These are the Black market exchange rates of the Dollar to Nigerian Naira in each working trading day for this month of June, 2017.
The dollar to naira parallel market rates stated below are updated on this page every working day from 1PM (GMT).
<Date: (Usd/Ngn) BUY / SELL
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. 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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