Dollar to Naira black market rate today Wednesday, 5th July 2017
Dollar to Naira black market rate today Wednesday, 5th July 2017 is N362/N366. 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 N364/N367 at the start of the day, indicating a minor gain for the Naira against the dollar. However, the Naira remained firm against other major currencies closing at N402/N412 and N459/N467 against the Euro and Pounds respectively from N402/N412 and N459/N467 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 of Nigeria (CBN), in continuation of its drive to ensure liquidity and stability in the foreign exchange market, has further injected $195 million into various segments of the inter-bank forex market.
A breakdown of figures released by the CBN on Monday, July 3, 2017, showed that the sum of $100 million was offered to authorized dealers in the wholesale window, and the Small and Medium Enterprises (SMEs) window was allocated the sum of $50 million. Those seeking forex for the purpose of BTA/PTA, tuition and medical bills, among other invisibles, received the sum of $45 million.
The Acting Director, Corporate Communications at the CBN, Isaac Okoroafor, who confirmed the figures, said the apex bank’s continued intervention was aimed at strengthening the international value of the Naira, while ensuring accessibility to the greenback by customers who required it for genuine purposes.
It will be recalled that the CBN in the last round of forex intervention in the inter-bank market on June 28, 2017, injected a total sum of $195 million to the wholesale, SMEs and invisibles segments of the 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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