Home News Business This Might Be The Best Time For Americans To Invest In Nigeria,...

This Might Be The Best Time For Americans To Invest In Nigeria, With 100 Dollar, You Get 50,000 Naira

108
0
It’s not getting better.
Baba this Is not what you promised us.

Image may contain: 1 person

The exchange rate between the naira and the US dollar as at  (Friday, December 11th 2020), closed at ₦470/US$1 in the parallel market. The rate had also closed at ₦470/US$1 on Thursday, December 10th 2020.

  • Naira: ₦470
  • Dollar: $1
  • Date: December 11th, 2020

The exchange rate between the naira and the British pound sterling closed at ₦615/₤1 on Friday, December 11th 2020. The rate had also closed at ₦615/₤1 on Thursday, December 10th 2020.

  • Naira: ₦615
  • Pounds Sterling: ₤1
  • Date: December 11th, 2020

The exchange rate between the naira and the European euro closed at ₦565/€1 on Friday December 11th 2020. The rate had also closed at ₦565/€1 on Thursday, December 10th 2020.

  • Naira: ₦565
  • Euro: €1
  • Date: December 11th, 2020

Activity: US Dollar closed at ₦470/US$1 in the parallel market

Data is collated from various black market dealers on the mainland and island parts of Lagos State where forex is sold. The price quoted daily on this page represents the average price obtained by our Research Team. Our prices are a guide and could be slightly different from the price you get when you eventually decide to buy or sell. This is a daily tracker and updated close of business. See table below for parallel market exchange rate dating to 2019.

At the black market, the Naira depreciated against the dollar to close at N487/$1 on Wednesday.
Also, the naira crashed further against the dollar, closing at N487/$1 at the parallel market on Wednesday, November 25, 2020, as the CBN Governor who alleged that the black market is a tainted market used for bribe and corruption, said the Nigerian official exchange rate should not be determined by the rate at the parallel market.

  • To boost the supply of dollars in the foreign exchange market and reduce the high demand for forex by traders.
  • The CBN has sold about $1 billion to BDCs since they resumed forex sales on Monday, September 7, 2020.
  • This was expected to inject more liquidity into the retail end of the foreign exchange market and discourage hoarding and speculation.
  • However, the exchange rate against the dollar has remained volatile after the initial gains made, following the CBN’s resumption of sales of dollars to the BDCs.
  • The President of the Association of Bureau De Change Operators, Aminu Gwadebe, said he expects the impact of the extra liquidity in the market to be gradual.
  • Despite the drop in speculative buying of foreign exchange, the huge demand backlog by manufacturers and foreign investors still puts pressure and creates a volatile situation in the foreign exchange market.

LEAVE A REPLY

Please enter your comment!
Please enter your name here