Morning Update: Dollar rate in Nigeria black market today (Feb 27, 2017)

This is the opening morning trading rate of the US dollar versus the Nigerian Naira in the Lagos Black Market today, Monday, 27th of February 2017.

US dollar Exchange Rate to Nigeria Naira Exchange Rate in black market: 425/ 445

Financial analysts are optimistic that the new foreign exchange policy of the Central Bank of Nigeria (CBN) would further increase the confidence in the Nigerian forex market even as the value of the naira further strengthened at the parallel market.

The naira has been gaining against the dollar following the introduction of CBN’s new policy.

The CBN promised to sell $1m weekly to each of the 21 commercial banks in the country.

Reacting, financial experts say the currency will continue appreciating if the status quo is maintained.

“There is always a restriction point beyond which the exchange cannot cross except there is a huge forex inflow to breach that ceiling,” a currency analyst at Ecobank Nigeria, Mr. Kunle Ezun, said.

“The naira will gain further but it won’t be like last week’s own.”

The Managing Director, Financial Derivatives Company Limited, Mr. Bismarck Rewane, praised CBN for the move and wondered why it took the apex bank so long to follow the course of action.

“With less than $600m supply into the spot market, the naira has gained 13 per cent of its value to N460/$ on Friday. Can you imagine what would have happened if the spot market was adequately funded in a transparent manner for nine months ago, rather than the opaque forward transactions.

“We expect the CBN to commit itself to a regular and predictable supply of dollars to the forex spot market in March. There will be a rapid convergence of rates and a gradual end to multiple exchange rates and forex abuse.”

The Managing Director of Cowry Asset Management Limited, Mr. Johnson Chukwu, also believe the naira will rise further this week.

Visit current exchange rate of dollar to naira in black market to get the latest and current exchange rates of the dollar to naira in the Nigeria black market.

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