The decision is yet to be known for the general public. - Obinyan drew the anger of Nigerians on Twitter with his controversial analysis on the fall of naira against the dollar - The media aide, in a tweet, said N500 can feed him in Nigeria but $1 cannot do anything in the US . Naira closed at N394.17, N0.82 or 0.21 per cent weaker than the rate at which it was exchanged at the previous session, which was N393.35. Actually my brother u re making a great point, if we have u all in this country things will be more better than this…… This is according to a company spokesman yesterday, who confirmed the company had lifted force majeure on Qua Iboe crude loadings. The depreciation […] The currency pair also posted a six-day rally. now crude oil us discovered it should be stronger than B4. This continues against the British … Before this, in the 70s to early 80s, the naira exchanged for something like 90 kobo to $1. It will generate speculative pressures on the currency. Depreciation is steadfast at the parallel market and the gap between naira’s value at the parallel and official market widens easily due to this imbalance. It will trigger inflationary pressures, increase production and operation costs for businesses and will weaken purchasing power and ultimately undermine the welfare of the citizens. The new system will come into effect on 20 June and is expected to lead to a significant devaluation of the naira. Learn how your comment data is processed. The appointment of four individuals as members of the audit committee. The crude, produced from fields 20-40 miles off the coast of southeast Nigeria, is brought to shore at the Qua Iboe terminal via a seabed pipeline system. By the time IBB left office in 1993, the naira was exchanging for 17 naira to $1. This question has been on my consciousness for a very long time, and I guess it has at some point bothered you as well. Commodity prices, similar to oil prices, often move in tandem with the Canadian dollar. A: Today's exchange rate (380.2095) is lower compared to yesterday's rate (387.5679). Dollar demand is easing Another reason the naira is appreciating is because the demand for dollar in the country is easing up. The Nigerian currency, Naira, has continued to appreciate against the dollar at the parallel market, the News Agency of Nigeria reports. The rates in the parallel market popularly known as black market or Aboki exchangers is quite different too, as indicated in the Canadian Dollar to Naira exchange rate in Black market. Forex turnover rose by 9.6%, as the Naira’s exchange rate at the NAFEX window appreciated against the dollar to close at N394/$1 during intra-day trading on Thursday, December 17. President Olusegun Obasanjo met N21.89/$1 CBN exchange rate, within a year, it jumped to N85.98/$1 and before he left office in … First, here’s the scoreboard as at 7.40am AEDT. 444. However, the exchange rate at the parallel market (black market) remained stable at N475/$1 as it was the previous day. Victoria Njimanze, an investment analyst at a leading investment bank explained in details why the dollar is having a stronghold on the naira, she said: “Currently, more than 60% of foreign bank reserves are denominated in U.S dollars. Maximum 380, minimum 368. Since last week, it has been N190 for the Dollar at the black market. (READ MORE: Naira hits N500 to $1 at the forward market). Some Muslim brothers and sisters are finding it difficult to complete the final stage of Pillars of Islam because of unfavorable dollar to Naira exchange rate in various Nigerian banks. Nigeria does not earn enough dollars to balance its demand on the currency. This alone shapes Nigerian exchange rate. Forex traders linked this to an improved dollar liquidity occasioned by the sustained sales of the greenback by the Central Bank of Nigeria. On January 12, 2021, a slump in the price of the Naira against the dollar occurred when the Naira depreciated to N394/$1 from N393.33 recorded the previous day. Your email address will not be published. Take a look at when 2pound was equal to 1naira that was without crude oil. Since Nigeria depends solely on the revenue generated from oil exportation, our economy is affected anytime there is fall in oil price in the world market. Other effects of a rising dollar and falling Naira is on Nigerian stock markets, SMEs collapsing on the long run etc. Naira Trades at N475 Against US Dollar. And I took a deep breath for a moment because this was not the first time this question has been asked but the problem has always … Can’t the naira just stay on its own and leave the dollar alone? Brother it as come to a point were Nigerians youths should stand up to raise their voices B4 Nigeria will fall deeply. The Nigerian Naira continues to fall against its global counterparts despite efforts to prop up the local currency value. They have to change lot of Naira to few Dollars to carter for the needs of their wards outside the country. The Naira depreciated against the dollar, closing at N478/$1 at the parallel market on Thursday. So, we prefer to keep a cautious stand on this front. Based on current and the near future’s micro and macro economic factors, I personally foresee an exchange rate of #575:$ in the near future. Nigerian government and the entire CBN is penny wise pound foolish. S&P Global Platts last assessed the grade at a discount to Dated Brent of 50 cents/b, down from a premium against the benchmark in December. As against the continuous fall of the naira against the dollar, the Nigerian currency rose against the greenback to close at N314.75 on Thursday. Older generations would be able to relate to the good times better when the Naira was as strong as the Dollar but for the newer generation seeking the history of the Naira against the dollar this article should help you with that. Illegal solid minerals transaction is also unmonitored.with customers from all-over the continent. PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed! Sell $1 = ₦500. now crude oil us discovered it should be stronger than B4. Other USD ($) to NGN (N) exchange rate influencing factors are Government policy, Nigerians obsession with foreign products, Inflation, Public debt and Current-Account deficits. To check this page for any changes in the dollar rate, save or bookmark the link below. The Naira staged a major comeback after President Buhari reiterated his stance against devaluation a week ago. It was keenly observed that despite this significant rise in the daily turnover at the investors’ window yesterday, the value of the Naira compared to the Dollar remained stable at N385.67/$1. The exports are not well recorded, Nigeria exports way more than oil. Presently Nigeria is having one of the lowest debts to GDP ratio in the world. This site uses Akismet to reduce spam. Another bad effect of the current weakening of Nigerian Naira is the increment in the expenses of Nigerian parents with kids abroad. Also, the Naira depreciated against the dollar, closing at N478/$1 at the parallel … December 6, 2015 This article is more than 2 years old. Victoria Njimanze, an investment analyst at a leading investment bank explained in details why the dollar is having a stronghold on the naira, she said: “Currently, more than 60% of foreign bank reserves are denominated in U.S dollars. Nigeria Now. It is no longer news that the plunging oil prices have increased pressure on the naira. The Nigerian economy requires more than crude oil to make the Náírà stronger. In very plain terms, here are just a few reasons why people prefer to save their Naira in Dollars or through any other currencies: The current economic team seems clueless; Naira Values has no hope of rising now, owing to the undiversified nature of the Nation’s economy. Forex turnover at the Investor and Exporters (I&E) window recorded a huge increase on Monday, June 29, 2020, as it rose by 242%, a significant increase from what was recorded on Friday, June 26, 2020, in the foreign exchange market. From our Obsession. Inflation may be the result. The Naira traded for N465 to the dollar at the parallel market in Lagos on Monday, August 31, 2020. From hideandskin,groundnuts,ginger,sameseed,cashue nuts, cotton etc.beans, maizes, local rice daily going out in millions of toans through various border openings,un accounted. The averaged exchange rate 375. In view of the above statement, I decided to go back to my elementary economics texts and was able to generates some of the following highlights 1. The re-appointment of Mr Ebi Enaholo and Mrs. Olufemi Owopetu as Directors of the company. The Central Bank of Nigeria (CBN) has announced the prohibition of all Nigerian exporters who are yet to repatriate their export proceeds, from banking services effective from January 31, 2021. Directors were authorized to fix the remuneration of the auditors. Yesterday (June 2), EUR/USD climbed 0.3% to 1.1172, the highest closing level since March 12. By. It is not about confidence in the Naira. I would be highlighting the reasons why it is so. The currency pair also posted a six-day rally. The truth is that if we have to criticise Emefiele, we have to criticise Soludo and Sanusi for continuously auctioning the dollar against the naira. Nothing so surprising. As i said earlier in this article, Petroleum takes more than 3/4 of our exporting products, leaving just about 20% for agricultural products, chemicals etc. Although Naira is relatively stable, it is weak and soft when you compare it to other major currencies like dollar and euro. The company has been under pressure since the closure and prices have taken a hit as a result of the disruption. Prices for Nigerian crude have suffered in recent weeks, even with lower supply due to the outage. By Abankula. It spent about $28.7 billion on invincibles (spend on services such as professional fees, financial services, business travel, medical tourism, etc.). The Naira has fared far worse in recent times and exchanged for N480 to the dollar penultimate week. Qua Iboe is one of Nigeria’s largest export grades, and is very popular among global refiners, with India, the US, Canada, Italy, Spain, Indonesia, and the Netherlands being key buyers. The Naira on Yhursday depreciated marginally against the dollar at the parallel market, exchanging at N365.5 to the dollar. 36-year-old World's Most Fertile Mother Who Gave Birth To 44 Children Has Finally Been Stopped From Having More Kids. “The sad part is that we are not seeing enough inflows via the financial accounts that can help bridge the gap in the current account of the balance of payment.”, (READ MORE: Naira crashes to N450 to $1 at parallel market amid fx scarcity). To checkmate this, the CBN has devalued the currency a number of times, only for the same thing to … dollar rose against a basket of major currencies amid the sharp drop in oil prices, as investors move to haven assets. We look at three important factors that affect U.S. dollar value, and how to determine when it's the right time to buy currency. Our borders and internal markets are not taken into consideration by the so called exchange watchers and commodity transaction monitors.”if we have them.” Share on Facebook. The Pound to Naira exchange rate today is … USD and forex general characteristics we’re the gaint of Africa best on what now we are falling & government as no prove of what is going on. Same reason why beautiful, educated women are expensive to keep, scarcity. The dollar has continued its rise against the naira. Though the disparity between the official rate and parallel market rates has narrowed to about 10%, the naira is still experiencing pressure from the strong dollar. The CBN will from January 31, 2021 bar all exporters with unrepatriated export proceeds from accessing banking services. Thereby making billions overnight. current dollar to naira exchange rate today, Canadian Dollar to Naira exchange rate in Black market, The Fed Can And Should Support State Government Efforts To Respond To COVID-19 Right Now, Automated Rebalancing Workflows that Work For You. Find Below Naira to Dollar Exchange Rate History. You can check the CBN exchange rates in Nigeria today as it stands at the moment. Labour Must Listen. Directors were authorized to appoint external auditors to replace retiring auditors of the company. Qua Iboe is light sweet crude, which has a gravity of 36 API and sulfur content of 0.13%. Naira appreciated by N1.00 to close at N386.00 per dollar according to the data from FMDQ. See five reasons behind that trend. we’re the gaint of Africa best on what now we are falling & government as no prove of what is going on. Your current browser configuration is not compatible with this site. This illustrates how Nigeria imports everything, since Nigeria produces less locally, thereby increasing demand for the dollar needlessly; importers need American dollars to pay for goods bought abroad, causing depreciation of Nigeria’s local currency. Because it is considered a haven during times of global economic uncertainty, the demand for dollars can often persist despite fluctuations in the performance of the U.S. economy, hence we see investors take shelter in the U.S. currency, given the current blow dealt on world economies by the COVID-19 pandemic.”, (READ MORE: Naira depreciates further against dollar, pounds sterling over liquidity crisis), She emphasized on how investors are trooping into the US dollar saying. On Monday the value of the Nigerian Naira strengthened against the U.S dollar at the Investors & Exporters Window (I & E Window). 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