The exchange rate for the Nigerian Naira was last updated on January 20, … The United States Dollar is also known as the American Dollar, and the US Dollar. Nigeria’s central bank will probably devalue the naira by as much as 10% this year amid a lingering dollar shortage in Africa’s top oil producer, according to a … This is as dollar supply dropped by 26.2% as demand piles more pressure on the foreign exchange market and external reserve which has lost about $323 million in 11 days,… This is as OPEC and its allies pledged to continue to cut down on global crude oil inventories and crude stockpiles in the United States fell to their lowest levels since March last year. Convert Nigerian Naira To United States Dollar . Convert currency 10 USD to NGN. Try more amounts. The exchange rate between the naira and the dollar depreciated closing at N395.50/$1 at the NAFEX on February 3. [citation needed] It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 24th-largest in terms of purchasing power parity.Nigeria has the largest … ₦2000000 Nigerian naira to Ghana Cedi ₵ conversion online. The external reserves have increased by $1.135 billion since December 31, 2020, when it closed the year at $35.3 billion. The N395 to a dollar was the highest rate during intra-day trading before it closed at N394.50 to a dollar. Includes a live currency converter, handy conversion table, last 7 days exchange rate history and some live Dollars to Nigerian Naira charts. The N399.50 to a dollar was the highest rate during intra-day trading before it closed at N397.63 to a dollar. E … The higher oil prices and steady production output have positively impacted Nigeria’s external reserves, rising sharply to $36.395 million according to central bank data dated January 27, 2021. He now enters into an NDF contract that allows him to convert the naira into dollar at an exchange rate of N452.82 when the time arises. The exchange rate at the parallel market closed at N480/$1 on the previous trading day of February 2, 2021. Did the CBN just signal another devaluation is looming? On February 3, 2021, the exchange rate between the naira and the dollar depreciated closing at N395.50/$1 at the NAFEX (I&E Window) where forex is traded officially. The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Monday, closing at N394.50/$1. This represents a 33 kobo drop when compared to the N394.17/$1 that it closed on the previous trading day. Forex turnover at the Investor and Exporters (I&E) window dropped by 10.2% on Monday, January 25, 2021. Instead, it has introduced several foreign exchange policies aimed at curtailing excess demand for forex and improving liquidity. Historical Exchange Rates For Nigerian Naira to United States Dollar 0.002510 0.002538 0.002566 0.002594 0.002622 0.002650 Oct 07 Oct 21 Nov 05 Nov 20 Dec 05 Dec 20 Jan 04 Jan 19 120-day exchange rate history for NGN to USD Quick Conversions from Nigerian Naira to United States Dollar : 1 NGN = 0.00262 USD Chike is a senior member of the Nairametrics Editorial Team. The Naira closed at N389.50 to the dollar at the investor’s window, down by 1.50 points from N388 it traded on Thursday. Online interactive currency converter & calculator ensures provding actual conversion information of world currencies according to “Open Exchange Rates” and provides the information in its best way. The exchange rate disparity between the parallel market and the official market is about N82.50, representing a 20.9% devaluation differential. The central bank has resisted the need to devalue the currency closer to the parallel market, citing the latter as a relatively smaller market that cannot be used to determine the true value of the naira relative to the dollar. However, this is a huge improvement on the $35.373 billion that it was as of December 31, 2020.c. A country where the cost of travelling for treatment abroad by officials will build world class hospitals should not talk about naira against dollar parity. Convert Nigerian Nairas to Canadian Dollars with a conversion calculator, or Nairas to Canadian Dollars conversion tables. READ: Naira gains at black market as external reserves improves on higher oil prices, READ: Dangote $2.5 billion fertilizer plant to commence operations in Q1 2021. If the exchange rate devalues beyond N452.82 to, say N460/$1, the CBN pays the foreign investor the difference of N7.18 multiplied by the $1 million. Brent crude oil price hit about $59.23, highest in more than a year, on Thursday morning, as it approaches the $60-dollar mark. It also sold for as low as N390/$1 during intra-day trading. The exchange rate disparity between the parallel market and the official market is about N84.5, representing a 21.4% devaluation differential. Coordinator, has disclosed that the commission has registered more than 2.3 million … This represents a 13 kobo drop when compared to N395.25 to a dollar that was recorded the previous trading day on Wednesday, February 3, 2021. Nigeria has a production capacity of 2.5 million barrels per day but is subject to OPEC’s crude oil production cuts, which are expected to help sustain higher oil prices. The external reserve has risen to $36.508 billion as of January 21, 2021. Money taken to that trip is part of stress on forex. This is as dollar supply dropped by 26.2% as demand piles more pressure on the foreign exchange market and external reserve which has lost about $323 million in 11 days, according to data from CBN. READ: Nigeria’s oil Minister, Timipre Sylva, appointed Special Envoy by OPEC’s JMMC, READ: Nigeria’s forex devaluation timeline – 2020. The threat by the CBN to bar exporters who do not repatriate their dollars by January 31, from receiving banking services has failed to stop the weakening of the naira, according to Bloomberg. This represents a N2.13 drop when compared to the N395.50/$1 that it closed on the previous trading day. On February 4, 2021, the exchange rate between the naira and the dollar depreciated substantially closing at N397.63/$1 at the NAFEX (I&E Window) where forex is traded officially. Currency conversion rates from U.S. Dollar to Nigerian Naira today Wed, 20 Jan 2021: convert from USD to NGN and also convert in a reverse direction. READ: Naira falls to N480/$1 at black market as CBN recognizes forex pressures is weakening the economy. The CBN may have also confirmed the forex pressures businesses are facing in its monetary policy communique of January 26, 2020, when it cited it as a reason for the weak purchasing managers index. The exchange rate is still being affected by low oil prices, dollar scarcity, a backlog of forex demand, and a shaky economy that has been hit by the coronavirus pandemic. Naira put up a poor performance against the dollar at the Investors and Exporters (I&E) window on Wednesday as trading closed at N394.17k per dollar. Here are tips for handling the windfall. Historical Exchange Rates For United States Dollar to Nigerian Naira 377 382 386 390 394 398 Oct 07 Oct 22 Nov 06 Nov 21 Dec 06 Dec 21 Jan 05 Jan 20 120-day exchange rate history for USD to NGN Quick Conversions from United States Dollar to Nigerian Naira : 1 USD = 394.80628 NGN. So far, it has resisted a weakening. USD NGN $, US$ 1: ₦ 394.81 $, US$ 5: ₦ 1,974.03 Forex turnover, however, dropped further by about 10.2% as pressure on the foreign exchange market continues. This is as dollar supply dropped by 9.3% as demand piles more pressure on the foreign exchange market. The rise in oil prices is also aided by expectations that production curbs by OPEC+ would tighten the market in the first quarter. Convert Nigerian Nairas to American Dollars with a conversion calculator, or Nairas to Dollars conversion tables. Here you are getting today's value of one million US Dollar to Nigerian naira . Convert 1 Nigerian Naira to Canadian Dollar. The weakening of the local currency can be attributed to demand pressure in the foreign exchange market as increased business activities put pressure on the greenback. This will also help to create more stability and transparency in the forex market. Brent crude oil price is at about $55.60 per barrel as of Tuesday morning, as it moves towards the $60 mark, a strong sign that global demand could sustain price increases in 2021. Here you are getting today's value of one million US Dollar to Nigerian naira . This protects the foreign investor against any future risk more than the N452.82 that he would have planned for. Also, view Naira to Dollar currency charts. Also, the exchange rate at the black market where forex is traded unofficially maintained its stability at N480/$1. READ: NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel, READ: Nigeria’s external reserves up by 7% in 21 days, currency speculators to lose over N10 billion. Convert To Result Explain 1 USD: NGN: 396.97 NGN: 1 US Dollar = 396.97 Nigerian Nairas as of 2/1/2021 The opening indicative rate was N393.30 to a dollar on Monday, this represents a 15 kobo drop when compared with the N393.15 to a dollar that was recorded on Friday, January 22, 2021. The exchange rate between the dollar and naira at the end of the year 2020 was N410.25, a signal that the central bank was open to a weakened currency in 2021. googletag.pubads().definePassback('/42150330/nairametrics/Nairametrics_incontent_new', [300, 250]).set("page_url", "%%PATTERN:url%%").setClickUrl("%%CLICK_URL_UNESC%%").display(); Presco Plc released its 2020 FY results […]. The exchange rate at the parallel market closed at N480/$1 on the previous trading day of February 3, 2021. This is as dollar supply dropped by 9.3% as demand piles more pressure on the foreign exchange market. We can't send money between these currencies. Using the example of a one-year NDF, a foreign investor brings in $1 million dollars into Nigeria and hopes to repatriate it one year from now. Exporters are also mandated to inflow their proceeds to the I&E window or get kicked out of the banking sector. On his part, the President, Chartered Insurance Institute of Nigeria, Muftau Oyegunle, expressed doubt that the rising inflation in the country could be addressed due to the various crises ravaging the North, thereby affecting food supply. 4 Million NGN to USD; 5 Million NGN to USD; 6 Million NGN to USD … Sign up to get notified, and we’ll let you know as soon as we can. US Dollar is being traded at ₦480 in Black Market (Lagos) today, February 04, 2021.US Dollar started this week at ₦480 in Black Market on Monday, February 01, 2021. Get the scoops and market intelligence that can helpyou make better investment decisions right in yourmailbox. READ: CBN gives up on its policy of attracting dollars. How the NDF works – The CBN enters into contracts with foreign investors who inflow foreign exchange into the country to hedge against devaluation risks. Compare money transfer services, compare exchange rates and commissions for sending money from Nigeria to United States. Analysts who spoke to Nairametrics are of the opinion that the fact that the CBN is willing to settle NDF contracts due at the end of the month for N412.14 suggest the current CBN official exchange rate of N379/$1 could also be devalued soon, while the exchange rate at the I&E window could also weaken to N415/$1. Economic Calendar. It also sold for as low as N390/$1 during intra-day trading. Nigeria needs oil prices to stay above $50 to balance its budget and improve on its 2021 revenue projection of N6.6 trillion for the year. The exchange rate at the parallel market closed at N477/$1 on the previous trading day of January 22, 2021. A year ago, on that day, the currency rate US Dollar to Nigerian Naira was: ₦363.704. Nairametrics had earlier reported that the government may have taken receipt of the $1-1.5 billion World Bank loan. Naira gains at black market as external reserves improves on higher oil prices, Dangote $2.5 billion fertilizer plant to commence operations in Q1 2021, NNPC, only Nigerian company to cut losses by N800 billion in one financial year – GMD, Naira falls to N480/$1 at black market as CBN recognizes forex pressures is weakening the economy, Nigeria’s oil Minister, Timipre Sylva, appointed Special Envoy by OPEC’s JMMC, Nigeria’s forex devaluation timeline – 2020, NNPC diversifies into housing, power; plans to beat crude production cost to $10 per barrel, Nigeria’s external reserves up by 7% in 21 days, currency speculators to lose over N10 billion, CBN Governor says Nigeria’s external reserves sufficient to cover 7-months import, CBN set to restructure the Nigerian Commodities Exchange in 90 days, CBN issues modalities for payout of diaspora remittances in dollars, CBN gives up on its policy of attracting dollars, Cement volumes crash for Northern Nigeria Flour Mills Plc, 2020 FY Results: Consolidated Hallmark Plc post N647 million profit as earnings per share prints at 7.54kobo, Global Spectrum Energy Services Plc post 77% post-tax decline in 2020 FY results, 2020 FY results: Presco Plc post 83% growth in profits. Converted to. You may contact him via his email- [email protected]. The economy of Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. This represents a 94 kobo drop when compared to N394.31 to a dollar that was recorded the previous trading day on Tuesday, February 2, 2021. The opening indicative rate closed at N395.25 to a dollar on Wednesday. The N397.20 to a dollar was the highest rate during intra-day trading before it closed at N395.50 to a dollar. Online interactive currency converter & calculator ensures provding actual conversion information of world currencies according to “Open Exchange Rates” and provides the information in its best way. This equals to no change for USD to Naira exchange rate for this week so far.. To have a monthly quick review, we see that US Dollar rate started January at ₦470 on Friday, January 01, 2021. . Compare money transfer services, compare exchange rates and commissions for sending money from Nigeria to Canada. The external reserve has dropped further to $36.198 billion as of February 1, 2021. On February 3, 2021, the exchange rate between the naira and the dollar depreciated closing at N395.50/$1 at the. Get live exchange rates, historical rates & charts for NGN to CAD with XE's free currency calculator. When you invest in stocks you can easily build wealth and enjoy financial stability with your 1 million naira … Convert Nigerian Naira to US Dollars. 60 million zimbabwean dollar to naira; 28 Dic. Economic Calendar. Nigeria also needs the external reserves to hit $40 billion if it is to adequately meet some of the pent up demand that has piled up since 2020 when oil prices crashed and the pandemic caused major economic lockdowns. Zlatan gives out his 1 million naira checkout lady who spent 3 000 dollars over 1 million naira per term pas nigeria naira waxing stronger 10000000 naira note samyysandra million dollars or 10 billion naira. It also warned against paying diaspora remittances in naira. This is a state as poor as anything. Nigeria’s 2021 budget includes a target crude oil benchmark price of $40/barrel and crude oil production of 1.86 million barrels per day. Latest Currency Exchange Rates: 1 US Dollar = 397.1181 Nigerian Naira On this page convert USD to NGN using live currency rates as of 01/02/2021 04:09. The higher oil prices and steady production output have positively impacted Nigeria’s external reserves, rising sharply to $36.304 million according to central bank data dated January 14, 2020. The Central Bank of Nigeria has revised its one-year Non-Deliverable Forwards (NDF) for which it intends to settle foreign exchange futures contracts for the period ending February 2021 to N452.82 up from N440.86. Online interactive currency converter & calculator ensures provding actual conversion information of world currencies according to “Open Exchange Rates” and provides the information in its best way. There are fears that the exchange rate at the black market might be under pressure in the coming weeks as importers scramble for dollars to meet their demands. For example, foreign remittances are now required to be paid in the currency in which they were remitted. The CBN pegged IMTOs sale of the American currency to banks at N388 to dollar. Forex turnover at the Investor and Exporters (I&E) window dropped by 9.3% on Thursday, February 4, 2021. Learn how your comment data is processed. With USD being … Trading at the investors’ window saw the naira closing at N385.98 to a dollar as investors traded a total of 20.27 million dollars. 1 NGN = 0.00258 USD. by . Reflecting the increased dollar earnings, the naira appreciated in the Investors and Exporters (I&E) window by 3.9 percent or N15.87 to N394.13 per dollar in January from N410 per dollar … This is as dollar supply dropped by 26.2% as demand piles more pressure on the foreign exchange market and external reserve which has lost about $323 million in 11 days, according to data from CBN. To streamline forex supply and ensure there is enough to meet rising demand, the CBN moved to ensure strict monetary control of the forex market threatening to expel exporters who refuse to remit foreign exchange proceeds in the NAFEX market. READ: CBN issues modalities for payout of diaspora remittances in dollars. Also, view Naira to Canadian Dollar currency charts. TBC is a digital crypto currency abundances base … The external reserves have increased by over $800 million since December 31, 2020, when it closed the year at $35.3 billion. The exchange rate disparity between the parallel market and the official market is about N82.37, representing a 20.7% devaluation differential. Factsheet Nigeria S Numerous Dollar Exchange Rates Africa Check. The exchange rate between the naira and the dollar depreciated substantially closing at N397.63/$1 at the NAFEX window. This latest supply pact has helped oil to an over 1 year high of above $58 a barrel this year. Brent crude oil price hit about $58,76, highest in more than a year, on Thursday morning, as it approaches the $60-dollar mark. You also can click the currency name to view the exchange rates of this currency converting to other currencies. This is a sign that higher oil prices and steady output levels may be contributing significantly to Nigeria’s foreign exchange position. We're working on it. 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