The exchange rate between the naira and the dollar depreciated closing at N395.50/$1 at the NAFEX on February 3. “This weak performance was attributed to the resurgence of the pandemic, foreign exchange pressures, increased costs of production, a general increase in prices and decline in economic activities.”, READ: NNPC, only Nigerian company to cut losses by N800 billion in one financial year – GMD. He has worked in research and marketing departments of three top commercial banks. Economic Calendar. Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Wednesday, closing at N395.50/$1. Online interactive currency converter & calculator ensures provding actual conversion information of world currencies according to “Open Exchange Rates” and provides the information in its best way. This is as OPEC and its allies pledged to continue to cut down on global crude oil inventories and crude stockpiles in the United States fell to their lowest levels since March last year. READ: NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel, READ: Nigeria’s external reserves up by 7% in 21 days, currency speculators to lose over N10 billion. Nigeria needs oil prices to stay above $50 to balance its budget and improve on its 2021 revenue projection of N7.99 trillion for the year. The opening indicative rate closed at N395.38 to a dollar on Thursday. This means it will take such an individual about 17 years of toiling and hard work to gross 1 hundred million naira. The opening indicative rate was N393.30 to a dollar on Monday, this represents a 15 kobo drop when compared with the N393.15 to a dollar that was recorded on Friday, January 22, 2021. On February 3, 2021, the exchange rate between the naira and the dollar depreciated closing at N395.50/$1 at the NAFEX (I&E Window) where forex is traded. Zlatan gives out his 1 million naira checkout lady who spent 3 000 dollars over 1 million naira per term pas nigeria naira waxing stronger 10000000 naira note samyysandra million dollars or 10 billion naira. On February 3, 2021, the exchange rate between the naira and the dollar depreciated closing at N395.50/$1 at the NAFEX (I&E Window) where forex is traded officially. READ: CBN issues modalities for payout of diaspora remittances in dollars. This is a state as poor as anything. Nigeria’s 2021 budget includes a target crude oil benchmark price of $40/barrel and crude oil production of 1.86 million barrels per day. READ: CBN set to restructure the Nigerian Commodities Exchange in 90 days. A 5 hundred thousand naira salary is “as good as it gets” in Nigeria, yet even an individual earning so much earns just 6 million naira per annum. OPEC and its allies agreed to pump more oil from January 1 and get back to output curb again in February amid fears of a slow demand recovery. Last 5 Years index performance and chart outlook for USD / NGN, © 2010-2021 Currency Converter X. READ: Naira gains at black market as external reserves improves on higher oil prices, READ: Dangote $2.5 billion fertilizer plant to commence operations in Q1 2021. Exporters are also mandated to inflow their proceeds to the I&E window or get kicked out of the banking sector. It also sold for as low as N390/$1 during intra-day trading. Naira put up a poor performance against the dollar at the Investors and Exporters (I&E) window on Wednesday as trading closed at N394.17k per dollar. Includes a live currency converter, handy conversion table, last 7 days exchange rate history and some live Dollars to Nigerian Naira charts. Your email address will not be published. TBC is a digital crypto currency abundances base … Full history please visit USD/NGN History Brent crude oil price hit about $58,76, highest in more than a year, on Thursday morning, as it approaches the $60-dollar mark. Forex turnover at the Investor and Exporters (I&E) window dropped by 9.3% on Thursday, February 4, 2021. Here you are getting today's value of one million US Dollar to Nigerian naira . READ: Naira falls to N480/$1 at black market as CBN recognizes forex pressures is weakening the economy. Convert 1 Nigerian Naira to Canadian Dollar. This equals to no change for USD to Naira exchange rate for this week so far.. To have a monthly quick review, we see that US Dollar rate started January at ₦470 on Friday, January 01, 2021. . If you have a dollar to change with Aboki, make sure you confirm the dollar to naira … Here you are getting today's value of one million Nigerian naira to US Dollar . The exchange rate disparity between the parallel market and the official market is about N82.37, representing a 20.7% devaluation differential. Reflecting the increased dollar earnings, the naira appreciated in the Investors and Exporters (I&E) window by 3.9 percent or N15.87 to N394.13 per dollar in January from N410 per dollar … Historical Exchange Rates For Nigerian Naira to United States Dollar 0.002510 0.002538 0.002566 0.002594 0.002622 0.002650 Oct 07 Oct 21 Nov 05 Nov 20 Dec 05 Dec 20 Jan 04 Jan 19 120-day exchange rate history for NGN to USD Quick Conversions from Nigerian Naira to United States Dollar : 1 NGN = 0.00262 USD January 2021 08:13 PM (GMT). 500 Naira is approx. The exchange rate disparity between the parallel market and the official market is about N84.5, representing a 21.4% devaluation differential. READ: Nigeria’s oil Minister, Timipre Sylva, appointed Special Envoy by OPEC’s JMMC, READ: Nigeria’s forex devaluation timeline – 2020. This is as dollar supply dropped by 26.2% as demand piles more pressure on the foreign exchange market and external reserve which has lost about $323 million in 11 days, according to data from CBN. Nigeria’s central bank will probably devalue the naira by as much as 10% this year amid a lingering dollar shortage in Africa’s top oil producer, according to a … However, excerpts of the CBN Monetary Policy communique of January 26th suggest the inflows may have been driven by higher oil revenues. Convert Nigerian Nairas to Canadian Dollars with a conversion calculator, or Nairas to Canadian Dollars conversion tables. The appreciation occurred as turnover rose by 18.29per cent, with $28.85 million recorded as against the $24.39 million posted on Friday last week. Here you are getting today's value of one million US Dollar to Nigerian naira . E … The CBN is seeking to avoid another round of devaluation with the implementation of policies to help conserve the scarce forex and deepen the foreign exchange market. Brent crude oil price hit about $59.23, highest in more than a year, on Thursday morning, as it approaches the $60-dollar mark. 10. The exchange rate between the naira and the dollar depreciated substantially closing at N397.63/$1 at the NAFEX window. US Dollar is being traded at ₦480 in Black Market (Lagos) today, February 04, 2021.US Dollar started this week at ₦480 in Black Market on Monday, February 01, 2021. Track the exchange rate. This is as dollar supply dropped by 9.3% as demand piles more pressure on the foreign exchange market. On February 3, 2021, the exchange rate between the naira and the dollar depreciated closing at N395.50/$1 at the NAFEX (I&E Window) where forex is traded officially. Compare money transfer services, compare exchange rates and commissions for sending money from Nigeria to Canada. Here are tips for handling the windfall. Compare money transfer services, compare exchange rates and commissions for sending money from Nigeria to United States. Coordinator, has disclosed that the commission has registered more than 2.3 million … In the contract terminating February 24th, 2021 the central bank priced the dollar at N412.14 which, compared to the N395/$1 traded at the Investors and Exporters (I&E) window, represents a 4% devaluation. On February 3, 2021, the exchange rate between the naira and the dollar depreciated closing at N395.50/$1 at the NAFEX (I&E Window) where forex is traded officially.. OPEC oil output has risen for a seventh month in January after the group and its allies agreed to ease record supply cuts further, although an involuntary drop in Nigeria’s exports has limited the increase. Convert 1 Nigerian Naira to New Zealand Dollar. Reflecting the increased dollar earnings, the naira appreciated in the Investors and Exporters (I&E) window by 3.9 percent or N15.87 to N394.13 per dollar in January from N410 per dollar … This is as dollar supply dropped by 9.3% as demand piles more pressure on the foreign exchange market. This site uses Akismet to reduce spam. We can't send money between these currencies. Mid-market exchange rate at 06:17 UTC. The external reserves have increased by $1.135 billion since December 31, 2020, when it closed the year at $35.3 billion. Money taken to that trip is part of stress on forex. Also, the exchange rate at the black market where forex traded unofficially remained stable at N477/$1. Trading at the investors’ window saw the naira closing at N385.98 to a dollar as investors traded a total of 20.27 million dollars. Nigeria has a production capacity of 2.5 million barrels per day but is subject to OPEC’s crude oil production cuts, which are expected to help sustain higher oil prices. To streamline forex supply and ensure there is enough to meet rising demand, the CBN moved to ensure strict monetary control of the forex market threatening to expel exporters who refuse to remit foreign exchange proceeds in the NAFEX market. This represents a 13 kobo drop when compared to N395.25 to a dollar that was recorded the previous trading day on Wednesday, February 3, 2021. Economic Calendar. Chike is a senior member of the Nairametrics Editorial Team. Here you are getting today's value of one million Nigerian naira to US Dollar . READ: CBN Governor says Nigeria’s external reserves sufficient to cover 7-months import. Nigeria also needs the external reserves to hit $40 billion if it is to adequately meet some of the pent up demand that has piled up since 2020 when oil prices crashed and the pandemic caused major economic lockdowns. You may contact him via his email- [email protected]. The N397.20 to a dollar was the highest rate during intra-day trading before it closed at N395.50 to a dollar. Try more amounts. Historical Exchange Rates For United States Dollar to Nigerian Naira 377 382 386 390 394 398 Oct 07 Oct 22 Nov 06 Nov 21 Dec 06 Dec 21 Jan 05 Jan 20 120-day exchange rate history for USD to NGN Quick Conversions from United States Dollar to Nigerian Naira : 1 USD = 394.80628 NGN. The exchange rate disparity between the parallel market and the official market is about N82.50, representing a 20.9% devaluation differential. This appears as a boost to Nigeria as the country’s crude oil price benchmark for 2020 was $40 while it projected an oil production output of 1.8 million barrels per day. It also sold for as low as N390/$1 during intra-day trading. None of these moves are yet to close the disparity between the exchange rate and the black market and the official NAFEX market. Nairametrics gathers that foreign currency analysts are pointing at the latest NDF contracts as an indication that the closing rate of the exchange rate at the I&E window might be devalued this month. googletag.pubads().definePassback('/42150330/nairametrics/Nairametrics_incontent_new', [300, 250]).set("page_url", "%%PATTERN:url%%").setClickUrl("%%CLICK_URL_UNESC%%").display(); Presco Plc released its 2020 FY results […]. We're working on it. On February 3, 2021, the exchange rate between the naira and the dollar depreciated closing at N395.50/$1 at the. The N399.50 to a dollar was the highest rate during intra-day trading before it closed at N397.63 to a dollar. There are fears that the exchange rate at the black market might be under pressure in the coming weeks as importers scramble for dollars to meet their demands. This is the highest level since July 2020 and a sign that higher oil prices and steady output levels may be contributing significantly to Nigeria’s foreign exchange position. The higher oil prices and steady production output have positively impacted Nigeria’s external reserves, rising sharply to $36.304 million according to central bank data dated January 14, 2020. With USD being … READ: CBN gives up on its policy of attracting dollars. On February 4, 2021, the exchange rate between the naira and the dollar depreciated substantially closing at N397.63/$1 at the NAFEX (I&E Window) where forex is traded officially. This represents a 50 kobo drop when compared to the N395/$1 that it closed on the previous trading day. Forex turnover, however, dropped further by about 10.2% as pressure on the foreign exchange market continues. [citation needed] It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 24th-largest in terms of purchasing power parity.Nigeria has the largest … For example, foreign remittances are now required to be paid in the currency in which they were remitted. Forex turnover at the Investor and Exporters (I&E) window dropped by 10.2% on Monday, January 25, 2021. Forex turnover at the Investor and Exporters (I&E) window dropped by 26.2% on Wednesday, February 3, 2021. Since then, the exchange rate has increased by 31.29 NGN (8.60%). Nairametrics had earlier reported that the government may have taken receipt of the $1-1.5 billion World Bank loan. 2,622.95 US Dollars. Exchange Rates Updated: Jan 08,2021 19:07 UTC. When you invest in stocks you can easily build wealth and enjoy financial stability with your 1 million naira … Convert Nigerian Naira to US Dollars. The exchange rate is still being affected by low oil prices, dollar scarcity, a backlog of forex demand, and a shaky economy that has been hit by the coronavirus pandemic. 60 million zimbabwean dollar to naira Post in Uncategorized. Instead, it has introduced several foreign exchange policies aimed at curtailing excess demand for forex and improving liquidity. Online interactive currency converter & calculator ensures provding actual conversion information of world currencies according to “Open Exchange Rates” and provides the … At the parallel market, the exchange rate closed at N480/$1. Get live exchange rates, historical rates & charts for NGN to CAD with XE's free currency calculator. Did the CBN just signal another devaluation is looming? Naira gains at black market as external reserves improves on higher oil prices, Dangote $2.5 billion fertilizer plant to commence operations in Q1 2021, NNPC, only Nigerian company to cut losses by N800 billion in one financial year – GMD, Naira falls to N480/$1 at black market as CBN recognizes forex pressures is weakening the economy, Nigeria’s oil Minister, Timipre Sylva, appointed Special Envoy by OPEC’s JMMC, Nigeria’s forex devaluation timeline – 2020, NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel, Nigeria’s external reserves up by 7% in 21 days, currency speculators to lose over N10 billion, CBN Governor says Nigeria’s external reserves sufficient to cover 7-months import, CBN set to restructure the Nigerian Commodities Exchange in 90 days, CBN issues modalities for payout of diaspora remittances in dollars, CBN gives up on its policy of attracting dollars, Cement volumes crash for Northern Nigeria Flour Mills Plc, 2020 FY Results: Consolidated Hallmark Plc post N647 million profit as earnings per share prints at 7.54kobo, Global Spectrum Energy Services Plc post 77% post-tax decline in 2020 FY results, 2020 FY results: Presco Plc post 83% growth in profits. Learn how your comment data is processed. On his part, the President, Chartered Insurance Institute of Nigeria, Muftau Oyegunle, expressed doubt that the rising inflation in the country could be addressed due to the various crises ravaging the North, thereby affecting food supply. Manufacturers in Nigeria in a report, have listed difficulty in having access to foreign exchange to pay for their imports as the biggest challenge they face. The exchange rate for the disbursement of IMTOs proceeds is effective Monday, November 30 to Friday, December 4, 2020. The weakening of the local currency can be attributed to demand pressure in the foreign exchange market as increased business activities put pressure on the greenback. If the exchange rate devalues beyond N452.82 to, say N460/$1, the CBN pays the foreign investor the difference of N7.18 multiplied by the $1 million. So far, it has resisted a weakening. How the NDF works – The CBN enters into contracts with foreign investors who inflow foreign exchange into the country to hedge against devaluation risks. The CBN may have also confirmed the forex pressures businesses are facing in its monetary policy communique of January 26, 2020, when it cited it as a reason for the weak purchasing managers index. Also, view Naira to Dollar currency charts. He now enters into an NDF contract that allows him to convert the naira into dollar at an exchange rate of N452.82 when the time arises. Convert currency 10 USD to NGN. To see the governor in a state will cost you N2 million as bribe before you can be scheduled. The central bank has resisted the need to devalue the currency closer to the parallel market, citing the latter as a relatively smaller market that cannot be used to determine the true value of the naira relative to the dollar. Using the example of a one-year NDF, a foreign investor brings in $1 million dollars into Nigeria and hopes to repatriate it one year from now. Analysts who spoke to Nairametrics are of the opinion that the fact that the CBN is willing to settle NDF contracts due at the end of the month for N412.14 suggest the current CBN official exchange rate of N379/$1 could also be devalued soon, while the exchange rate at the I&E window could also weaken to N415/$1. However, this is a huge improvement on the $35.373 billion that it was as of December 31, 2020.c. Nairametrics had earlier reported that the government may have taken receipt of the $1-1.5 billion World Bank loan. This represents a N2.13 drop when compared to the N395.50/$1 that it closed on the previous trading day. On January 25, 2021, the exchange rate between the naira and the dollar depreciated closing at N394.50/$1 at the NAFEX (I&E Window) where forex is traded officially. The exchange rate between the dollar and naira at the end of the year 2020 was N410.25, a signal that the central bank was open to a weakened currency in 2021. The NDF is a closely watched indicator of the direction of the exchange rate in the future and is often referenced against the spot rate of the exchange rate between the naira and the dollar. The N395 to a dollar was the highest rate during intra-day trading before it closed at N394.50 to a dollar. 60 million zimbabwean dollar to naira; 28 Dic. The external reserves have increased by over $800 million since December 31, 2020, when it closed the year at $35.3 billion. The rise in oil prices is also aided by expectations that production curbs by OPEC+ would tighten the market in the first quarter. Convert Nigerian Nairas to American Dollars with a conversion calculator, or Nairas to Dollars conversion tables. This is as dollar supply dropped by 26.2% as demand piles more pressure on the foreign exchange market and external reserve which has lost about $323 million in 11 days, according to data from CBN. The exchange rate between the naira and the dollar depreciated closing at N394.50/$1 at the NAFEX Window. The Central Bank of Nigeria has revised its one-year Non-Deliverable Forwards (NDF) for which it intends to settle foreign exchange futures contracts for the period ending February 2021 to N452.82 up from N440.86. This is as dollar supply dropped by 26.2% as demand piles more pressure on the foreign exchange market and external reserve which has lost about $323 million in 11 days,… 70 USD = 26845.28 NGN. On February 3, 2021, the exchange rate between the naira and the dollar depreciated closing at N395.50/$1 at the NAFEX (I&E Window) where forex is traded officially. Also, the exchange rate at the black market where forex is traded unofficially maintained its stability at N480/$1. Online interactive currency converter & calculator ensures provding actual conversion information of world currencies according to “Open Exchange Rates” and provides the information in its best way. Amount. ₦2000000 Nigerian naira to Ghana Cedi ₵ conversion online. The exchange rate between the naira and dollar closed at N395/$1 on Tuesday despite recording an intraday high of N416.95 according to data from the FMDQ. The CBN pegged IMTOs sale of the American currency to banks at N388 to dollar. The exchange rate at the parallel market closed at N480/$1 on the previous trading day of February 2, 2021. On February 4, 2021, the exchange rate between the naira and the dollar depreciated substantially closing at N397.63/$1 at the NAFEX (I&E Window) where forex is traded officially. The Nigerian Naira is divided into 100 kobo. All Rights Reserved, This website uses cookies to ensure you get the best experience on our website, Follow news in the The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Thursday, closing at N397.63/$1. Naira rises against dollar at official market ... appreciation in value came as turnover contracted by 13.9 per cent with $77.04 million recorded compared to the $89.5 million … This is as OPEC and its allies pledged to continue to cut down on global crude oil inventories and crude stockpiles in the United States fell to their lowest levels since March last year. Also, the exchange rate at the black market where forex is traded unofficially maintained its stability at N480/$1. The exchange rate at the parallel market closed at N480/$1 on the previous trading day of February 3, 2021. The external reserve has dropped further to $36.198 billion as of February 1, 2021. The Naira closed at N389.50 to the dollar at the investor’s window, down by 1.50 points from N388 it traded on Thursday. This protects the foreign investor against any future risk more than the N452.82 that he would have planned for. This will also help to create more stability and transparency in the forex market. The external reserve has risen to $36.508 billion as of January 21, 2021. 4 Million NGN to USD; 5 Million NGN to USD; 6 Million NGN to USD … This represents a 94 kobo drop when compared to N394.31 to a dollar that was recorded the previous trading day on Tuesday, February 2, 2021. , February 3, 2021 getting today 's value of one million US dollar naira... Have been driven by higher oil prices and steady output levels may be significantly... Black market and the black market and the dollar depreciated closing at N397.63/ $ 1 it... Of toiling and hard work to gross 1 hundred million naira three top commercial banks yourmailbox... 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