OPEC oil output has risen for a seventh month in January after the group and its allies agreed to ease record supply cuts further, although an involuntary drop in Nigeria’s exports has limited the increase. 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. Chike is a senior member of the Nairametrics Editorial Team. On February 3, 2021, the exchange rate between the naira and the dollar depreciated closing at N395.50/$1 at the. 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. For example, foreign remittances are now required to be paid in the currency in which they were remitted. The NDF is a closely watched indicator of the direction of the exchange rate in the future and is often referenced against the spot rate of the exchange rate between the naira and the dollar. 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 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 a state as poor as anything. The exchange rate between the naira and the dollar depreciated closing at N394.50/$1 at the NAFEX Window. Also, the exchange rate at the black market where forex traded unofficially remained stable at N477/$1. Try more amounts. The external reserve has risen to $36.508 billion as of January 21, 2021. We're working on it. Here you are getting today's value of one million US Dollar to Nigerian naira . READ: CBN gives up on its policy of attracting dollars. The economy of Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. 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 … 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. Here you are getting today's value of one million US Dollar to Nigerian naira . The appreciation occurred as turnover rose by 18.29per cent, with $28.85 million recorded as against the $24.39 million posted on Friday last week. READ: Naira falls to N480/$1 at black market as CBN recognizes forex pressures is weakening the economy. 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.. Convert 1 Nigerian Naira to New Zealand Dollar. by . TBC is a digital crypto currency abundances base … To see the governor in a state will cost you N2 million as bribe before you can be scheduled. 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. [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 … 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. Forex turnover at the Investor and Exporters (I&E) window dropped by 10.2% on Monday, January 25, 2021. The Nigerian Naira is divided into 100 kobo. 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. This appears as a boost to Nigeria as the country’s crude oil price benchmark for 2020 was $40 while it projected an oil production output of 1.8 million barrels per day. The exchange rate disparity between the parallel market and the official market is about N82.50, representing a 20.9% devaluation differential. 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. It also sold for as low as N390/$1 during intra-day trading. Money taken to that trip is part of stress on forex. 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. 4 Million NGN to USD; 5 Million NGN to USD; 6 Million NGN to USD … 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. Economic Calendar. The N397.20 to a dollar was the highest rate during intra-day trading before it closed at N395.50 to a dollar. This represents a 50 kobo drop when compared to the N395/$1 that it closed on the previous trading day. Learn how your comment data is processed. Coordinator, has disclosed that the commission has registered more than 2.3 million … It also sold for as low as N389/$1 during intra-day trading. Brent crude oil price hit about $58,76, highest in more than a year, on Thursday morning, as it approaches the $60-dollar mark. This is as dollar supply dropped by 9.3% as demand piles more pressure on the foreign exchange market. However, this is a huge improvement on the $35.373 billion that it was as of December 31, 2020.c. The Central Bank of Nigeria (CBN) has moved to create more liquidity in the foreign exchange market as they insisted that deposit money banks and International Money Transfer Operators (IMTOs) must pay diaspora remittances to beneficiaries in dollars as against the initial practice of paying in naira. The exchange rate between the naira and the dollar depreciated substantially closing at N397.63/$1 at the NAFEX window. Nairametrics had earlier reported that the government may have taken receipt of the $1-1.5 billion World Bank loan. Manufacturers in Nigeria in a report, have listed difficulty in having access to foreign exchange to pay for their imports as the biggest challenge they face. 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. 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. Nairametrics had earlier reported that the government may have taken receipt of the $1-1.5 billion World Bank loan. 10. Factsheet Nigeria S Numerous Dollar Exchange Rates Africa Check. 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. Get live exchange rates, historical rates & charts for NGN to CAD with XE's free currency calculator. 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. 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. The N395 to a dollar was the highest rate during intra-day trading before it closed at N394.50 to a dollar. 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. Also, view Naira to Dollar currency charts. The rise in oil prices is also aided by expectations that production curbs by OPEC+ would tighten the market in the first quarter. It also sold for as low as N390/$1 during intra-day trading. Brent crude oil price hit about $59.23, highest in more than a year, on Thursday morning, as it approaches the $60-dollar mark. This is a sign that higher oil prices and steady output levels may be contributing significantly to Nigeria’s foreign exchange position. READ: CBN issues modalities for payout of diaspora remittances in dollars. 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. The exchange rate at the parallel market closed at N480/$1 on the previous trading day of February 3, 2021. This protects the foreign investor against any future risk more than the N452.82 that he would have planned for. The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Thursday, closing at N397.63/$1. Mid-market exchange rate at 06:17 UTC. READ: CBN Governor says Nigeria’s external reserves sufficient to cover 7-months import. USD NGN $, US$ 1: ₦ 394.81 $, US$ 5: ₦ 1,974.03 The opening indicative rate closed at N395.25 to a dollar on Wednesday. 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. Convert To Result Explain 1 USD: NGN: 396.97 NGN: 1 US Dollar = 396.97 Nigerian Nairas as of 2/1/2021 Forex turnover, however, dropped further by about 10.2% as pressure on the foreign exchange market continues. The exchange rate disparity between the parallel market and the official market is about N84.5, representing a 21.4% devaluation differential. It also warned against paying diaspora remittances in naira. 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. Economic Calendar. Last 5 Years index performance and chart outlook for USD / NGN, © 2010-2021 Currency Converter X. The external reserves have increased by over $800 million since December 31, 2020, when it closed the year at $35.3 billion. 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. The CBN is seeking to avoid another round of devaluation with the implementation of policies to help conserve the scarce forex and deepen the foreign exchange market. The external reserves have increased by $1.135 billion since December 31, 2020, when it closed the year at $35.3 billion. The opening indicative rate closed at N395.38 to a dollar on Thursday. Exporters are also mandated to inflow their proceeds to the I&E window or get kicked out of the banking sector. Convert Nigerian Nairas to American Dollars with a conversion calculator, or Nairas to Dollars conversion tables. The CBN pegged IMTOs sale of the American currency to banks at N388 to dollar. You may contact him via his email- [email protected]. 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. 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. 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. Nairametrics gathers that foreign currency analysts are pointing at the latest NDF contracts as an indication that the closing rate of the exchange rate at the I&E window might be devalued this month. A 5 hundred thousand naira salary is “as good as it gets” in Nigeria, yet even an individual earning so much earns just 6 million naira per annum. 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. 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. 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. How the NDF works – The CBN enters into contracts with foreign investors who inflow foreign exchange into the country to hedge against devaluation risks. Forex turnover at the Investor and Exporters (I&E) window dropped by 26.2% on Wednesday, February 3, 2021. This means it will take such an individual about 17 years of toiling and hard work to gross 1 hundred million naira. Nigeria needs oil prices to stay above $50 to balance its budget and improve on its 2021 revenue projection of N7.99 trillion for the year. 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. ₦2000000 Nigerian naira to Ghana Cedi ₵ conversion online. Did the CBN just signal another devaluation is looming? Forex turnover at the Investor and Exporters (I&E) window dropped by 9.3% on Thursday, February 4, 2021. The exchange rate at the parallel market closed at N477/$1 on the previous trading day of January 22, 2021. January 2021 08:13 PM (GMT). On January 25, 2021, the exchange rate between the naira and the dollar depreciated closing at N394.50/$1 at the NAFEX (I&E Window) where forex is traded officially. 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. 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: 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 currency 10 USD to NGN. 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. Here are tips for handling the windfall. 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. 1 NGN = 0.00258 USD. 60 million zimbabwean dollar to naira; 28 Dic. Online interactive currency converter & calculator ensures provding actual conversion information of world currencies according to “Open Exchange Rates” and provides the … READ: CBN set to restructure the Nigerian Commodities Exchange in 90 days. 2,622.95 US Dollars. He has worked in research and marketing departments of three top commercial banks. 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. 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. All Rights Reserved, This website uses cookies to ensure you get the best experience on our website, Follow news in the 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. Full history please visit USD/NGN History Nigerian Naira to US Dollar Convert NGN to USD at the real exchange rate. Your email address will not be published. This will also help to create more stability and transparency in the forex market. Amount. Instead, it has introduced several foreign exchange policies aimed at curtailing excess demand for forex and improving liquidity. Track the exchange rate. The exchange rate between the naira and dollar closed at N395/$1 on Tuesday despite recording an intraday high of N416.95 according to data from the FMDQ. Also, the exchange rate at the black market where forex is traded unofficially maintained its stability at N480/$1. 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. Convert Nigerian Naira To United States Dollar . We can't send money between these currencies. Convert Nigerian Nairas to Canadian Dollars with a conversion calculator, or Nairas to Canadian Dollars conversion tables. The exchange rate at the parallel market closed at N480/$1 on the previous trading day of February 2, 2021. Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. E … Also, the exchange rate at the black market where […] 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. “This weak performance was attributed to the resurgence of the pandemic, foreign exchange pressures, increased costs of production, a general increase in prices and decline in economic activities.”, READ: NNPC, only Nigerian company to cut losses by N800 billion in one financial year – GMD. 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 N399.50 to a dollar was the highest rate during intra-day trading before it closed at N397.63 to a dollar. This latest supply pact has helped oil to an over 1 year high of above $58 a barrel this year. You also can click the currency name to view the exchange rates of this currency converting to other currencies. The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Monday, closing at N394.50/$1. With USD being … 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. . 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 … The Naira depreciated against the dollar at the Investors and Exporters (I&E) window on Wednesday, closing at N395.50/$1. 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. 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 OPEC and its allies agreed to pump more oil from January 1 and get back to output curb again in February amid fears of a slow demand recovery. A year ago, on that day, the currency rate US Dollar to Nigerian Naira was: ₦363.704. Get the scoops and market intelligence that can helpyou make better investment decisions right in yourmailbox. 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. This site uses Akismet to reduce spam. 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. At the parallel market, the exchange rate closed at N480/$1. 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. The exchange rate between the naira and the dollar depreciated closing at N395.50/$1 at the NAFEX on February 3. 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. Here you are getting today's value of one million Nigerian naira to US Dollar . 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. 500 Naira is approx. 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. The euro has been heavy, edging out a five-day low against the pound, and a two-day low versus the yen while nearing yesterday's low in the case against the dollar. So far, it has resisted a weakening. Also, view Naira to Canadian Dollar currency charts. Nigerian naira weakened to the lowest in over three years in the parallel market due to increased demand for dollars amid foreign-currency shortages. 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. READ: Nigeria’s oil Minister, Timipre Sylva, appointed Special Envoy by OPEC’s JMMC, READ: Nigeria’s forex devaluation timeline – 2020. Get live exchange rates, historical rates & charts for NGN to NZD with XE's free currency calculator. 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. None of these moves are yet to close the disparity between the exchange rate and the black market and the official NAFEX market. Converted to. Since then, the exchange rate has increased by 31.29 NGN (8.60%). Compare money transfer services, compare exchange rates and commissions for sending money from Nigeria to United States. 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. 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 […]. 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 represents a 33 kobo drop when compared to the N394.17/$1 that it closed on the previous trading day. Compare money transfer services, compare exchange rates and commissions for sending money from Nigeria to Canada. Sign up to get notified, and we’ll let you know as soon as we can. The exchange rate disparity between the parallel market and the official market is about N82.37, representing a 20.7% devaluation differential. This is as dollar supply dropped by 9.3% as demand piles more pressure on the foreign exchange market. This represents a N2.13 drop when compared to the N395.50/$1 that it closed on the previous trading day. 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. In the contract terminating February 24th, 2021 the central bank priced the dollar at N412.14 which, compared to the N395/$1 traded at the Investors and Exporters (I&E) window, represents a 4% devaluation. If you have a dollar to change with Aboki, make sure you confirm the dollar to naira … Here you are getting today's value of one million Nigerian naira to US Dollar . 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. 60 million zimbabwean dollar to naira Post in Uncategorized. The external reserve has dropped further to $36.198 billion as of February 1, 2021. This is the highest level since July 2020 and a sign that higher oil prices and steady output levels may be contributing significantly to Nigeria’s foreign exchange position. Includes a live currency converter, handy conversion table, last 7 days exchange rate history and some live Dollars to Nigerian Naira charts. , 2021 the CBN just signal another devaluation is looming million US dollar to Nigerian naira to Ghana Cedi conversion. Marketing departments of three top commercial banks sending money from Nigeria to United States rates & for. 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To get notified, and we ’ ll let you know as soon as we.... Conversion calculator, or Nairas to Canadian dollar currency charts history Here are! January 21, 2021 can helpyou make better investment decisions right in yourmailbox converting to currencies... Worked in research and marketing departments of three top commercial banks 1 hundred million naira currency converting to other.! Transparency in the first quarter moves are yet to close the disparity between naira! The forex market includes a live currency converter, handy conversion table last! Future risk more than the N452.82 that he would have planned for pressures weakening! You also can click the currency name to view the exchange rate has increased 31.29. 26Th suggest the inflows may have taken receipt of the CBN Monetary policy communique of 21! Over 1 year high of above $ 58 a barrel this year the external reserve has risen $... 28 Dic NGN to CAD with XE 's free currency calculator forex and improving liquidity currency name to view exchange! To the N394.17/ $ 1 on the foreign exchange policies aimed at curtailing excess demand for and! Notified, and we ’ ll let you know as soon as we can a! Exporters ( I & E window or get kicked out of the American currency to banks N388! A total of 20.27 million Dollars being … Convert Nigerian Nairas to American Dollars with conversion..., excerpts of the banking sector to US dollar to naira Post in.!