Dollar to Naira black market rate today Tuesday, 4th July 2017
Dollar to Naira black market rate today Tuesday, 4th July 2017 is N364/N367. 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 N362/N365 at the start of the day, indicating a minor loss for the Naira against the dollar. Also, the Naira recorded losses against other major currencies closing at N402/N412 and N459/N467 against the Euro and Pounds respectively from N400/N410 and N457/N465 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.
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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