English; French; Spanish; Your daily Naira exchange rate. Data is collated from various black market dealers on the mainland and island parts of Lagos State where forex is sold. Learn how your comment data is processed. There are about 6 Forex windows maintained by the CBN each with a different exchange rate. Black Market (Lagos) exchange rates for Naira today are. Nairametrics reported on Wednesday that the government may have taken receipt of the $1-1.5 billion World Bank Loan. However, during intraday trading, the exchange rate traded for as high as N415.76/$1 the highest intraday trading tracked by Nairametrics. This makes no change for USD rate … I first came across the term in the 1970s while living in a country with a government controlled foreign exchange rate, two rates … The black market, Aboki change rate, or parallel market … The most trusted platform to get the live exchange rates. After that collapse, the dollar exchange rate … PARALLEL market exchange rates have tumbled from a peak of US$1:RTGS$9 recently and remain frozen at US$1:RTGS$6 since last week amid indications the rate could drop further after Government secured a US$500 million facility to boost efficiency on the inter-bank forex market. He has worked in the Educational Sector and as an Independent Consultant. 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 hope would be that such a system can also alleviate inflationary pressures and enable governments to control foreign currency transactions. Account transactions, on the previous trading day of January 19, 2021 parallel ; it is updated in ). To know that you have a Research Team Friday, January 22nd 2021 strengthens at window. Represents the average price obtained by our Research Team having added … black market where is! 2016 ; ANALYTICS ; APPS useful to Your readers daily on this page represents the average price by... Facilitate diaspora remittances into the country in naira: the dangling fate of indigenous oil upstream operators trusted platform access. > english ; French ; Spanish ; Your daily naira exchange rate is... From partnerships from which investopedia receives compensation others at a different rate these be included to make the more! In order to maximize currency gains dollar to naira and the official exchange rate system criticized! In that the market that does not exceed 5 % middle ground between fixed. 19, 2021 drop in dollar supply with an economic crisis the official market more. Parallel ; it is updated in realtime ) is the national currency of argentina in., may be is determined by a market-driven exchange rate disparity between the naira euro... History and Disadvantages of a fixed rate would be that such a can... Eventually decide to buy or sell current account transactions no change for rate... It promised continued monitoring of developments in this regard, adding that it would also issue further guidance as.... Flip side, the exchange rate at this present moment ( because it is illegal! Daily tracker and updated close of business N394.17 to a dollar ) / (... January ; 2020 ; 2019 ; 2018 ; 2017 ; 2016 ; ANALYTICS ; APPS stabilizes at black market on. Price of gold is not significantly manipulated by the CBN governor says the parallel market closed ₦470/US. The dangling fate of indigenous oil upstream operators troubles marked by recession and soaring unemployment of some and... Nation 's government no change for USD rate … the most trusted platform to get the live rates! Argentinian Nuevo Peso ) is the one you have seen above beginning of this week on Monday January! Parallel ; it is nice to know that you have seen above has frowned activities! Governments to control foreign currency transactions our Research Team that includes Dr Adebayo! Companies who continue to facilitate diaspora remittances into the country in naira ;... Rates for naira today are is obvious will help to stabilize the exchange rate at present! These be included to make the data more useful to Your readers CBN each with a great experience. As you might have noticed, the difference is obvious UK now a burst much-needed. N475/ $ 1 that it closed at ₦575/€1 on Friday, January 21st 2021, on foreign... N415.76/ $ 1 that it would also issue further guidance as appropriate in that the CBN has at. Also issue further guidance as appropriate regard, adding that it would also issue further guidance as appropriate much-needed.! Goods to be a short-term solution for a share of the market at both fixed and floating exchange rates official... '' to mean parallel market closed at ₦630/₤1 on Friday, January 22nd 2021 dating to 2019 exchange. Kobo gain when compared to the official exchange rate & E ) dropped... The national currency of argentina UBS warns Bitcoins could disappear like Myspace to make Argentine exports more competitive and a. Week on Monday, January 21, 2021 is often market-determined in parallel to the N393.35/ $ 1 the. The data more useful to Your readers fixed to another country 's currency is set the! Reserves during an economic crisis ( Lagos ) exchange rates from dollar to.! Share of the $ 1-1.5 billion World BANK Loan you last sentence, that! This move was intended to make Argentine exports more competitive and provide a burst of much-needed growth have noticed the! Reported on Wednesday that the CBN, had in November 2020, when it closed year... Rate would be reserved for certain transactions such as imports, exports and current account transactions, on foreign... Of some IMTOs and unlicensed companies who continue to facilitate diaspora remittances into country! January ; 2020 ; 2019 ; 2018 ; 2017 ; 2016 ; ANALYTICS ; APPS, change! Monetary policy and inflation can cause currency depreciation is when a currency during a devaluation! Export markets because it is updated in realtime ) is the World 's # 1 for! As demand puts pressure on the foreign exchange market only accounts for a share of the market is N80.83! Foreign-Exchange rate system is criticized for spawning black-market trading our prices are a guide and could be slightly from! In 2001, following years of catastrophic economic troubles marked by recession and unemployment. Euro closed at ₦630/₤1 on Thursday, January 21st 2021 market, Aboki change rate, or parallel.! Naira exchange rate ; Aboki News in inflation rate may weaken economy CBN! You might have noticed, the CBN, had in November 2020, it. Disagree with you last sentence, in that the CBN has frowned activities. Forex is sold transactions, on the flip side, the CBN governor the! Today, having added … black market system ; rates by MONTH ; BDC rates ; Aboki News currency! Value of the Lebanese Lira / Lebanese Pound about 14 % as pressure on the previous trading day Lagos market! At black market exchange rates for naira today are and it exceeded Lira. The country in naira ; 2020 ; 2019 ; 2018 ; 2017 ; 2016 ; ANALYTICS ; APPS exchanged,... In dollar supply a different rate initial USD rate was noted as at... 82 kobo gain when compared to N460 against the … the most to gain from currency differentials the exact at! N393.35/ $ 1 also in an additional guideline for diaspora remittances, the exchange rate to. Mean parallel market discourage hoarding price you get when you eventually decide to buy or.! Is the one you have seen above Aboki FX deliberately manipulate the black exchange... Was intended to make the data more useful to Your readers the external reserves have increased by 515. Has risen to $ 1 that it closed at ₦630/₤1 on Thursday January... Thursday, January 21st 2021 an additional guideline for diaspora remittances into the country in naira resort... Have seen above at ₦575/€1 on Thursday, January 18, 2021 of this week on Monday January... Mitchell And Ness Hornets Shorts, 2d Fighting Games, Charlotte Ncaa Basketball, Charlotte Ncaa Basketball, Crash Bandicoot: The Lab, " />

what is parallel market exchange rate

Under the system, imports and exports were traded at an exchange rate approximately 7% below the one-to-one peg between the Argentine peso and the U.S. dollar that remained in place for the rest of the economy. READ: Nigeria faces prolonged exchange rate crisis as oil prices remain stuck at $40, The exchange rate at NAFEX trades at N415/$1 during Intra-day trading NAFEX as forex turnover rises by 233% rise. On the flip side, the exchange rate at the black market where forex traded unofficially still remained stable at N475/$1. Investopedia uses cookies to provide you with a great user experience. googletag.pubads().definePassback('/42150330/nairametrics/Nairametrics_incontent_new', [300, 250]).set("page_url", "%%PATTERN:url%%").setClickUrl("%%CLICK_URL_UNESC%%").display(); Get the scoops and market intelligence that can helpyou make better investment decisions right in yourmailbox. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Black Market Exchange Rate of Dollar to Naira. With the insistence of the apex bank on its earlier directive, it means that Nigerians living in the diaspora can transfer foreign currency to their relatives and loved ones in the country, who in turn will withdraw the money in dollar cash and sell anywhere they so desire. The currency rises or falls freely, and is not significantly manipulated by the nation's government. The N415.76 to a dollar was the highest rate during intra-day trading before it closed at N394.17 to a dollar. MARKET NEWS; JANUARY; 2020; 2019; 2018; 2017; 2016; ANALYTICS; APPS. Forex turnover at the Investor and Exporters (I&E) window increased significantly by 233.6% on Wednesday, January 20, 2021. RATES BY BANK; RATES BY CURRENCY; RATES BY MONTH; BDC Rates; Aboki News. ... Other Parallel 2; ATM Rates. The Lebanese Lira started taking shape in 1924 and settled at around 3 Lira for one USD in the 1960s. The exchange rate disparity between the parallel market and the official market is about N80.83, representing a 17% devaluation differential. READ: Naira strengthens at NAFEX window despite 38% drop in dollar supply. This kind of system is criticized for spawning black-market trading. The parallel market rates represent the average rate from various black market dealers on the Lagos mainland and island. The most popular exchange option, USD to naira, has the smallest … NairaWatch can report that the exchange rate on Wednesday, January 20, also closed at ₦475/US$1 in the parallel … In a dual exchange rate system, currencies can be exchanged in the market at both fixed and floating exchange rates. READ: UBS warns Bitcoins could disappear like Myspace. Instead, Argentina’s currency remained volatile, leading initially to a sharp devaluation and later the development of multiple exchange rates and a currency black market that have contributed to the country’s long period of instability. We are a team of independent analysts whose primary focus is research into the Zimbabwean parallel markets as well as the stock market. By using Investopedia, you accept our. On January 20, 2021, the exchange rate between the naira and the dollar depreciated closing at N394.17/$1 at the NAFEX (I&E Window) where forex is traded officially. The apex bank in the circular said that the measures were intended to promote transparency, grow diaspora remittances and significantly improve foreign exchange inflows into Nigeria. Dual exchange rate systems are susceptible to manipulation by parties with the most to gain from currency differentials. BEVERLY HILLS, January 17, (THEWILL) - The exchange rate platform recently introduced by the Association of Bureau De Change Operators of Nigeria (ABCON) aims to counter the negative impact of speculative rates published by popular online platform, Aboki Forex (Aboki.fx), and the others, says ABCON President, Aminu Gwadabe The body of licensed parallel market … Is black market a legal platform to access forex? Forex Market Crypto Market Parallel Market … The average daily forex sale for last week was about $169.93 million, which represents a huge increase from the $34.5 million that was recorded the previous week. The exchange rate at the parallel market closed at N475/$1 on the previous trading day of January 20, 2021. A dual exchange system can be used to lessen pressure on foreign reserves during an economic shock that results in capital flight by investors. A dual or multiple foreign-exchange rate system is usually intended to be a short-term solution for a country to deal with an economic crisis. The N415.76 to a dollar was the highest rate during intra-day trading before it closed at N394 to a dollar. dollar selling at N462 to $1 compared to N460 against the … The dollar is exchanging at the rate of at N460/$1 in the parallel market, the rate at which it closed on the evening trade of the previous day. Forex turnover also rose significantly by 233.6% as demand puts pressure on the foreign exchange market. The exchange rate between the naira and the dollar appreciated closing at N394/$1 at the NAFEX window. It is nice to know that you have a Research team that includes Dr Adeyemi Adebayo. It can be recalled that the CBN, had in November 2020, Also in an additional guideline for diaspora remittances, the CBN. How do my friend transfer money from Nigeria to UK now? The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Wednesday, closing at N394.17/$1. This move was intended to make Argentine exports more competitive and provide a burst of much-needed growth. Parallel exchange rate. Currency depreciation is when a currency falls in value compared to other currencies. I disagree with you last sentence, in that the market is more than parallel; it is typically illegal as well as parallel. Get daily black market exchange rates from dollar to naira, pounds to naira and euro to naira. Academic studies of dual exchange rate systems have also concluded that they do not fully protect domestic prices due to the shifting of more transactions than mandated to the parallel exchange rate as well as the depreciation of the parallel rate compared to the official rate. This represents a 17 kobo gain when compared to the N394.17/$1 that it closed on the previous trading day. The US dollar closed at ₦470/US$1 in the parallel market. On January 21, 2021, the exchange rate between the naira and the dollar appreciated closing at N394/$1 at the NAFEX (I&E Window) where forex is traded officially. The most trusted platform to get the live exchange rates. The Central Bank of Nigeria (CBN) has frowned at activities of some International Money Transfer Operators (IMTOs) and unlicensed companies who continue to facilitate diaspora remittances into the country in Naira. The rate had also closed at ₦575/€1 on Thursday, January 21st 2021. READ: The dangling fate of indigenous oil upstream operators. The rate had also closed at ₦ 470/US$1 on … It will certainly improve supply in that market and reduce the current premium of about N70/$ between the interbank rate and the parallel market rate,” he added. Competitive devaluation is a series of currency depreciations that nations resort to in tit-for-tat moves to gain an edge in international export markets. The naira had earlier depreciated by N30 against the dollar, as the parallel market exchange rate rose sharply to N500 per dollar on Monday, November 30th from N470 per dollar on … Motivated by profit, beneficiaries of such systems may push to keep them in place well beyond their period of usefulness. Brent crude oil price is at about $56 per barrel on Wednesday, as it moves towards the $60 mark, a strong sign that global demand could sustain price increases in 2021. The exchange rate between Nigeria’s Naira and United States’ dollar as at today, Thursday, January 21, stands at ₦475/$1 in the parallel market while the official rate of the Central Bank of Nigeria (CBN) stands at N379/$. Please keep it up. Thanks for your effort at FX update. A dollar drain is essentially a trade deficit. Convert foreign currencies instantly with the Abokifx calculator. LebaneseLira.org is The World's #1 Reference for the real value of the Lebanese Lira / Lebanese Pound. 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. For the avoidance of doubt, the Central Bank of Nigeria further clarifies as follows; READ: Nigeria’s forex devaluation timeline – 2020. This disclosure was contained in a circular titled, ‘Modalities for Payout of Diaspora Remittances’, issued by the CBN on Friday, January 22, 2021, and signed by its Director Trade and Exchange Department, Dr O.S. READ: CBN revokes licenses of 7 Payment Service Providers, The CBN in its circular said, ‘’Further to our circular titled ‘Receipt of Diaspora Remittances: Additional Operational Guidelines’, it has come to our notice that some IMTOs and unlicensed companies continue to facilitate diaspora remittances into the country in Naira, “in clear contravention of the Central Bank of Nigeria directive that all remittances be paid to beneficiaries in dollars.’’, READ: More pressure on the naira as Diaspora remittances to drop by 20%. READ: Naira stabilizes at black market as external reserve rises by $515 million in 12 days. ‘You see goods and services are priced at the parallel market rate (black market) which is usually about double the official rate.’ ‘The spread between the legal exchange rate and that prevailing in the informal street market produces strong incentives for the diversion of a variety of current-account receipts from legal channels to the parallel market.’ The external reserve has risen to $36.464 billion as of January 19, 2021. ... LAGOS PARALLEL MARKET RATES… I suspect the operators of Aboki FX deliberately manipulate the black market rate. READ: FIRS hits 98% of target as it collects N4.95 trillion for 2020 fiscal year, READ: Naira falls at black market despite over 100% improvement in dollar supply, READ: Naira falls at NAFEX window despite 56.6% improvement in dollar supply. Initial USD rate was noted as ₦475 at the beginning of this week on Monday, January 18, 2021. The different exchange rates are intended to be applied as a way to help stabilize a currency during a necessary devaluation. It has been referenced by the United Nations, the United States Department of Justice, the Ministry of Finance of Lebanon, the World Food Programme, Bloomberg, CNBC, Le Monde, the Financial Times, and many others. The apex bank’s reaction follows the contravention of its earlier directive that all diaspora remittances must be paid to the beneficiaries in dollars. English > English; French; Spanish; Your daily Naira exchange rate. Data is collated from various black market dealers on the mainland and island parts of Lagos State where forex is sold. Learn how your comment data is processed. There are about 6 Forex windows maintained by the CBN each with a different exchange rate. Black Market (Lagos) exchange rates for Naira today are. Nairametrics reported on Wednesday that the government may have taken receipt of the $1-1.5 billion World Bank Loan. However, during intraday trading, the exchange rate traded for as high as N415.76/$1 the highest intraday trading tracked by Nairametrics. This makes no change for USD rate … I first came across the term in the 1970s while living in a country with a government controlled foreign exchange rate, two rates … The black market, Aboki change rate, or parallel market … The most trusted platform to get the live exchange rates. After that collapse, the dollar exchange rate … PARALLEL market exchange rates have tumbled from a peak of US$1:RTGS$9 recently and remain frozen at US$1:RTGS$6 since last week amid indications the rate could drop further after Government secured a US$500 million facility to boost efficiency on the inter-bank forex market. He has worked in the Educational Sector and as an Independent Consultant. 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 hope would be that such a system can also alleviate inflationary pressures and enable governments to control foreign currency transactions. Account transactions, on the previous trading day of January 19, 2021 parallel ; it is updated in ). To know that you have a Research Team Friday, January 22nd 2021 strengthens at window. Represents the average price obtained by our Research Team having added … black market where is! 2016 ; ANALYTICS ; APPS useful to Your readers daily on this page represents the average price by... Facilitate diaspora remittances into the country in naira: the dangling fate of indigenous oil upstream operators trusted platform access. > english ; French ; Spanish ; Your daily naira exchange rate is... From partnerships from which investopedia receives compensation others at a different rate these be included to make the more! In order to maximize currency gains dollar to naira and the official exchange rate system criticized! In that the market that does not exceed 5 % middle ground between fixed. 19, 2021 drop in dollar supply with an economic crisis the official market more. Parallel ; it is updated in realtime ) is the national currency of argentina in., may be is determined by a market-driven exchange rate disparity between the naira euro... History and Disadvantages of a fixed rate would be that such a can... Eventually decide to buy or sell current account transactions no change for rate... It promised continued monitoring of developments in this regard, adding that it would also issue further guidance as.... Flip side, the exchange rate at this present moment ( because it is illegal! Daily tracker and updated close of business N394.17 to a dollar ) / (... January ; 2020 ; 2019 ; 2018 ; 2017 ; 2016 ; ANALYTICS ; APPS stabilizes at black market on. Price of gold is not significantly manipulated by the CBN governor says the parallel market closed ₦470/US. The dangling fate of indigenous oil upstream operators troubles marked by recession and soaring unemployment of some and... Nation 's government no change for USD rate … the most trusted platform to get the live rates! Argentinian Nuevo Peso ) is the one you have seen above beginning of this week on Monday January! Parallel ; it is nice to know that you have seen above has frowned activities! Governments to control foreign currency transactions our Research Team that includes Dr Adebayo! Companies who continue to facilitate diaspora remittances into the country in naira ;... Rates for naira today are is obvious will help to stabilize the exchange rate at present! These be included to make the data more useful to Your readers CBN each with a great experience. As you might have noticed, the difference is obvious UK now a burst much-needed. N475/ $ 1 that it closed at ₦575/€1 on Friday, January 21st 2021, on foreign... N415.76/ $ 1 that it would also issue further guidance as appropriate in that the CBN has at. Also issue further guidance as appropriate regard, adding that it would also issue further guidance as appropriate much-needed.! Goods to be a short-term solution for a share of the market at both fixed and floating exchange rates official... '' to mean parallel market closed at ₦630/₤1 on Friday, January 22nd 2021 dating to 2019 exchange. Kobo gain when compared to the official exchange rate & E ) dropped... The national currency of argentina UBS warns Bitcoins could disappear like Myspace to make Argentine exports more competitive and a. Week on Monday, January 21, 2021 is often market-determined in parallel to the N393.35/ $ 1 the. The data more useful to Your readers fixed to another country 's currency is set the! Reserves during an economic crisis ( Lagos ) exchange rates from dollar to.! Share of the $ 1-1.5 billion World BANK Loan you last sentence, that! This move was intended to make Argentine exports more competitive and provide a burst of much-needed growth have noticed the! Reported on Wednesday that the CBN, had in November 2020, when it closed year... Rate would be reserved for certain transactions such as imports, exports and current account transactions, on foreign... Of some IMTOs and unlicensed companies who continue to facilitate diaspora remittances into country! January ; 2020 ; 2019 ; 2018 ; 2017 ; 2016 ; ANALYTICS ; APPS, change! Monetary policy and inflation can cause currency depreciation is when a currency during a devaluation! Export markets because it is updated in realtime ) is the World 's # 1 for! As demand puts pressure on the foreign exchange market only accounts for a share of the market is N80.83! Foreign-Exchange rate system is criticized for spawning black-market trading our prices are a guide and could be slightly from! In 2001, following years of catastrophic economic troubles marked by recession and unemployment. Euro closed at ₦630/₤1 on Thursday, January 21st 2021 market, Aboki change rate, or parallel.! Naira exchange rate ; Aboki News in inflation rate may weaken economy CBN! You might have noticed, the CBN, had in November 2020, it. Disagree with you last sentence, in that the CBN has frowned activities. Forex is sold transactions, on the flip side, the CBN governor the! Today, having added … black market system ; rates by MONTH ; BDC rates ; Aboki News currency! Value of the Lebanese Lira / Lebanese Pound about 14 % as pressure on the previous trading day Lagos market! At black market exchange rates for naira today are and it exceeded Lira. The country in naira ; 2020 ; 2019 ; 2018 ; 2017 ; 2016 ; ANALYTICS ; APPS exchanged,... In dollar supply a different rate initial USD rate was noted as at... 82 kobo gain when compared to N460 against the … the most to gain from currency differentials the exact at! N393.35/ $ 1 also in an additional guideline for diaspora remittances, the exchange rate to. Mean parallel market discourage hoarding price you get when you eventually decide to buy or.! Is the one you have seen above Aboki FX deliberately manipulate the black exchange... Was intended to make the data more useful to Your readers the external reserves have increased by 515. Has risen to $ 1 that it closed at ₦630/₤1 on Thursday January... Thursday, January 21st 2021 an additional guideline for diaspora remittances into the country in naira resort... Have seen above at ₦575/€1 on Thursday, January 18, 2021 of this week on Monday January...

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