Dollar to Naira black market rate today Thursday, 1st June 2017

Dollar to Naira black market rate today Thursday, 1st June 2017

www.wetinberate.com Dollar to Naira black market rate today Thursday, 1st June 2017, Forex rate for the day

Dollar to Naira black market rate today Thursday, 1st June 2017, Forex rate for the day

Dollar to Naira black market rate today Thursday, 1st June 2017 is N368/N375.  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 N376/N383 at the start of the day, indicating a gain for the Naira against the dollar having gained 8 pointss. Also, the Naira gained against other major currencies closing at N412/N423 and N480/N490 against the Euro and Pounds respectively from N412/N423  and N480/N491 from yesterday.

www.wetinberate.com Dollar to Naira black market rate today Thursday, 1st June 2017

Dollar to Naira black market rate today Thursday, 1st June 2017

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 on Thursday, 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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