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CBN Naira To Dollar Rate Today 9th March 2024

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CBN naira to dollar rate today 9th March 2024 can be accessed below.

The official CBN Dollar To Naira exchange rate today, which also includes exchange rates of Pounds to Naira, Euro to Naira, and more popular currencies used by Nigerians.

IMPORTANT NOTICE: Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested in Forex contact their respective banks before proceeding.

The parallel exchange rate (black market rate) always differs from the CBN rate. The exchange rate between the USD and the Nigerian Naira significantly impacts the Nigerian economy.

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As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.

The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website.

The dollar-to-naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those on the black/parallel market.

What is the CBN naira to dollar rate today?
The CBN Dollar to naira exchange rate today: The exchange rate for a dollar to naira at the official window is ₦1,594 as of Saturday, 9 March 2024, according to the data published by CBN. The CBN exchange rate of dollar to naira today, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official is as follows:

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Date Currency Buying(NGN) Central(NGN) Selling(NGN)
3/7/2024 US DOLLAR 1593.342 1593.842 1594.342
3/7/2024 POUNDS STERLING 2034.8571 2035.4956 2036.1342
3/7/2024 EURO 1739.2921 1739.8379 1740.3837
3/7/2024 SWISS FRANC 1810.8217 1811.3899 1811.9582
3/7/2024 YEN 10.7498 10.7532 10.7566
3/7/2024 CFA 2.6169 2.6269 2.6369
3/7/2024 WAUA 2113.945 2114.6083 2115.2717
3/7/2024 RIYAL 424.8119 424.9452 425.0785
3/7/2024 DANISH KRONA 233.2926 233.3658 233.439
3/7/2024 SDR 2118.8262 2119.4911 2120.156
Dollar to Naira CBN Rate Today

The official exchange rate of the US dollar to the Nigerian naira, as of today, 9 March 2024, is ₦1,594 per US dollar.

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate of $1 ₦1,593
Selling Rate of $1 ₦1,594
Factors Influencing Foreign Exchange Rate

Here are some of the causes of the dwindling dollar to naira exchange rate.

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Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favor of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

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Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

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Economy

Petrol to sell at N935 per litre from today-IPMAN

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The Independent Petroleum Marketers Association of Nigeria (IPMAN), says the price of petrol will drop to N935 per litre by Monday in view of Dangote Refinery’s new arrangement.

IPMAN said the new price was necessitated by the reduction in Dangote Refinery’s fuel ex-depot price and uniform arrangement, which would enable marketers to sell at N935 in their outlets nationwide.

Alhaji Maigandi Garima, IPMAN National President, who made this known on Sunday in an interview with the News Agency of Nigeria (NAN) in Abuja, lauded the Dangote refinery for the development.

NAN reports that Dangote refinery recently announced a significant reduction in fuel price by 7.27 per cent from N970 per litre to N899.50 per litre at its loading gantry and provided generous credit terms to marketers.

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In the bid to ensure that the price reduction gets to the end consumers, it signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935.

The price reduction which is designed by Dangote refinery to alleviate transport cost during the festive period and beyond, has already commenced in Lagos, and will be offered nationwide from Monday.

“Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899. 50k.

“The refinery is running a programme whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start on Monday.

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“We have been loading from the Dangote refinery and the refinery is saving us in this festive period,’’ he said.

The IPMAN president said previously it was loading at N970 per litre at Dangote refinery, but based on the arrangement and promise from Dangote, by Monday fuel price will drop to N935.

Garima said the downstream sector competition being witnessed currently was expected by marketers since due to deregulation, adding that it would see the price of fuel dropping continuously.

“That is the reason why we have been asking the government to allow private sectors to participate in the refinery business.

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“Very soon more refineries are coming up and the country will see a lot of price reduction in the downstream sector,’’ he said.

He recalled that during the 2023 yuletide, per litre of fuel was sold at N2, 000 in the Northern and Eastern part of the country because fuel was being imported at that period.

He added that the highest price of which fuel could be sold there currently is N1, 100 because refineries are running in the country.

“By the time Warri and Kaduna resume production, one can buy products at cheaper rates and it is good for the economy,’’ he added.

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He however commended the Naira for the crude swap deal, adding that it is a good development for the growth of the economy.

The NNPC Ltd. had also slashed fuel ex-depot price from N1, 020 to N899.

The fuel price reduction reflects response to deregulation and increased industry competition.

(NAN)

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Economy

SEC orders public companies to publish financial statements online by Jan 2025

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The Securities and Exchange Commission (SEC) has issued a new directive requiring all publicly listed companies in Nigeria to publish their financial statements on their official websites, effective January 2025.

This was disclosed in a circular issued by the Commission on Thursday, stressing the importance of the move for investor confidence and regulatory compliance.

The SEC warned that non-compliance with this directive would attract strict sanctions, demonstrating its commitment to improving transparency and accessibility in the Nigerian equities market.

According to the SEC, “The Securities and Exchange Commission (‘the Commission’) has observed that public companies file their periodic returns with the Commission and relevant securities exchanges without simultaneously publishing the same on their websites. This omission contravenes Rules 39 and 41 of the Commission’s Rules and Regulations.”

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The Commission noted that while publicly listed companies routinely file periodic returns with it and relevant securities exchanges, many fail to make these financial statements accessible to the investing public on their websites. This practice, it noted, violates the requirement to ensure that financial disclosures are readily available to guide investors in making informed decisions.

SEC explained the rationale for the directive, stating that publishing financial statements online provides seamless access for the investing public. This ease of access, the Commission said, is essential for encouraging sound investment decisions and ensuring investor confidence in the market.

“Timely disclosures remain a key component of shareholder engagement,” the Commission stated. “The publication of periodic returns on their websites is aimed at providing seamless access by the public to such information, which would serve as a guide to making sound investment decisions.”

The Commission further noted that effective from January 2025, any public company that fails to simultaneously file its periodic returns with the SEC and relevant securities exchanges and publish them on its website will face penalties.

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Economy

Dangote Refinery, NNPCL resume fight over $1bn loan

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Dangote Group, owners of Dangote Refinery, and the Nigerian National Petroleum Company Limited, NNPCL, have clashed over a $1 billion crude oil-backed loan.

Recall that barely 24 hours ago, in a statement credited to NNPCL spokesperson Olufemi Soneye, the state-owned oil firm said it secured a $1 billion loan backed by crude to support the Dangote Refinery during liquidity challenges.

However, Dangote Group spokesperson, Anthony Chijiena, has described NNPCL’s claim as ‘misinformation’.

The company clarified that the $1 billion crude backed loan is about five percent of the total investment that went into building the 650,000 barrels per day refinery.

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According to him, it is inaccurate to say NNPCL facilitated $1 billion for Dangote Refinery amid liquidity challenges.

Chijiena explained that NNPCL had proposed a 20 percent stake investment valued at $2.76 billion in the Dangote Refinery, but that didn’t materialise.

He noted that NNPCL was able to invest $1 billion, which amounts to 7.24 percent equity value.

“Our decision to enter into a partnership with NNPCL was based on recognition of their strategic position in the industry as the largest offtaker of Nigerian crude and, at the time, the sole supplier of gasoline into Nigeria.

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“We agreed on the sale of a 20 percent stake at a value of $2.76 billion. Of this, we agreed that they will only pay $1 billion while the balance will be recovered over a period of 5 years through deductions on crude oil that they supply to us and from dividends due to them.

“If we were struggling with liquidity challenges, we wouldn’t have given them such generous payment terms.

“As of 2021, when the agreement was signed, the refinery was at the pre-commission stage. In addition, if we were struggling with liquidity issues, this agreement would have been cash-based rather than credit-driven.

“Unfortunately, NNPCL was later unable to supply the agreed 300 thousand barrels a day of crude, given that they had committed a greater part of their crude cargoes to financiers with the expectation of higher production, which they were unable to achieve.

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“We subsequently gave them a 12-month period for them to pay cash for the balance of their equity given their
inability to supply the agreed crude oil volume.

“NNPCL failed to meet this deadline, which expired on June 30th, 2024. As a result, their equity share was revised down to 7.24 percent. These events have been widely reported by both parties.

“It is, therefore, inaccurate to claim that NNPCL facilitated a $1 billion investment amid liquidity challenges.

“Like all business partners, NNPCL invested $1 billion in the refinery to acquire an ownership stake of 7.24 percent. That is beneficial to its interests,” the Dangote Group statement said.

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