Dollar to Naira black market rate today Wednesday, 13th June 2018
Naira gains against dollars, others
Dollar to Naira black market rate today Wednesday, 13th June 2018 is N360/N362. The Exchange rate of dollar to naira has seen the NGN Naira have mixed fortunes against the USD Dollars during the course of last year. At a point last 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 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 had mixed fortunes against other major currencies, closing at N416/N426 and N480/N488 against the Euro and Pounds respectively from N418/N426 and N480/N490 from yesterday.
Wetinberate.com Dollar to Naira black market rate today Wednesday, 13th June 2018
The Central Bank of Nigeria (CBN) has injected a total of $18.067 billion into the interbank segment of the foreign exchange (FX) market since it started its forays into the market in February last year, figures compiled by THISDAY have shown.
According to the weekly FX sales by the central bank between February 21, 2017, and March 23, 2018, compiled by THISDAY, the CBN sold the greenback to authorised dealers in a total of 76 sessions.
A breakdown of the dollar sales showed in 2017 alone, the bank intervened with a total of $15.043 billion.
Also, between January 12 and March 23, 2018, it has offered a total of $3.024 billion through wholesale forwards and retail Secondary Market Intervention Sales (SMIS).
Market analysts stated that the interventions by the central bank have helped in eliminating the pressure on the FX market, ensured exchange rate stability and eliminated currency speculators.
The naira exchange rate has remained stable since last year when the central bank commenced the FX sales.
In April 2017, the CBN introduced a new exchange rate window, the Nigerian Autonomous Foreign Exchange Fixing Mechanism (NAFEX), commonly known as the Investors’ and Exporters’ (I &E) window.
The I & E window and the interbank market have been seen as the main exchange rate windows utilised in foreign currency trading.
The interbank market window trades at around N326-N345 to $1 while the I & E window trades around N360/$1.
The aggressive interventions, notwithstanding, Nigeria’s external reserves recently hit a five-year high of $46 billion, representing an increase of 18 percent or $7 billion over the country’s reserves figure of $38.912 billion as of January 2, 2018.
It has also significantly surpassed the $40 billion target for 2018 announced by the CBN Governor, Mr. Godwin Emefiele, last November, and is expected to inch up to $50 billion in the next few months.
CBN spokesman, Isaac Okorafor recently pointed out that the interventions in the FX window helped to moderate the pressure on the forex reserves by sustaining liquidity in the market and boosting production and trade.
Okorafor also noted that the CBN policy restricting access to FX from Nigeria’s foreign exchange market to importers of some 41 items had made a huge impact on the status of Nigeria’s reserves and boosted the supply of local substitutes for imported goods, created jobs at home, and enhanced the incomes of farmers and local manufacturers.
Meanwhile, as part of efforts to encourage start-ups that are financial technology (fintech) companies, the CBN at the weekend disclosed plans to develop a regulatory framework for operators in the sub-sector.