increase But of what use is an increase in quantity of money which value is eroded by inflation Naira depreciation ordinarily should help the country s Balance of Payments position through discouraging imports and making exports cheaper Unfortunately this does not happen given Nigeria s weak export base and Nigerians penchant for foreign goods He said that Nigeria needed a strong currency to be able to provide the required leadership in Africa especially in the context of African Continental Free Trade Agreement Sheriffdeen Tella a Professor of Economics Olabisi Onabanjo University Ago Iwoye Ogun said the downfall of the naira was what caused the rising inflation Its what is causing inflation and difficulty in production presently Prolonged situation can affect employment and general welfare of citizens just as it can cause expected global recession arising from the Russian war with Ukraine which will affect Nigeria in no small measure he said Ndubisi Nwokoma the Director of the Centre for Economic Policy Analysis and Research of the University of Lagos Akoka urged the Central Bank of Nigeria CBN to increase the supply of foreign exchange and manage demand The fall of the Naira has had serious socio economic implications for the average Nigerian Inflation has been skyrocketing and living standards getting worse Challenges of insecurity also add to all these he said The downfall of the naira has had a huge impact on the oil and gas industry as well which is critical to the socio economic development of Nigeria The situation is further worsened by the ongoing conflict between Russia and Ukraine with the price of crude oil averaging about 120 dollars per barrel in recent weeks This has led to a rise in the prices of petroleum products such as Jet A1 aviation fuel diesel kerosene Premium Motor Spirit petrol as well as Liquefied Petroleum Gas cooking gas Presently the cost of diesel ranges from N650 to N800 per litre across the country while aviation fuel according to domestic airline operators is selling for between N600 and N700 per litre depending on the location Similarly kerosene is retailing at N650 per litre in some filling stations while a 12 5kg cooking gas cylinder is being sold at between N9 000 to N10 000 to end users According to the Major Oil Marketers Association of Nigeria MOMAN the landing cost of PMS is currently above N400 per litre compelling the Federal Government to spend huge amounts in subsidising the product to retail for N165 per litre Mr Clement Isong the Executive Secretary MOMAN empathised with Nigerians and the government over the challenges being faced as a result of the rising cost of crude and its derivatives at the international market He said lack of access to foreign exchange was one of the reasons for the increment in the retail prices of aviation fuel and diesel Isong also decried the subsidising of petrol by the government with huge funds that could be deployed to other critical areas of the economy such as education health care and infrastructure development A return to cost recovery and free market and competitive economics including access to foreign exchange at competitive rates is inevitable for the sustainability of the production and distribution framework in the petroleum downstream industry he said Mrs Nkechi Obi the Managing Director Techno Gas Ltd also called on the Federal Government to intervene in halting the rising price of cooking gas in the country Obi who made the appeal while speaking during a panel session at the recently concluded Nigerian Content Midstream and Downstream Oil and Gas Conference in Lagos said the product was becoming unaffordable to Nigerians Obi said since marketers were importing over 60 per cent of the LPG consumed in Nigeria it was imperative that the government should make forex available to them at competitive rates Obi said this would reduce the cost of the product and make it affordable for Nigerians who were already returning to using kerosene stoves and firewood for cooking Mr Michael Umudu the National Chairman the Liquefied Petroleum Gas Retailers LPGAR branch of National Union of Petroleum and Natural Gas Workers NUPENG described the situation as worrisome for both retailers and consumers The worrisome aspect of this development is that it has continued to rise on daily basis for weeks now but began to escalate in the last few weeks leading to significant increases in both depots and retail outlets For us as retailers it is a big problem because we can t even afford to stock up our shops and even when we do it will take time before we can make enough sales to get back our investments What we find now is that people even bring in 12 5kg cylinders but opt to fill them with less than 6kg of gas just to manage at home Umudu therefore appealed to the government to create a dedicated forex window for LPG importers to help bring down the cost of cooking gas Dr Muda Yusuf an economist attributed the downfall of the naira to consequences of the CBN fixed exchange rate regime and administrative allocation of foreign exchange Yusuf also founder Centre for the Promotion of Private Enterprises CPPEs said the policies had created a huge enterprise around foreign exchange round tripping speculation over invoicing capital flight among others He said that the action of the apex bank amounted to tackling the symptoms rather than dealing with the causative factors which was not a sustainable solution It is regrettable that the CBN does not believe in the market mechanism yet market systems are time tested as instruments of efficient resource allocation in leading economies around the world Of course market failures are recognised in economics and these cases are exceptions that can be identified and dealt with A market based management framework will restore calmness and stability to the foreign exchange market Although there may be a momentary spike in exchange rate but stability and gradual appreciation of the rate would follow soon after Suppressing the market is like swimming against the tide it is a difficult battle to win he said Yusuf likened moving retail forex transactions from Bureau De Change BDC to the banks to kicking the can down the road stating that the same issues would manifest even with the banks He noted that the BDCs were generally more accessible required minimum documentation had short response time and better interface with the Small and Medium Enterprises and the informal sector the dominant players in the Nigerian economy He said that the way out of this free fall of the Naira was for the CBN to allow the market to function Yusuf said it was also imperative for the apex bank to de emphasise demand management and focus on strategies to stimulate foreign exchange inflows According to him a fixed exchange rate regime is a major disincentive to inflows as it creates enormous pressure of demand for foreign exchange Dr Chinyere Almona the Director General Lagos Chamber of Commerce and Industry LCCI noted that the Naira had recorded unprecedented volatility already in the first quarter of 2022 This she said was due to the widening premium between the official NAFEX rate at N415 per dollar and the market rate of N580 She said that the position of industrialists was for the monetary authorities to liberalise the foreign exchange market by unifying the multiple rates and ensuring that the rates were market driven This Almona posited was critical to the process of enhancing stability liquidity and transparency in the foreign exchange market She said the unification would improve the country s currency management framework given that the multiple exchange rate systems had been creating uncertainty issues and sources of arbitrage The CBN needs to initiate a gradual transition to a unified exchange rate system and allow for a market reflective exchange rate The currency market is still beset with persisting liquidity challenges evidenced in the wide premium between the NAFEX and parallel market rates To consolidate on the interventions earlier initiated the CBN needs to roll out more friendly supply side policies to boost liquidity in the market This would help bolster investor confidence and attract foreign investment inflows into the economy Almona also stressed the need for more deliberate efforts toward making the business environment more conducive for Micro Small and Medium Enterprises MSMEs and large corporates at the national subnational and local government levels are imperative NANFeatures NewsSourceCredit NAN
    NEWS ANALYSIS: The Socio-Economic Implications of The Downfall of The Naira
      NEWS ANALYSIS The Socio Economic Implications of The Downfall of The Naira The Socio Economic Implications of The Downfall of The Naira A News Analysis by Solomon Asowata Lydia Ngwakwe and Rukayat Moisemhe Financial experts say the continuous downfall of the Naira has worsened the living standards of Nigerians and made inflation to rise The experts told the News Agency of Nigeria in separate interviews that if the local currency continued to fall against the dollar it could pose great consequences for the economy A professor of Finance and Capital Market Uche Uwaleke said that the free fall of the Naira was not in the interest of the economy The consequences are grave for the economy The rising inflationary pressure is not unconnected with imported inflation The official exchange rate which is now higher than the 2022 budgeted figure will end up widening the government s budget deficit It will equally increase oil subsidy which may push the economy into deeper debt Again in terms of the naira equivalent of servicing government foreign loans the burden will also increase he said According to Uwaleke the only benefit of naira depreciation is to the Federal Government and the Sub Nationals which naira equivalent of the Federal Accounts Allocation Committee FAAC distribution might increase But of what use is an increase in quantity of money which value is eroded by inflation Naira depreciation ordinarily should help the country s Balance of Payments position through discouraging imports and making exports cheaper Unfortunately this does not happen given Nigeria s weak export base and Nigerians penchant for foreign goods He said that Nigeria needed a strong currency to be able to provide the required leadership in Africa especially in the context of African Continental Free Trade Agreement Sheriffdeen Tella a Professor of Economics Olabisi Onabanjo University Ago Iwoye Ogun said the downfall of the naira was what caused the rising inflation Its what is causing inflation and difficulty in production presently Prolonged situation can affect employment and general welfare of citizens just as it can cause expected global recession arising from the Russian war with Ukraine which will affect Nigeria in no small measure he said Ndubisi Nwokoma the Director of the Centre for Economic Policy Analysis and Research of the University of Lagos Akoka urged the Central Bank of Nigeria CBN to increase the supply of foreign exchange and manage demand The fall of the Naira has had serious socio economic implications for the average Nigerian Inflation has been skyrocketing and living standards getting worse Challenges of insecurity also add to all these he said The downfall of the naira has had a huge impact on the oil and gas industry as well which is critical to the socio economic development of Nigeria The situation is further worsened by the ongoing conflict between Russia and Ukraine with the price of crude oil averaging about 120 dollars per barrel in recent weeks This has led to a rise in the prices of petroleum products such as Jet A1 aviation fuel diesel kerosene Premium Motor Spirit petrol as well as Liquefied Petroleum Gas cooking gas Presently the cost of diesel ranges from N650 to N800 per litre across the country while aviation fuel according to domestic airline operators is selling for between N600 and N700 per litre depending on the location Similarly kerosene is retailing at N650 per litre in some filling stations while a 12 5kg cooking gas cylinder is being sold at between N9 000 to N10 000 to end users According to the Major Oil Marketers Association of Nigeria MOMAN the landing cost of PMS is currently above N400 per litre compelling the Federal Government to spend huge amounts in subsidising the product to retail for N165 per litre Mr Clement Isong the Executive Secretary MOMAN empathised with Nigerians and the government over the challenges being faced as a result of the rising cost of crude and its derivatives at the international market He said lack of access to foreign exchange was one of the reasons for the increment in the retail prices of aviation fuel and diesel Isong also decried the subsidising of petrol by the government with huge funds that could be deployed to other critical areas of the economy such as education health care and infrastructure development A return to cost recovery and free market and competitive economics including access to foreign exchange at competitive rates is inevitable for the sustainability of the production and distribution framework in the petroleum downstream industry he said Mrs Nkechi Obi the Managing Director Techno Gas Ltd also called on the Federal Government to intervene in halting the rising price of cooking gas in the country Obi who made the appeal while speaking during a panel session at the recently concluded Nigerian Content Midstream and Downstream Oil and Gas Conference in Lagos said the product was becoming unaffordable to Nigerians Obi said since marketers were importing over 60 per cent of the LPG consumed in Nigeria it was imperative that the government should make forex available to them at competitive rates Obi said this would reduce the cost of the product and make it affordable for Nigerians who were already returning to using kerosene stoves and firewood for cooking Mr Michael Umudu the National Chairman the Liquefied Petroleum Gas Retailers LPGAR branch of National Union of Petroleum and Natural Gas Workers NUPENG described the situation as worrisome for both retailers and consumers The worrisome aspect of this development is that it has continued to rise on daily basis for weeks now but began to escalate in the last few weeks leading to significant increases in both depots and retail outlets For us as retailers it is a big problem because we can t even afford to stock up our shops and even when we do it will take time before we can make enough sales to get back our investments What we find now is that people even bring in 12 5kg cylinders but opt to fill them with less than 6kg of gas just to manage at home Umudu therefore appealed to the government to create a dedicated forex window for LPG importers to help bring down the cost of cooking gas Dr Muda Yusuf an economist attributed the downfall of the naira to consequences of the CBN fixed exchange rate regime and administrative allocation of foreign exchange Yusuf also founder Centre for the Promotion of Private Enterprises CPPEs said the policies had created a huge enterprise around foreign exchange round tripping speculation over invoicing capital flight among others He said that the action of the apex bank amounted to tackling the symptoms rather than dealing with the causative factors which was not a sustainable solution It is regrettable that the CBN does not believe in the market mechanism yet market systems are time tested as instruments of efficient resource allocation in leading economies around the world Of course market failures are recognised in economics and these cases are exceptions that can be identified and dealt with A market based management framework will restore calmness and stability to the foreign exchange market Although there may be a momentary spike in exchange rate but stability and gradual appreciation of the rate would follow soon after Suppressing the market is like swimming against the tide it is a difficult battle to win he said Yusuf likened moving retail forex transactions from Bureau De Change BDC to the banks to kicking the can down the road stating that the same issues would manifest even with the banks He noted that the BDCs were generally more accessible required minimum documentation had short response time and better interface with the Small and Medium Enterprises and the informal sector the dominant players in the Nigerian economy He said that the way out of this free fall of the Naira was for the CBN to allow the market to function Yusuf said it was also imperative for the apex bank to de emphasise demand management and focus on strategies to stimulate foreign exchange inflows According to him a fixed exchange rate regime is a major disincentive to inflows as it creates enormous pressure of demand for foreign exchange Dr Chinyere Almona the Director General Lagos Chamber of Commerce and Industry LCCI noted that the Naira had recorded unprecedented volatility already in the first quarter of 2022 This she said was due to the widening premium between the official NAFEX rate at N415 per dollar and the market rate of N580 She said that the position of industrialists was for the monetary authorities to liberalise the foreign exchange market by unifying the multiple rates and ensuring that the rates were market driven This Almona posited was critical to the process of enhancing stability liquidity and transparency in the foreign exchange market She said the unification would improve the country s currency management framework given that the multiple exchange rate systems had been creating uncertainty issues and sources of arbitrage The CBN needs to initiate a gradual transition to a unified exchange rate system and allow for a market reflective exchange rate The currency market is still beset with persisting liquidity challenges evidenced in the wide premium between the NAFEX and parallel market rates To consolidate on the interventions earlier initiated the CBN needs to roll out more friendly supply side policies to boost liquidity in the market This would help bolster investor confidence and attract foreign investment inflows into the economy Almona also stressed the need for more deliberate efforts toward making the business environment more conducive for Micro Small and Medium Enterprises MSMEs and large corporates at the national subnational and local government levels are imperative NANFeatures NewsSourceCredit NAN
    NEWS ANALYSIS: The Socio-Economic Implications of The Downfall of The Naira
    Features5 months ago

    NEWS ANALYSIS: The Socio-Economic Implications of The Downfall of The Naira

    NEWS ANALYSIS: The Socio-Economic Implications of The Downfall of The Naira

     

    The Socio-Economic Implications of The Downfall of The Naira: A News Analysis by Solomon Asowata, Lydia Ngwakwe and Rukayat Moisemhe

    Financial experts say the continuous downfall of the Naira has worsened the living standards of Nigerians and made inflation to rise.

    The experts told the News Agency of Nigeria in separate interviews that if the local currency continued to fall against the dollar, it could pose great consequences for the economy.

    A professor of Finance and Capital Market, Uche Uwaleke, said that the free fall of the Naira was not in the interest of the economy.

    “The consequences are grave for the economy. The rising inflationary pressure is not unconnected with imported inflation.

    “The official exchange rate which is now higher than the 2022 budgeted figure will end up widening the government’s budget deficit.

    “It will equally increase oil subsidy, which may push the economy into deeper debt.

    “Again, in terms of the naira equivalent of servicing government foreign loans, the burden will also increase,’’ he said.

    According to Uwaleke, the only benefit of naira depreciation is to the Federal Government and the Sub Nationals which naira equivalent of the Federal Accounts Allocation Committee (FAAC) distribution might increase.

    “But of what use is an increase in quantity of money which value is eroded by inflation?

    “Naira depreciation ordinarily should help the country’s Balance of Payments position through discouraging imports and making exports cheaper.

    “Unfortunately, this does not happen given Nigeria’s weak export base and Nigerians penchant for foreign goods.’’

    He said that Nigeria needed a strong currency to be able to provide the required leadership in Africa, especially in the context of African Continental Free Trade Agreement.

     

    Sheriffdeen Tella, a Professor of Economics, Olabisi Onabanjo University, Ago-Iwoye, Ogun, said the downfall of the naira was what caused the rising inflation.

    “Its what is causing inflation and difficulty in production presently.

    “Prolonged situation can affect employment and general welfare of citizens, just as it can cause expected global recession arising from the Russian war with Ukraine which will affect Nigeria in no small measure,’’ he said.

    Ndubisi Nwokoma, the Director of the Centre for Economic Policy Analysis and Research of the University of Lagos, Akoka, urged the Central Bank of Nigeria (CBN) to increase the supply of foreign exchange and manage demand.

    “The fall of the Naira has had serious socio-economic implications for the average Nigerian. Inflation has been skyrocketing and living standards getting worse. Challenges of insecurity also add to all these,’’ he said.

    The downfall of the naira has had a huge impact on the oil and gas industry as well, which is critical to the socio-economic development of Nigeria.

    The situation is further worsened by the ongoing conflict between Russia and Ukraine with the price of crude oil averaging about 120 dollars per barrel in recent weeks.

    This has led to a rise in the prices of petroleum products such as Jet A1 (aviation fuel) diesel, kerosene, Premium Motor Spirit (petrol) as well as Liquefied Petroleum Gas (cooking gas).

    Presently, the cost of diesel ranges from N650 to N800 per litre across the country, while aviation fuel according to domestic airline operators is selling for between N600 and N700 per litre depending on the location.

     

    Similarly, kerosene is retailing at N650 per litre in some filling stations while a 12.5kg cooking gas cylinder is being sold at between N9,000 to N10,000 to end users.

    According to the Major Oil Marketers Association of Nigeria (MOMAN), the landing cost of PMS is currently above N400 per litre, compelling the Federal Government to spend huge amounts in subsidising the product to retail for N165 per litre.

    Mr Clement Isong, the Executive Secretary, MOMAN, empathised with Nigerians and the government over the challenges being faced as a result of the rising cost of crude and its derivatives at the international market.

    He said lack of access to foreign exchange was one of the reasons for the increment in the retail prices of aviation fuel and diesel.

    Isong also decried the subsidising of petrol by the government with huge funds that could be deployed to other critical areas of the economy such as education, health care and infrastructure development.

    “A return to cost recovery and free market and competitive economics (including access to foreign exchange at competitive rates) is inevitable for the sustainability of the production and distribution framework in the petroleum downstream industry,’’ he said.

    Mrs Nkechi Obi, the Managing Director, Techno Gas Ltd. also called on the Federal Government to intervene in halting the rising price of cooking gas in the country.

    Obi, who made the appeal while speaking during a panel session at the recently concluded Nigerian Content Midstream and Downstream Oil and Gas Conference in Lagos, said the product was becoming unaffordable to Nigerians.

    Obi said since marketers were importing over 60 per cent of the LPG consumed in Nigeria, it was imperative that the government should make forex available to them at competitive rates.

    Obi said this would reduce the cost of the product and make it affordable for Nigerians who were already returning to using kerosene stoves and firewood for cooking.

    Mr Michael Umudu, the National Chairman, the Liquefied Petroleum Gas Retailers (LPGAR) branch of National Union of Petroleum and Natural Gas Workers (NUPENG), described the situation as worrisome for both retailers and consumers.

    “The worrisome aspect of this development is that it has continued to rise on daily basis for weeks now but began to escalate in the last few weeks leading to significant increases in both depots and retail outlets.

    “For us as retailers, it is a big problem because we can’t even afford to stock up our shops and even when we do, it will take time before we can make enough sales to get back our investments.

    “What we find now is that people even bring in 12.5kg cylinders but opt to fill them with less than 6kg of gas just to manage at home.’’

    Umudu, therefore, appealed to the government to create a dedicated forex window for LPG importers to help bring down the cost of cooking gas.

    Dr Muda Yusuf, an economist attributed the downfall of the naira to consequences of the CBN fixed exchange rate regime and administrative allocation of foreign exchange.

    Yusuf, also founder, Centre for the Promotion of Private Enterprises (CPPEs), said the policies had created a huge enterprise around foreign exchange, round tripping, speculation, over invoicing, capital flight among others.

    He said that the action of the apex bank amounted to tackling the symptoms rather than dealing with the causative factors, which was not a sustainable solution.

    “It is regrettable that the CBN does not believe in the market mechanism, yet market systems are time tested as instruments of efficient resource allocation in leading economies around the world.

    “Of course, market failures are recognised in economics, and these cases are exceptions that can be identified and dealt with.

    “A market based management framework will restore calmness and stability to the foreign exchange market.

    “Although, there may be a momentary spike in exchange rate, but stability and gradual appreciation of the rate would follow soon after.

    “Suppressing the market is like swimming against the tide, it is a difficult battle to win,” he said.

    Yusuf likened moving retail forex transactions from Bureau De Change (BDC) to the banks to “kicking the can down the road’’, stating that the same issues would manifest even with the banks.

    He noted that the BDCs were generally more accessible, required minimum documentation, had short response time and better interface with the Small and Medium Enterprises and the informal sector, the dominant players in the Nigerian economy.

    He said that the way out of this free fall of the Naira was for the CBN to allow the market to function.

    Yusuf said it was also imperative for the apex bank to de-emphasise demand management and focus on strategies to stimulate foreign exchange inflows.

    According to him, a fixed exchange rate regime is a major disincentive to inflows as it creates enormous pressure of demand for foreign exchange.

    Dr Chinyere Almona, the Director-General, Lagos Chamber of Commerce and Industry (LCCI), noted that the Naira had recorded unprecedented volatility already in the first quarter of 2022.

    This, she said was due to the widening premium between the official (NAFEX) rate at N415 per dollar and the market rate of N580.

    She said that the position of industrialists was for the monetary authorities to liberalise the foreign exchange market by unifying the multiple rates and ensuring that the rates were market-driven.

    This, Almona posited was critical to the process of enhancing stability, liquidity, and transparency in the foreign exchange market.

    She said the unification would improve the country’s currency management framework given that the multiple exchange rate systems had been creating uncertainty issues and sources of arbitrage.

    “The CBN needs to initiate a gradual transition to a unified exchange rate system and allow for a market reflective exchange rate.

    “The currency market is still beset with persisting liquidity challenges evidenced in the wide premium between the NAFEX and parallel market rates.

    “To consolidate on the interventions earlier initiated, the CBN needs to roll out more friendly supply-side policies to boost liquidity in the market.

    “This would help bolster investor confidence and attract foreign investment inflows into the economy.

    Almona also stressed the need for more deliberate efforts toward making the business environment more conducive for Micro, Small and Medium Enterprises (MSMEs) and large corporates at the national, subnational, and local government levels are imperative. (NANFeatures) (

    NewsSourceCredit: NAN

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