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Again, Naira Loses Value Against Dollar

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Again, Naira Loses Value Against Dollar

Nigeria’s currency, the Naira, lost more value against the United States (US) Dollar at the parallel market yesterday.

World Wide Gist understands that on Thursday, January 4, the Naira plummeted to N1,240 per US Dollar from N1,235 per dollar it exchanged for the previous day.

However, the Naira was said to have appreciated to N895.23 against the US Dollar in the Nigerian Foreign Exchange Market (NAFEM), thus widening the gap between the official and parallel market exchange rates to N344.77 per dollar yesterday from N199.88 per dollar on Wednesday.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N895.23 per dollar from N1,035.12 per dollar on Wednesday, indicating N139.77 appreciation for the Naira.

It Is Impossible For Fuel Price To Sell At N1,200 Per Litre – Rewane

Meanwhile, a prominent economist and Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, has argued that it is impossible for fuel to sell at N1,200.

In an interview with Channels Television, Rewane argued that fixing the pump price of fuel will bring the nation’s economy to its knees.

World Wide Gist reports Rewane went on to say that an N1,200 increase in the price of fuel at the pump would make it more expensive in Nigeria than it is in other countries and encourage stakeholders to begin smuggling fuel into the nation.

“That is not possible because at N1,200 per litre, petrol price in Nigeria will be more expensive than all the neighbouring countries and in that case, there will be smuggling of petrol into Nigeria rather than out of Nigeria.

“What I think I understand is that petrol could range from N600 to as high as N1,200 depending on what goes into the template, there is a misunderstanding of concepts here, so i will ignore that. At N1,200 per litre, the distortionary effect to the allocation of resources and prices and the knock-on effect on other prices will be so significant that it will bring the economy to its knees, so I do not think it is realistic to even consider that at this point in time,” Rewane said.

World Wide Gist understands that Rewane’s comments came a day after certain news articles disclosed the possibility of a fuel price hike to N1,200.

The Nigerian National Petroleum Company Limited (NNPCL) promptly dismissed these reports, affirming that there were no plans to increase fuel prices.

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Naira drops to N1,089 against US dollar at official forex market

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Naira drops to N1,089 against US dollar at official forex market

The Naira on Tuesday depreciated to N1,089.51 against the US dollar at the official foreign exchange market.

Data from FMDQ showed that the Naira dropped to N1,089.51 per US dollar compared to N856.57, which was quoted at the end of business on Monday.

The figure represents N220.38 depreciation in the local currency compared to the N856.57 per dollar on Monday.

The development comes after the country’s currency dropped after three days of successive gains in the new year.

Similarly, the Naira dropped to N1,245 per US dollar from N1,240, which it traded on Monday at the parallel market.

The depreciation comes despite the Nigerian federal government receiving a $2.25 billion foreign exchange support loan from the African Import-Export Bank over a week ago.

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Nigeria’s economy to grow at 3.3 per cent in 2024 – World Bank

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Nigeria’s economy to grow at 3.3 per cent in 2024 – World Bank

The Washington-based World Bank has projected Nigeria’s economy to grow 3.3 per cent this year.

The leading development bank disclosed this in its recent Global Economic Prospect (GEP).

Accordingly, the latest growth projection for Africa’s largest economy, Nigeria, is about 0.4 percentage points higher than the 2.9 per cent it is expected to have closed last year.

Meanwhile, the projection is slightly behind that of sub-Saharan Africa (SSA), which is to expand by 3.8 per cent, but far modestly above the estimated global average of 2.3 per cent.

The latest projections for 2024 and 2025 are way above June forecasts, which were three and 3.1 per cent, respectively, re-validating the global bank’s rising confidence in the prospect of the economy since downstream oil and foreign exchange reforms that started the mid-last year.

According to the report, Nigeria’s inflation will “gradually ease as the effects of last year’s exchange rate reforms and removal of fuel subsidies fade”, with the structural reforms expected to boost fiscal revenue.

“Growth in SSA is expected to accelerate to 3.8 per cent in 2024 and further to 4.1 per cent in 2025 as inflationary pressures fade and financial conditions ease.

“The projections for regional growth in 2024 and 2025 have changed little from June forecasts, but these aggregates mask a mix of upgrades and downgrades at the country level.

“While growth in the largest economies in SSA is expected to lag the rest of the region, non-resource-rich economies are forecasted to maintain a growth rate above the regional average.

“Excluding the three largest SSA economies, growth in the region is expected to accelerate from 3.9 per cent in 2023 to 5 per cent in 2024 and a further 5.3 per cent in 2025,” the report said about Africa.

WORLD WIDE GIST reports that on the first day of this year, President Bola Ahmed Tinubu signed the N28.7 trillion 2024 appropriation bill into law with a 3.76 per cent projected economic growth rate.

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Black Market Dollar To Naira Exchange Rate Today 6th January 2024

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Black Market Dollar To Naira Exchange Rate Today 6th January 2024

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

See the black market Dollar to Naira exchange rate for 5th January, below. You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1235 and sell at N1245 on Friday 5th January 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1235
Selling Rate N1245

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate 913
Selling Rate 914

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Again, Naira Loses Value Against Dollar

Nigeria’s currency, the Naira, lost more value against the United States (US) Dollar at the parallel market yesterday.

World Wide Gist understands that on Thursday, January 4, the Naira plummeted to N1,240 per US Dollar from N1,235 per dollar it exchanged for the previous day.

However, the Naira was said to have appreciated to N895.23 against the US Dollar in the Nigerian Foreign Exchange Market (NAFEM), thus widening the gap between the official and parallel market exchange rates to N344.77 per dollar yesterday from N199.88 per dollar on Wednesday.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N895.23 per dollar from N1,035.12 per dollar on Wednesday, indicating N139.77 appreciation for the Naira.

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