Dollar to Naira black market rate today Thursday, 29th June 2017
Dollar to Naira black market rate today Thursday, 29th June 2017 is N364/N368. The Exchange rate of dollar to naira has seen the NGN Naira have mixed fortunes against the USD Dollars during the course of the year. Earlier in the year 1 usd to 1 ngn black market rate was as high as N500/N525. However, the naira exchange rate to major world currencies in the parallel market took an upward turn after the apex bank implemented it’s policies in a bid to save the naira. 1 USD to 1 NGN black market rate stood at N365/N370 at the start of the day, indicating a minor gain for the Naira against the dollar. However, the Naira had mixed fortunes against other major currencies closing at N402/N410 and N458/N466 against the Euro and Pounds respectively from N402/N410 and N457/N466 from yesterday.
The Nigerian naira is seen trading within a range on both the black market and official interbank window as the central bank continue to inject more dollars to boost liquidity in the foreign exchange market.
The central bank has consistently intervened in the foreign exchange market since February and has sold more than $4 billion to various sectors of the economy, this has improved liquidity and helped to ease pressure on the naira.
The naira was quoted at 379.07 per dollar at the investor window, according to the market regulator FMDQ OTC Securities Exchange, while it traded flat at 380 to the dollar on the black market.
Commercial lenders were yet to put up a quote on the official interbank market, but the naira closed at 305.90 a dollar on Wednesday on the market.
CBN Targets convergence for the Naira
The Central Bank of Nigeria (CBN) had disclosed that it was determined to bring down the black market exchange rate of the Naira to Dollar to the official rate of N305. This information was revealed by the Acting Director of Corporate Communications Department of the CBN, Mr Isaac Okorafor. Mr Okorafor, while speaking on a radio programme assured Nigerians that the present success of the Naira at the parallel foreign exchange market would be sustained.
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