• Naira tumbles against dollar at the parallel market…. See the current value

    Naira tumbles against dollar at the parallel market…. See the current value

    Nigerians are in for more hardship as the naira has continued to tumble against the dollar at the parallel market.

    The naira suffered serious depreciation against the dollar it now exchanges N485 to a dollar and N600 to a pound at the parallel market. At the interbank market, the naira depreciated further from 305 to 315 per dollar, while the pound went for N401.

    This is coming at a time when the Central Bank of Nigeria (CBN) is making special forex auction […]

  • Good News! Naira in ‘Rapid Recovery’ in the Parallel Market…See Current Value

    Good News! Naira in ‘Rapid Recovery’ in the Parallel Market…See Current Value

    The introduction of Travelex by the Central Bank of Nigeria has served as a viable antidote to the ailing status of the naira in the black market.

    These are the currency exchange rates for today, October 18, 2016, powered by Zenith Bank. The naira which exchanged for the dollar at the rate of N465 has improved to

  • Interbank Rates Soar As Naira Firms At Parallel Market

    Interbank Rates Soar As Naira Firms At Parallel Market

    According to reports, the interbank lending rates which is the rate at which banks lend amongst themselves soared to an all time high of 128 per cent from 70 per cent last week Friday after banks funded their accounts to participate in a currency forward, even as the value of the naira gained strength at the parallel market.

    The naira which sold around N460 to the dollar at the weekend closed yesterday stronger at N455, although bureau de change operators said […]

  • Naira Improves in the Parallel Market…See Current Value

    Naira Improves in the Parallel Market…See Current Value

    The introduction of Travelex has salvaged the fate of the Nigerian local currency which has recorded impressive recovery at the black market.

    These are the currency exchange rates for today, October 17, 2016, powered by Zenith Bank. The recovery of the naira has been very

  • Naira Improves in the Parallel Market….See New Value

    Naira Improves in the Parallel Market….See New Value

    The naira has recorded a slight improvement in the black market but the interbank section has remained stagnant amidst steady inflation.

    These are the currency exchange rates for today, September 9, 2016 as powered by Zenith Bank. The economy of Nigeria is currently in recession as the naira has endured a free fall in the last 15

  • Naira Bounces Back After Record Low At Parallel Market

    Naira Bounces Back After Record Low At Parallel Market

    The naira opened strong on Monday, recovering from last week’s record low of N425 per dollar at the parallel market.

    The interbank market also experienced a strengthening of the local currency from 315.25 on Friday to 310 to the dollar at about 11am in Lagos.

    As at 2pm, the naira was trading at 314.75 to the dollar at the interbank market.

    At the parallel market, the naira was trading at 422, 535 and 462 to the dollar, pound and Euro at the parallel […]

  • Naira suffers further loss against the dollar at parallel market

    Naira suffers further loss against the dollar at parallel market

    Amidst lingering dispute between Central Bank of Nigeria, CBN, and eight banks banned from participating in the inter-bank foreign exchange market, the local currency, Naira, has suffered further bashing, depreciating to N415/ USD1 yesterday in the parallel market, bringing total weekly loss to N20 per dollar. But the inter-bank market registered moderate stability as mid-day trading rate hovered at N315/ USD1 after depreciating to N316.

    The developments were coming against the inability of eight out of the nine banks banned from […]

  • Naira in Epic Fall at the Parallel Market….See Current Value

    Naira in Epic Fall at the Parallel Market….See Current Value

    The naira currency has tumbled at the ever unstable black market as it goes over the N400 public benchmark.

    The naira tumbled to 402 at the parallel market on Wednesday, a day after the Central Bank of Nigeria banned nine banks from the foreign exchange market over their failure to remit $2.334bn to the Federal Government’s Treasury Single Account domiciled with the Central Bank of Nigeria, According to reports.

    The local currency had closed at 397/dollar on Tuesday. At the interbank market, the […]

  • Naira Suffers Further Loss Against Dollar at Parallel Market

    Naira Suffers Further Loss Against Dollar at Parallel Market

    The Naira on Friday suffered further loss against the dollar at the parallel market as it lost one point to the US currency, the News Agency of Nigeria reports.

    The naira exchanged at N395 to the dollar from N394 it posted on Thursday, while it traded at N505 and N442 to the Pound Sterling and the Euro respectively.

    At the Bureau De Change segment of the market, the currency closed at N395 at the trading, while to the Pound and Euro, it […]

  • Naira depreciates against dollar at parallel market

    Naira depreciates against dollar at parallel market

    The Naira on Monday depreciated against the dollar at the parallel market, against the expert predictions that it would firm due to forex sales to bureau de change (BDC) operators.

    The currency lost N3 to exchange at N393, from N390 posted on Friday; while it traded at N505 and N435 against the pound and the euro respectively.

    The naira appreciated at the official interbank market to close at N317.34, from N320.25 posted on Friday.

    Traders at the market said that the demand for […]

  • Naira crashes further on Parallel Mkt, Rises on Interbank … See Current Rates

    Naira crashes further on Parallel Mkt, Rises on Interbank … See Current Rates

    The naira crashed to N390 to the dollar on the parallel market wednesday, lower than the N382 to a dollar from the previous day. A currency analyst, who preferred to remain anonymous, blamed the continuing slide of the nation’s currency on the parallel market to demand pressure.

    According to him, demand for FX for most of the 41 items that had been excluded from the interbank market was still being met with dollars bought from the parallel market.

    The source also attributed the […]