This page gathers daily dollar to naira conversion rates throughout the week so that our users can readily access the rates at which the American dollar is traded against the Nigerian naira on any given day of the week.
Our readers will have access to the dollar to naira exchange rate on the official market as well as the parallel market, sometimes known as the black market, for each day of the week.
The Naira is gaining on both the P2P and official markets, as seen by the new exchange rate.
At the Investors and Exporters (I&E) window, where forex is formally transacted, the naira and the US dollar exchange rate closed at N416/$1.
Naira gained against the US dollar on Friday to its highest level during the week to close at N416/$1, representing a 0.08% appreciation compared to N416.33/$1 recorded in the previous trading session, indicating a year-to-date average rate of N416.62/$1
Naira Falls At Official And P2P Market, See New Exchange Rate
Naira started the week with a decline against the US dollar on Monday to close at N416.38/$1, representing a 0.09% depreciation compared to N416/$1 recorded in the previous trading session…
Economists have said the devaluation of Nigeria’s currency, naira, is inevitable in 2022 as lower oil production puts pressure on the nation’s reserves.
The price of Bonny Light, Nigeria’s premium oil grade, has surged to $88 per barrel, the highest since 2014, but Africa’s biggest economy has missed out on an opportunity to improve its earnings as oil production falters
Nigeria’s local currency, naira, rises against the United States dollar weekend but analysts appear not to be satisfied with a relatively overpriced local currency, thus expecting further devaluation at Investors and Exporters foreign exchange rate window.
Data from the FMDQ Exchange platform showed that Naira traded at N414.30 to a dollar in the Investors and Exporters window, gaining 0.2% week on week against the previous record.
While external reserves position has expanded significantly following an inflow from foreign currency borrowings of $4 billion and about $3.5 billion inflow from special drawing rights, the naira has faced many pressures, crossing N420 briefly at investors and exporters foreign exchange window.
This week, Nigeria’s foreign currency reserves snapped its ten consecutive weeks of accretion as it closed lower by $102.20 million week on week to $41.73 billion, according to Cordros Capital in a macroeconomic note.
In the parallel market, the foreign exchange rate has worsened after the central bank decision to ban weekly dollar supply to bureau de change operators in July. However, low dollar supply has persisted despite growing prices of oil in the global market,
