The naira continued its downward spiral against the dollar at the foreign exchange market following another round of fuel price increases by the Nigerian National Petroleum Company Limited.

This latest adjustment marks yet another spike in the pump price of Premium Motor Spirit this year.

According to data from the FMDQ, the naira weakened significantly, closing at N1625.13 per dollar on Wednesday, compared to N1561.76 exchanged on Tuesday.

This represents a depreciation of N63.37.

This drop comes after the naira had made some gains on Tuesday, appreciating by N73.39 against the dollar.

However, on Wednesday, the currency reversed its fortunes, also weakening in the black market where it fell to N1895 per dollar from N1780 the previous day.

Foreign exchange market turnover also witnessed a decline, with daily transactions dropping to $170.60 million on Wednesday from the $253.68 million recorded on Tuesday.

In response to the rising fuel costs, the NNPCL announced a fresh hike, increasing the price of petrol to N1030 per litre from N898 per litre, marking the second consecutive increase in September 2024.

An industry insider, speaking anonymously, commented, “The back-to-back price hikes will likely add more pressure on the already volatile exchange rate.”

A market analyst also noted, “We’re seeing the direct impact of NNPCL’s fuel price adjustments on the naira. With each increase, businesses and consumers face higher costs, which in turn affects demand for foreign exchange.”

By Mario Deepromoter

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

Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.

What is the Black market dollar to naira today?

The local currency (abokiFx) opened at ₦1,680.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 9 October 2024, in Lagos Nigeria, after it closed at ₦1,670.00 per $1 on Tuesday, 8 October 2024.

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦1,670
Selling Rate ₦1,680
Please, note that the black market exchange rate of dollar to naira in Nigeria is typically higher than the official exchange rate because the Federal Government does not regulate it.

Below you can see the chart for the Nigerian Naira rate today in the official market compared to the Dollar.

1 USD = 1620.2374 NGN
1 Dollars = 1620.2374 Nigerian Naira
The USDNGN rate as of 9 Oct 2024
Disclaimer: NEWSRAIN NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the FMDQOTC website. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.

Source: Newsrain

The Central Bank of Nigeria (CBN) has reassured the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.

The apex bank recognises the crucial role that confidence plays in banking operations and wants to affirm that all deposits in Nigerian banks are secure.

According to a statement signed by the acting director, Corporate Communications, Hakama Sidi Ali, the CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of the Nigerian financial system.

“Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient. In addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues,” the statement stated.

It however said that the bank’s approach to Risk-Based supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector”.

The statement added that the CBN has established memoranda of understanding with the various countries where Nigerian banks’ subsidiaries are located.

This collaboration, according to the statement, enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally.

The statement maintained that CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds.

The apex bank assured that “It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system.”