Economy

See Exchange Rate As Dollar Continues To Rise Against Naira

Published

2 years ago

February 15, 2024

Naijablitz

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Dollar traded near three-month highs to major peers on Wednesday giving the naira little room to maneuver as forex traders pushed back bets for a first Federal Reserve interest rate cut following surprisingly hot U.S. inflation figures overnight.

The naira traded settled around N1,499/ from an all-time low of N1,534/$ on the official Nigerian Autonomous Foreign Exchange Market.

At the black market where residents who can’t access the official market are forced to obtain foreign currency, the naira traded stronger at N1,517 per dollar

The naira is facing strong headwinds as the availability of the greenback in local markets plummeted sharply, adding pressure on CBN to raise interest rates to attract foreign exchange inflows at its policy meeting scheduled to be held later this month.

The CBN at the start of the year has taken several monetary actions to improve investor confidence, pricing, and market dollar liquidity.

The CBN’s chief, Mr. Yemi Cardoso informed lawmakers that FPIs have already started to provide the economy with much-needed foreign cash because of the changes, revealing that more than $1 billion has been drawn into the market consequently.

The US Consumer Price Index (CPI) reported headline and core inflation figures for the monthly and annual benchmarks that were higher than anticipated.

The positive surprise is a cold shower for markets that were expecting deeper deflation and were solely concerned about a rate cut in March or June. Given these circumstances, even a rate cut in June is beginning to seem quite unlikely.

According to LSEG’s rate probability app, federal funds futures currently price in no rate cut in March and a lower than 50% chance of easing in May. This comes after the U.S. consumer price index (CPI) increased 3.1% from a year ago in January, compared with an estimated 2.9% rise.

The recent CPI report has indicated that the disinflationary path that investors had anticipated no longer reflects the real scenario.

March rate reductions are implausible, and as of right now, June rate cuts seem improbable as well. It’s now time for another push-and-pull readjustment in the US dollar, with the DXY moving to 105 and greater upside this time.

There is still one more CPI report, and the March decision is more than a month away. The US dollar strengthened, and the markets took a hit, but volatility is expected to persist.

Economy

Nigerian Naira continues to wobble against US dollar amid CBN inaction

Published

2 days ago

March 4, 2026

EMMANUEL AGAJI

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The Nigerian naira on Tuesday continued to wobble against the dollar across official and parallel foreign exchange markets on Tuesday amid inaction by the Central Bank of Nigeria.

CBN data showed that it depreciated on Tuesday to N1,384.29 per dollar, down from N1,378.0246 on Monday.

This means that on a day-to-day basis, the Naira dipped by N6.26 against the dollar.

Similarly, at the black market, the Naira dropped by N10 to N1390 per dollar on Tuesday from N1380 traded on Monday.

Recall that the disparity between both foreign exchange markets stood at N5.71 per dollar as of Tuesday.

In more than eight days now, the naira has sustained depreciation against the dollar after the apex bank mopped up dollars from the market.

This comes despite the continued surge of the country’s external reserves, which stood at $49.69 billion as of February 27, 2026.

Recall that on Tuesday, President Bola Tinubu nominated Taiwo Oyedele, former of the Presidential Fiscal Policy and Tax Reforms Committee, as Minister of State, Finance, a ministry supervised by Minister of Finance Wale Edun.

Economy

See The Black Market Dollar-to-Naira Exchange Rate for 3rd March 2026

Published

3 days ago

March 3, 2026

EMMANUEL AGAJI

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NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.

The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.

Also note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 3rd March 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1380 and buy at ₦1360 on Tuesday, 3rd March, 2026, according to sources at Bureau De Change (BDC).

Note exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1380 and buy at ₦1360 on Tuesday, 3rd March, 2026, according to sources at Bureau De Change (BDC).

Economy

Dangote Refinery increases petrol price by N75

Published

3 days ago

March 3, 2026

Admin

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Dangote Refinery has increased its Premium Motor Spirit gantry price.

The 650,000-barrel-per-day refinery increased its petrol price to N874 per liter, up from N799.

This means that the African’s largest refinery adjusted its petrol price by N75 per liter on Monday.

The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed Dangote Refinery’s price hike to DAILY POST exclusively on Monday.

According to him, the move comes amid a hike in global crude oil prices following the Iran-United States-Israel conflict escalation in the past three days.

“It is due to global crude oil price volatility following the Iran-US-Israel war. It is the ripple effect of ongoing conflict,” he told DAILY POST.

According to him, the development would trigger a retail fuel price hike nationwide.

DAILY POST reports that on Monday, Brent and West Texas Intermediate crude blends rose to $78.50 and $71.84 per barrel, respectively, up from $72.87 and $67.02 on Saturday.

Recall that on January 27, Dangote Refinery had hiked its petrol price by N100 per liter to 799 per liter.

Credit: DAILY POST