• Naira/Dollar/Euro/Pounds exchange rates September 27 to 29 2023

    Exchange rates are subject to constant volatility around the world. So, you may not find the prices the same as you see down here.

    In Nigeria, a dollar is now worth 1K naira, as the situation worsens for anyone who relies solely on naira. As the month of September draws to a close, people are hoping the situation will become better.

  • Incredible! Naira on the level of 1000-per dollar

    When Nigeria’s President Bola Tinubu rang the closing bell at New York’s Nasdaq exchange this week, he exhorted investors to “be confident in Nigeria.”

    His ebullience was a stark contrast with the mood on the streets of Nigeria, where confidence in the country’s currency is ebbing fast.

    The naira plunged to a new record low on Thursday and is crossing a never before level of 1000-per dollar on the parallel market, according to traders and business leaders who track the exchange rate.

    As citizens and companies alike rushed to buy dollars, the naira was quoted almost 30% below where it officially closed Wedneday on the FMDQ OTC trading platform.

    The demand for foreign exchange has become a stampede with demand not just for imports, but also for store and preservation of value for Nigerians that have lost confidence in the local currency.

    According to a Bloomberg report the naira rout has dissipated much of the optimism generated by the reform program Tinubu unveiled soon after he took office in June.

    He pledged back then to unify a complex system of exchange rates, and scrapped a costly years-old system of fuel subsidies, sending Nigerian markets soaring.

    This week, Tinubu reiterated his commitment to reform in New York, telling investors they were “free to take in your money and bring out your money.”

    Bottlenecks had been removed while the exchange rate had been retooled “to a reliable, one figure exchange rate of the naira,” he added.

    Market players disagree. Many attribute the latest naira plunge partly to the central bank’s failure to supply dollars to the official market.

    They say the bank has been on the sidelines since the start of the month, forcing buyers to flock to street traders for the greenback.

    That’s sharply widened the gap between the parallel and official exchange rates which had converged after Tinubu took office. Authorities are not allowing the market to function on a “willing buyer, willing seller” basis, which they had pledged to do, said Ayo Salami, chief investment officer at Emerging Markets Investment Management Ltd. in London. “With the current restrictions in the FX market, it is not possible to form a realistic judgement on the value of the naira,” Salami added.

    Unease has grown over other reforms too, especially after Tinubu was forced last month to suspend a planned gasoline price increase.

    Hopes of a speedy and substantial interest rate hike to stabilize the naira were dashed meanwhile by a central bank announcement that it would postpone next week’s policy meeting until further notice. Interest rates are currently at 18.75%, compared with inflation approaching 30%.

    Its new governor, former Citigroup executive Olayemi Cardoso, is yet to be confirmed in his role, while the acting governor and four deputy governors have resigned, effectively leaving a policy-making vaccuum at the top.

    Foreign investors are still holding off investing in local assets, fearful of exposure to a falling naira and the possibility of being unable to withdraw their capital from the country. Authorities are also yet to clear a backlog of hard currency arrears to the tune of billions of dollars owed to foreign companies and investors.

    The naira selloff has rippled into Nigerian dollar bond markets where the issue maturing 2033 fell more than half a cent on Thursday to 76.5 cents, some seven cents off end-July highs.

    The Lagos stock exchange closed modestly lower for a second day, though it is still hovering near the 15-year highs hit soon after Tinubu took office.

    “People are not going to come in until they’re sure that there is a certain amount of stability around the exchange rate, and that’s where we are,” Segun Agbaje, chief executive officer of Guaranty Trust Holding Co., told investors last week.

  • Naira/Dollar/Euro/Pounds exchange rates September 19 to 22 2023

    Exchange rates are subject to constant volatility around the world. So, you may not find the prices the same as you see down here.

  • Aboki London Dollar Exchange rate

    Rates may have changed by the time you read this news.

  • Naira/Dollar/Euro/Pounds exchange rates August 29 to September 1, 2023

    So much happening in the currency exchange rates markets around the world. In Nigeria, it’s spectacular. Check out how the most popular currencies rates have done so far this week.

  • Naira/Dollar/Euro/Pounds exchange rates (Aug. 22 – 26, 2023) Parallel market

    The naira has been waging war against the dollar in recent weeks. We keep our fingers crossed to see how this will come out. Who wins? Your guess is as good as mine.

     

  • Naira/Dollar/Euro/Pounds exchange rates (Aug. 15 – 18, 2023)

    The dollar seriously took a hit from the naira as from the 16th day of August. Let’s see what happens as the year runs on.

  • Naira/Dollar/Euro/Pounds exchange rates (Aug. 10 – 15, 2023)

    These rates or figures represent five days of the dollar/naira exchange market. It is possible that by now rates are not what you see below, it is true that rates can vacillate anyhow during a single day of exchange transactions.

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  • Naira/Dollar/Euro/Pounds Rates (Aug. 2 – 4th, 2023)

    These rates figures represent five days of the market. Remember, if by now rates are not what you see below, understand that rates can fluctuate anyhow during a single day of transaction.

  • Naira/Dollar/Euro/Pounds Rates (July 19 to July 24th 2023)

    These rates figures represent five days of the market. Remember, if by now rates are not what you see below, understand that rates can fluctuate anyhow during a single day of transaction.

    You may book mark this page to come back and the latest currency rates for Naira, dollar, euro, and pounds.