Black Market (Lagos) exchange rates for Naira today are. The exchange rate between the naira and the European euro closed at ₦575/€1 on Friday, January 22nd 2021. In 1981, the dollar started to rise against the Lira, and it exceeded 2,800 Lira in September 1992. The most popular exchange option, USD to naira, has the smallest … Explore Economic Research Data From Nairametrics on Nairalytics. LebaneseLira.org is The World's #1 Reference for the real value of the Lebanese Lira / Lebanese Pound. Nnaji. However, during intraday trading, the exchange rate traded for as high as N415.76/$1, sustaining yesterday’s figure which is the highest intraday trading tracked by Nairametrics. A dual exchange rate is a setup created by a government where their currency has a fixed official exchange rate and a separate floating rate applied to specified goods, sectors or trading conditions. Under the system, imports and exports were traded at an exchange rate approximately 7% below the one-to-one peg between the Argentine peso and the U.S. dollar that remained in place for the rest of the economy. The opening indicative rate was N394.17 to a dollar on Wednesday, representing a 21 kobo drop when compared to the N393.96 that was recorded on Tuesday, January 19, 2021. 340 (buying) / 342 (selling) Parallel. The floating rate is often market-determined in parallel to the official exchange rate. The rate had also closed at ₦575/€1 on Thursday, January 21st 2021. The most trusted platform to get the live exchange rates. Brent crude oil price is at about $56 per barrel on Wednesday, as it moves towards the $60 mark, a strong sign that global demand could sustain price increases in 2021. This site uses Akismet to reduce spam. googletag.pubads().definePassback('/42150330/nairametrics/Nairametrics_incontent_new', [300, 250]).set("page_url", "%%PATTERN:url%%").setClickUrl("%%CLICK_URL_UNESC%%").display(); Get the scoops and market intelligence that can helpyou make better investment decisions right in yourmailbox. The N415.76 to a dollar was the highest rate during intra-day trading before it closed at N394.17 to a dollar. Your email address will not be published. For example, shops currently use a rate of $95-100 ZWL cash per 1 USD but when you sell on the streets you will only get about $85 ZWL; This site is about prices hence the rate cited above **Due to an acute change problem in the market … The currency rises or falls freely, and is not significantly manipulated by the nation's government. Nigerian parallel market operators introduce platform for countrywide exchange rates ABCON says the new platform, Naijabdcs.com, would provide real-time foreign exchange rates … Data is collated from various black market dealers on the mainland and island parts of Lagos State where forex is sold. US Dollar rate is ₦475 against Naira in Black Market (Lagos) today, January 22, 2021. The exchange rate between the naira and the dollar appreciated closing at N394/$1 at the NAFEX window. According to a report from Reuters, the naira is expected to remain stable in the coming week as currency traders watch for policy details at CBN’s first MPC meeting in 2021. Forex Market Crypto Market Parallel Market … A dual exchange system can be used to lessen pressure on foreign reserves during an economic shock that results in capital flight by investors. This makes no change for USD rate … The ARS (Argentinian Nuevo Peso) is the national currency of Argentina. The low greenback liquidity at the official exchange window, where the central bank maintains a largely inflexible rate, has increased demand in the parallel market where the rate is … Black Market Exchange Rate of Dollar to Naira. The Naira depreciated on Tuesday at the parallel segment of the foreign exchange market against the U.S (United States.) The floating rate is often market-determined in parallel to the official exchange rate. refers to the financial rate in a dual system or to the black market rate in a black market system. A dollar drain is essentially a trade deficit. READ: Naira strengthens at NAFEX window despite 38% drop in dollar supply. READ: FIRS hits 98% of target as it collects N4.95 trillion for 2020 fiscal year, READ: Naira falls at black market despite over 100% improvement in dollar supply, READ: Naira falls at NAFEX window despite 56.6% improvement in dollar supply. The CBN has frowned at activities of some IMTOs and unlicensed companies who continue to facilitate diaspora remittances into the country in Naira. The apex bank in the circular said that the measures were intended to promote transparency, grow diaspora remittances and significantly improve foreign exchange inflows into Nigeria. After that collapse, the dollar exchange rate … If the parallel market is not a legal trading platform, the government should outlaw it immediately and save the naira and the economy from its disruptions and confusion. English > English; French; Spanish; Your daily Naira exchange rate. The rate had also closed at ₦630/₤1 on Thursday, January 21st 2021. The exchange rate at the parallel market closed at N475/$1 on the previous trading day of January 19, 2021. Please keep it up. NairaWatch can report that the exchange rate on Wednesday, January 20, also closed at ₦475/US$1 in the parallel … Proponents of such a policy believe that it helps the government by maintaining optimal production and distribution of exports, while keeping international investors from rapidly devaluing the currency in a panic. This disclosure was contained in a circular titled, ‘Modalities for Payout of Diaspora Remittances’, issued by the CBN on Friday, January 22, 2021, and signed by its Director Trade and Exchange Department, Dr O.S. The apex bank’s reaction follows the contravention of its earlier directive that all diaspora remittances must be paid to the beneficiaries in dollars. Where a. black market coexists with a dual system, one of the two … Activity: US Dollar closed at ₦470/US$1 in the parallel market, READ ALSO: The risk of buying Forex at black market rate of N460/$1. achieve unification of the official and the parallel exchange rates so as to integrate the parallel market into the formal economy.7 In view of the foreign, then, the principal objectives of this study are: • To identify the determinants of the spread between the parallel and the official exchange rates … I disagree with you last sentence, in that the market is more than parallel; it is typically illegal as well as parallel. 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. A fixed exchange rate is a regime where the official exchange rate is fixed to another country's currency or the price of gold. READ: Nigeria faces prolonged exchange rate crisis as oil prices remain stuck at $40, The exchange rate at NAFEX trades at N415/$1 during Intra-day trading NAFEX as forex turnover rises by 233% rise. It went further to say that it shall not hesitate to authorize the closure of the accounts of unlicensed operators in Nigerian banks, including being barred from accessing banking services in Nigeria. I first came across the term in the 1970s while living in a country with a government controlled foreign exchange rate, two rates … A floating exchange rate is a regime where a nation's currency is set by the forex market through supply and demand. Our prices are a guide and could be slightly different from the price you get when you eventually decide to buy or sell. This move was intended to make Argentine exports more competitive and provide a burst of much-needed growth. Natasha Chamba, Business Reporter . On January 20, 2021, the exchange rate between the naira and the dollar depreciated closing at N394.17/$1 at the NAFEX (I&E Window) where forex is traded officially. A dual or multiple foreign-exchange rate system is usually intended to be a short-term solution for a country to deal with an economic crisis. A fixed rate would be reserved for certain transactions such as imports, exports and current account transactions. Forex turnover also rose significantly by 233.6% as demand puts pressure on the foreign exchange market. These include exporters and importers who may not properly account for all of their transactions in order to maximize currency gains. See table below for parallel market exchange rate dating to 2019. READ: Continuous increase in inflation rate may weaken economy – CBN report. 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. Argentina adopted a dual exchange rate in 2001, following years of catastrophic economic troubles marked by recession and soaring unemployment. Forex turnover at the Investor and Exporters (I&E) window dropped by 13.9% on Thursday, January 21, 2021. The hope would be that such a system can also alleviate inflationary pressures and enable governments to control foreign currency transactions. The most trusted platform to get the live exchange rates. The US dollar closed at ₦470/US$1 in the parallel market. A dual exchange rate system is seen as a middle ground between a fixed rate and a market-driven devaluation. Adeyemi holds a PhD in Accounting Sciences. The exact rate at this present moment (because it is updated in realtime) is the one you have seen above. He has worked in the Educational Sector and as an Independent Consultant. Thanks for your effort at FX update. 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