This post gives you a better insight into theCBN exchange rate in Nigeria today, covering all major foreign currencies like the Dollar, Euro, pound sterling, and more. Knowing the exchange rates of these foreign currencies to the Nigerian Naira is crucial to many businesses found in the country...
The Naira has faced a notable decline against the US dollar, losing N27.58 within just two days, according to FMDQ data. On Tuesday, the exchange rate hit N1,592.06, down from N1,564.48 last Friday. In the black market, the Naira also weakened by N15, trading at...
NigeriaToday's Naira Rate[26-10-2024]: Naira Falls to N1,740/$ in Parallel Market as Official Rates Show Mixed Signals The Naira depreciated to N1,740 per dollar in the parallel market while appreciating to N1,601.2 in the Nigerian Autonomous Foreign Exchange Market. Trading volume in the ...
The official rate of the naira was devalued from N305 to the dollar, toN380 to the dollar. This was in the third quarter of 2020. Why do CBN devalue naira? It wasthe need to adjust for the decrease in supply of foreign exchange thatprompted the CBN to devalue the naira. ...
The plan to eliminate the multiple exchange rate regime was similarly indicated by the Minister of Finance last week in a document which stated that the government over the next 12 months would seek to unify the exchange rates to generate more naira from its foreign inflows and manage the rate...
Therefore receiving inflow of $100,000 via cryptocurrency into the country will entitle the recipient to have when converted to naira, the sum of over N47 million. Current rate of the Naira/Dollar stands at an average of N382. This figure when multiplied by the $100,000 received will amou...
The Central Bank of Nigeria (CBN) yesterday said it was more committed to improving dollar supply in order to meet market demand than worrying over the valuation of the naira. Reuters quoted CBN Director, Monetary Policy Department, Hassan Mahmud, as saying this during a virtual investor conferen...
The currency depreciated from N463.38/$(June 2023) to N1,596.92 as of July 19, 2024. At the parallel market, the naira depreciated to N1,580/$ from 762/$ as of Monday. Last January, the CBN issued a circular that removed the previous cap on exchange rates quoted by IMTOs. ...
CBN revokes 4,173 exchange bureau licenses, enforces stricter regulations to strengthen Nigeria's forex market integrity & stability
‘It is on record that overnight the rate of exchange of the naira depreciated from 22 to 86 naira to the dollar. This action unleashed unimaginable levels of distortion on the economy as prices of products suddenly skyrocketed, causing runaway inflation. To compound the situation, the fact th...