How Much is Dollars to Naira in Black Market, 2018 Archive

These are the current exchange rates of the United States of American Dollars to the Nigerian Naira === See the exchange rates charts below.

———-
Date: Buying / Selling
———-
June 29, 2018 (Fri) : 358../..361
June 28, 2018 Thur) : 358../..361
June 27, 2018 (Wed) : 358../..362
June 26, 2018 (Tue) : 358../..362
June 25, 2018 (Mon) : 358../..362
:
June 22, 2018 (Fri) : 358../..362
June 21, 2018 Thur) : 358../..362
June 20, 2018 (Wed) : 358../..362
June 19, 2018 (Tue) : 359../..363
June 18, 2018 (Mon) : 358../..362
:
June 15, 2018 (Fri) : 358../..362
June 14, 2018 Thur) : 358../..362
June 13, 2018 (Wed) : 358../..362
June 12, 2018 (Tue) : 358../..363
June 11, 2018 (Mon) : 359../..363
:
June 8th, 2018 (Fri): 358../..362
June 7th, 2018 Thur): 358../..362
June 6th, 2018 (Wed): 359../..362
June 5th, 2018 (Tue): 359../..363
June 4th, 2018 (Mon): 361../..364
:
June 1st, 2018: 361../..364

Market rates in black market for May, 2018:

May 31, 2018: 360…/…364
May 30, 2018: 363…/…367
May 29, 2018: 363…/…366
May 28, 2018: 365…/…368
:
May 25, 2018: 364…/…367
May 24, 2018: 363…/…367
May 23, 2018: 362…/….366
May 22, 2018: 362…/…365
May 21, 2018: 362…/…365
:
May 18, 2018: 361…/…364
May 17, 2018: 361…/…364
May 16, 2018: 361…/….364
May 15, 2018: 361…/…364
May 14, 2018: 360…/…363
:
May 12, 2018: 360…/…363
May 11, 2018: 360…/…363
May 10, 2018: 360…/….363
May 09, 2018: 360…/….363
May 08, 2018: 360…/…363
May 07, 2018: 360…/…363
:
May 04, 2018: 360…/……363
May 03, 2018: 360…/…….363
May 02, 2018: 360…/…..363
May 01, 2018: 360…/…….363

—————-
Black market exchange rates of Dollar to Naira for April, 2018
:
30/04/2018: 360/ 363
27/04/2018: 360/ 363
26/04/2028: 360/ 363
25/04/2018: 360/ 363
24/04/2018: 360/ 363
23/04/2018: 360/ 363

20/04/2018: 360/ 363
19/04/2018: 360/ 363
18/04/2018: 360/ 363
17/04/2018: 360/ 363
16/04/2018: 360/ 363

13/04/2018: 360/ 363
12/04/2018: 360/ 363
11/04/2018: 360/ 363
10/04/2018: 360/ 363
09/04/2018: 360/ 363

06/04/2018: 360/ 363
05/04/2018: 360/ 363
04/04/2018: 360/ 363
03/04/2018: 360/ 363
02/04/2018: 360/ 363

————————
Black market rates for March, 2018

29/03/2018: 360/ 363
28/03/2018: 360/ 363
27/03/2018: 360/ 363
26/03/2018: 360/ 363

23/03/2018: 360/ 363
22/03/2018: 360/ 363
21/03/2018: 360/ 363
20/03/2018: 360/ 363
19/03/2018: 360/ 363

16/03/2018: 360/ 363
15/03/2018: 360/ 363
14/03/2018: 360/ 363
13/03/2018: 360/ 363
12/03/2018: 358/ 360

09/03/2018: 358/ 360
08/03/2018: 358/ 360
07/03/2018: 358/ 360
06/03/2018: 358/ 360
05/03/2018: 357/ 360
02/03/2018: 357/ 362
01/03/2018: 357/ 362

Black market rates for 2017

15/06/2017: 360/ 365
14/06/2017: 360/ 365
13/06/2017: 360/ 365
12/06/2017: 360/ 365
09/06/2017: 360/ 365
08/06/2017: 360/ 365
07/06/2017: 360/ 367
06/06/2017: 362/ 367
05/06/2017: 362/ 367
02/06/2017: 360/ 365
01/06/2017: 370/ 376

31/05/2017: 375/ 380
30/05/2017: 375/ 380
26/05/2017: 375/ 380
25/05/2017: 375/ 380
24/05/2017: 372/ 379
23/05/2017: 372/ 378
22/05/2017: 370/ 375

The Nigerian naira is the currency of Nigeria.

The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federation.

In 1973, the naira was replaced by the pound at a rate of 2 naira = 1 pound.

The CBN conducts bi-weekly forex sale to BDCs.

In the month of May, 2018, the Senate of the Federal Republic of Nigeria passed the new Companies and Allied Matters Act (CAMA) bill into law after going through the third reading on the floor of the upper chamber of the national assembly.

It is said to be one of the biggest business reform bills passed in Nigeria in over 28 years.

The benefits/direct effects of the bill on small businesses are highlighted below;

1. It will make Nigeria’s business environment as competitive as its counterparts around the world.

2. With CAMA, any individual can start and run a company totally resolving business registration bottlenecks. A lot of businesses have been forced into unnecessary partnerships because prior to the passage of this bill, to legally own a business in Nigeria, you needed to provide at least two or more people as co-owners of the business.

3. It promotes the use of technology in the registration of businesses in a faster and more efficient way.

4. CAMA removes all the unnecessary regulatory provisions for small companies such as the requirement for ‘annual general meetings’ and ‘company secretaries.’ This would make business ownership and registration less stressful, as the bill provides an environment for small business to start and grow.

5. The bill creates the ‘LLP’ (Limited Liability Partnership) which is a new form of legal identity for businesses in Nigeria that is targeted at increasing foreign investments in the country.

6. It reduces the minimum share capital for companies and start-up in Nigeria. Evidently, this will encourage more investments and create new jobs.

7. It ensures that Nigerians can now register their businesses from anywhere in the country through the e-registration system that the senate’s amendment gives legal backing. With the bill, people can register their small businesses from the comfort of their homes without having to go through all the previous rigorous processes.

In summary, this new development is expected to impact on the growth of the economy through;

1. Provision of more employment opportunities.

2. Increased revenue for the government.

3. Boost investors’ confidence in online business transactions.

4. Improve the current position of the country on the ease of doing World Bank rankings.

On April 13, 2017 the CBN increased dollar sale per session to $20,000 for each BDC, making it $40,000 per BDC per week.

Economic and currency experts have expressed divergent views over the outlook of the naira this year.

While some said the naira would experience further decline at the parallel market this year,

others said the volatility noticed in the exchange rate last year would not continue this year.

A currency analyst at Ecobank Nigeria,

Mr. Kunle Ezun, said the naira would continue to depreciate at the parallel market

while the CBN would keep managing the official rate around 305/dollar.

According to Mr. Bismarck Rewane,

one dollar to the naira would depreciate to N520/$ at the parallel market this year.

An economic expert, Henry Boyo, equally predicted that 1 dollar to the naira will hit 1000/dollar on the parallel market this year if the Central Bank of Nigeria fails to review its monetary policy framework.

Mr Wale Olusi says:

“If the CBN continues with its exchange rate policy thrust and the Presidency keeps fighting devaluation, the naira [to dollar exchange rate in the black market will decline] further above 500 to something near 520 this year.”

Meanwhile, the Central Bank of Nigeria (CBN) on Sunday April 2nd, 2017 reiterated its determination to sustain the provision of foreign exchange (forex) with a view to ensuring liquidity in the market

and enhance accessibility and affordability for genuine end users.

The Central Bank of Nigeria, CBN, on Monday, April 3rd, 2017 injected $90 million to meet requests by bank customers,

in its bid to sustain the supply of foreign exchange and ensure liquidity in the market.

The spokesperson of the bank, Isaac Okorafor, who confirmed the figure, said:

the fresh release is to meet invisibles such as basic and personal transport allowances, medical bills and school fees.

Invisibles are those items in the export trade that are untouchable,

like movement of money and family, including BTAs, medical bills, plant and machinery as well as finished products.



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One Response

  1. John Paul May 23, 2018