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Rewane Says Naira Appreciation Is Sustainable

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The Managing Director/Chief Executive Officer of Financial Derivatives Company Limited Bismark Rewane believes better days are ahead for the country’s currency, the naira.

On Wednesday, the naira closed trading at 1,410/dollar at the parallel market and N1,475 at the official Nigerian Autonomous Foreign Exchange Market, according to data compiled from the FMDQ Securities Exchange.

Although the country’s currency had fallen sharply against major currencies in recent months, Rewane, who was a guest on Channels Television’s Politics Today which aired on Thursday, said the appreciation of the naira is sustainable.

“The truth is that it is sustainable as long as you do a number of things,” he said when asked by the presenter, Seun Okinbaloye if the recent appreciation of the local currency is sustainable.

“One is that interest rate has been increased therefore the propensity to save has increased and the propensity to consume has actually reduced. People are consuming less and saving more if they are saving.”>

But he is unhappy with the government’s management of resources.

“The government itself is consuming less and saving more. You heard that there is a ban on travel,” the economist added.

“At the same time, there is a lot of waste in government, there is a lot of leakages in government and mismanagement of things.”

Trust Deficit
According to him, the current administration should roll up measures to make mint more money in circulation.

While noting that there is a trust deficit, Rewane said there should be consistency in the government’s policy to build confidence in the citizens.

He said, “There is a need for new money, new money is a function of confidence. Confidence is a function of consistency in policy. These are the things that the administration has to come to terms with.

“We have a trust deficit in this country as policymakers. When we say today, the next day we change. There is no consistency. The truth is that when people begin to see consistency, they stop panicking.

“When they stop panicking, they buy less in quantity but over a longer period. So you will now begin to see the prices of those commodities, even like diesel which is now down to like N1,450.”

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Econony

SEE Black Market Dollar To Naira Exchange Rate Today 17 April 2024

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Black Market Dollar To Naira Exchange Rate Today 17 April 2024 Can Be Accessed 👇

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 keep in mind that the rate can shift (either upwards or downwards) within hours.

 

What is the dollar-to-naira black market exchange rate?

The local currency (abokiFx) opened at ₦1,115.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 17 April 2024, in Lagos Nigeria, after it closed at ₦1,110.00 per $1 on Tuesday, 16 April 2024.

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦1,050
Selling Rate ₦1,100
How does the black market dollar-to-naira exchange rate compare to the official rate?

The official exchange rate of the US dollar to the Nigerian naira, as of today, 17 April 2024, is ₦ 1,161 per US dollar.
This is the rate that the CBN uses for its transactions and interventions in the foreign exchange market. The official rate is also the basis for the exchange rates of other foreign currencies, such as the euro, the pound sterling, and the Chinese yuan.

The difference between the black market rate and the official rate is called the parallel market premium. The parallel market premium indicates the degree of divergence between the official and unofficial markets, and reflects the level of confidence in the naira and the CBN’s policies.

Disclaimer:We do not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. 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.

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Econony

Nigeria’s Dollar Reserves Crash Dramatically as Naira Rebounds

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Nigeria is facing a significant depletion of its foreign-exchange reserves, marking a concerning trend not observed in four years. This development has sparked apprehension amid suspicions that the central bank may be exhausting its dollar holdings to bolster the naira, following its commitment to allowing the currency to float more freely.

According to calculations by Bloomberg, liquid reserves have plummeted by 5.6% since March 18, coinciding with the commencement of the naira’s rebound from its record-low levels against the dollar.

As of April 12, Nigeria’s foreign reserves stand at $31.7 billion, reflecting the most substantial decline within a similar timeframe since April 2020, based on data compiled by Bloomberg.

The decline in reserves comes as the Central Bank of Nigeria grapples with stabilizing the naira amidst economic turbulence and fluctuating global currency markets.

The commitment to a more flexible exchange rate regime was initially lauded as a step towards market-driven currency valuation. However, the rapid depletion of reserves has raised concerns about the sustainability of this approach.

Observers point to the delicate balance between supporting the naira’s value to maintain stability in the economy and ensuring an adequate level of reserves to safeguard against external shocks.

The current trajectory raises questions about the central bank’s strategy and its long-term implications for Nigeria’s economic resilience.

Stakeholders are closely monitoring developments in the foreign-exchange market and urging prudent management of reserves to mitigate risks and maintain confidence in the economy.

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SEE Naira Rates Against The USD, GBP, EURO Today April 16, 2024

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We are primarily focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market.

 

Black Market Exchange Rates

Buying Rate

Selling Rate

Dollar to Naira 1114 1080
Pounds to Naira 1400 1320
Euro to Naira 1214 1140
Canadian Dollar to Naira 1360 1320
Rand to Naira 52 43
Dirham to Naira ‎0 0
Yuan to Naira 62 62
G.Cedi to Nair 119.19 119.19
CFA F. (XOF) To Naira 0.83 0.81
CFA F. (XAF) To Naira 0.74 0.74

Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions.

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