Dollar to Naira black market rate today Wednesday, 11th October 2017
Dollar to Naira black market rate today Wednesday, 11th October 2017is N360/N363. 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 N360/N363 at the start of the day, showing no changes for the Naira against the dollar. However, the Naira recorded mixed fortunes against other major currencies closing at N417/N427 and N468/N478 against the Euro and Pounds respectively from N414/N425 and N470/N480 from last 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.
CBN spokesman Isaac Okorafor said $100 million was offered through the wholesale segment.
Small and Medium Enterprises (SMEs) segment received $50 million. Tuition fees, medical payments and Basic Travel Allowance (BTA), among others, got $45 million.
Okorafor said the CBN was pleased with the state of the market, and assured that the bank would continue to intervene in order to sustain liquidity in the market and guarantee international value of the naira.
He said the apex bank remained determined to achieve its objective of rates convergence, “hence the unrelenting injection of intervention funds into the foreign exchange market’’.
NAN reports that Okorafor expressed optimism that the naira would sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market.
He advised stakeholders to abide by the guidelines to ensure transparency in the market.
THEWILL recalls that the CBN intervened in the various segments of the foreign exchange market with the injection of 396.8 million dollars while the naira continued to maintain its stability in the market, exchanging at an average of N364 to a dollar in the Bureau de Change segment 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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