Forex 986 NGN to NAD exchange rate Nov, 2020 - 986 ...

Parallel Market Rate

Naira strengthens against dollar ahead of CBN FX sales to BDCs - Parallel Market Rate
Aug 29, 2020: $1 to N471
Aug 30, 2020: $1 to N465
Aug 31, 2020: $1 to N450
Sept 1, 2020: $1 to N430
Sept 2, 2020: $1 to N420
The Naira has gained N51 in 5 days.
The naira has strengthened at the parallel market to N420 against the dollar after the Central Bank of Nigeria (CBN) announced that it would resume dollar sales to bureau de change operators.
Before the announcement, the naira had been trading as low as N480 against the dollar.
Upon resumption, the apex bank said BDCs must not exchange the naira at more than N386/$ to end-users.
The CBN said its decision to resume FX sales to BDCs is to enhance accessibility to forex “particularly to travellers” since the resumption date for international flights has been announced.
The CBN also said deposit money banks shall continue to sell forex for travel-related invisible transactions to customers and non-customers over the counter upon presentation of relevant travel documents, passport, air ticket and visa.
submitted by kingkentus to Nigeria [link] [comments]

CBN devalues the Naira

The central bank had devalued the official exchange rate to N380/$1 from N360.1/$1. The adjustment occurred on Thursday, August 6th, 2020. The adjustment is thought to be a move towards unification of the multiple exchange rate windows.
The CBN has adjusted the official exchange rate twice this year. The first one was from N307/$1 to N360/$1 and then just last week, from N360/$1 to N380/$1.
The parallel market exchange rate has averaged N475/$1 more recently.
According to Bloomberg, “Goldman Sachs Group Inc. this week said a significant devaluation of the naira is likely in 12 to 18 months to stabilize Nigeria’s external accounts. An exchange rate of 500-550 per dollar should bring about the desired balance”.
The direction of the exchange rate will be determined by oil prices, growth in the global economy, and Nigeria’s forex policies. The exchange rate disparity is currently due to low forex supply, caused in part by the Covid-19 pandemic which has kept foreign investment out of the country limiting the supply available to the government. If this situation improves, then we could see a convergence between the parallel market to the NAFEX market with the former strengthening towards the latter.
However, a further devaluation could occur if forex scarcity persists and corporates find it difficult to purchase forex at the NAFEX(I&E) window driving up demand at the black market.
https://nairametrics.com/2020/08/13/nigerias-should-expect-a-significant-devaluation-to-n550-1-goldman-sachs/
submitted by vegasbm to Nigeria_FreeSpeech [link] [comments]

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The coronavirus outbreak and tumbling oil prices are triggering a dollar shortage in Nigeria

This is the best tl;dr I could make, original reduced by 62%. (I'm a bot)
Essentially, with oil being Nigeria's biggest export, the government relies heavily on the resource for dollar earnings to fund its national budget.
One unfolding real-time effect is a US dollar shortage that's already manifesting on parallel forex markets with the informal dollar dealers who often operate just in front or across the road from airports and top hotels in the business districts of Lagos and Abuja.
Over the past two days, naira to dollar exchange rates-which have stayed quite stable at around 360 naira to the dollar since mid-2017-have reached 430 naira.
With Nigeria's economy perennially import-dependent, a dollar crunch typically affects a wide range of businesses that require hard currency to fund imports of input materials in a country whose weak industrial base means it makes very little from scratch.
The availability of dollars is also typically a hot button issue among middle class Nigerians, a key demography, who can afford foreign travel, health care or even education-Nigerians spent $514 million to school in the United States in 2018.While still in its infancy, the growing dollar shortage will feel very familiar for most Nigerians.
While the government might be ordinarily reticent to do so, Mathias Hindar, Sub-Saharan Africa analyst at Falanx Assynt, says sustained low oil prices will "See the government's ability to protect the naira diminish." For its part, Aza Traders, an African currency broker, is advising clients to "Reduce exposure" to the naira as it expects "Further weakening" in the coming days.
Summary Source | FAQ | Feedback | Top keywords: dollar#1 naira#2 Nigeria#3 currency#4 price#5
Post found in /Economics.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
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Price Increase & Decrease (YES you read that right!) for Affected Countries

Full data available here.
Prices listed are for the Android version. iOS prices will be similar but may not be entirely the same since Apple uses a different pricing matrix.
Countries in bold see a price increase; countries not in bold see a price decrease.
Country Currency OLD 50 Gems OLD 86 Gems OLD Per Gem NEW 50 Gems New 86 Gems New Per Gem Change
Croatia HRK 289 479 5.569767 275 459 5.337209 -4.18%
Egypt EGP 319.99 529.99 6.162674 549.99 949.99 10.9998 +78.49%
Kazakhstan KZT 11990 19990 232.4419 9990 16990 197.5581 -15.01%
Latvia EUR 36.99 59.99 0.697558 29.99 49.99 0.581279 -16.67%
Malaysia MYR 144.99 244.99 2.848721 129.9 199.9 2.324419 -18.40%
Nigeria NGN 4812.92 8021.53 93.2736 9500 15900 184.8837 +98.22%
Pakistan PKR 2894 4819 56.03488 3000 5000 58.13953 +3.76%
Philippines PHP 1700 2850 33.13953 1490 2490 28.95349 -12.63%
Qatar QAR 130 215 2.5 109.99 184.99 2.149811 -14.01%
Vietnam VND 795000 1350000 15697.67 699000 1099000 12779.07 -18.59%
Now before anyone starts crying bloody murder over Nigeria and Egypt, let me try to explain the drastic price increases.
Strong downward macroeconomic pressure on Nigeria's currency, the Naira, meant that the Nigerian Central Bank was unable to protect its currency's pegged value to the Dollar. On June 20 this year, the Central Bank abandoned the pegged value, allowing the Naira to float and plummet ~40%.
Similarly, the Egyptian government devalued the Egyptian Pound on November 3, abandoning its previous peg of 8.8 XUSD.
Hence the new prices are in line with forex trends, albeit late. Remember the Ukrainian loophole? Arbitrage opportunities often arise when merchants fail to adjust overseas prices accordingly in a timely fashion. Maybe KLab hired a new intern to read the newspapers?
All the other price changes listed here are also in line with current forex trends. Of course KLab never seems to want to lower the prices in countries where love gems are overpriced, e.g. Australia.
submitted by -NINCOMPOOP- to SchoolIdolFestival [link] [comments]

[EVENT] Nigeria pledges commitment to the ten integration measure of WAMZ and ECOWAS Economic platform. Cuts Central Bank interest rates

Discussions within ECOWAS pertainjng economic integration, including customs, monetary and fiscal policy, and prospectively a common currency, are stalled. The movement lacks leadership, and adherance to agreed measures have consistently fallen short. The ten criteria for future economic integration to become viable are divided into four primary agreements, and six secondary. The four Primary Criteria to be achieved by each member country are:
The six Secondary Criteria to be achieved by each member country are:
Thanks to recent injections of FDI, and better fiscal policy, we are well on our way to achieving these goals by 2020. Yet more needs to be done. Nigeria is the largest member of ECOWAS by a long way, and almost as large as the other members put together in terms of population. Nigeria is larger than the other members of the WAMZ put together.
From this vantage point, it is essential to press Nigeria's muscles to the task at hand. We are now compliant on the four Primary measures, but some of the secondary measures still elude us. This issue with foreign currency reserves is beginning to shift, thanks to large Russian and Chinese capital loans for our nuclear energy program, and global investment into our Ports and Power stations in recent months.
Our outstanding problems as principally now monetary. Central Bank has only had a few short years of floated currency, after President removed the peg to the dollar in 2016, and it has not gone well yet. As the Naira appreciates to its true level, deep gulfs in monetary liquidity began to appear. With the renewed drive for FDI in 2017-18, the gaps are narrowing, but interest rates are at an eye-watering 14%. The Central Bank of Nigeria is ostensibly independant, but has bowed to President Buhari's pressure not to devalue the currency in 2015-16, instead pegging it to the dollar. Having recovered from recession, Nigeria must move to encourage capital access for Nigerians. Increasing our currency reserves will primarily act as a buffer for liquidity needs, and a protection against exchange rate volatility. This is the Central Banks timetable:
Quarter Bank's Planned Base Interest Rate Bank's planned total Currency Reserves
Q4 2018 13% $33bn
Q1 2019 12.5% $35bn
Q2 2019 12% $36bn
Q3 2019 11.5% $38bn
Q4 2019 11% $40bn
Q1 2020 10% $41bn
Q2 2020 9% $42bn
Q3 2020 8.5% $43bn
Q4 2020 8% $44bn
The delicate balance between ForEx and Base Rate has been made consistently worse by erratic policy changes, due to political influences, and grave shocks to a poorly prepared economy by oil prices. It is hoped that boosting capital reserves and lowering interest rates will mean Nigeria's economy is more robust, and more able to grow.
Changes to these planned rates subject to announcements.
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Nigeria’s case study in how not to float your currency

This is an automatic summary, original reduced by 83%.
Today, the official interbank market closed at 306 naira to $1. But over at Abokifx, the same US dollar sells for 473 naira on the black market-a spread of 55%, enough to tempt even the purest of souls into a game of 'round-tripping'.
The moment the naira was 'floated' on June 20 this year, the authorities then found themselves in a position of not wanting the exchange rate to depreciate past a certain point to avoid the knock-on effect of higher petrol prices.
This meant that the only way to stop the naira floating away beyond reach was to employ the old tricks of hobbling the markets, fixing rates with a mixture of persuasion and mostly threats and generally wrapping the whole thing in a thicket of rules.
On the day the naira was floated in June, the Central Bank of Nigeria intervened in the markets to clear the huge backlog of unmet demand with a mixture of spot rates and forward contracts to be filled up to one year later.
In the absence of the CBN from the interbank market, the money from the oil majors probably made up between 50%-60% of the supply of forex to the market.
Not so fast said the CBN-the oil majors were also instructed that after selling their dollars to petrol marketers, any leftover had to be sold to the CBN. The reason for this directive remains unclear especially as the CBN is no longer intervening in the forex markets.
Summary Source | FAQ | Theory | Feedback | Top five keywords: market#1 dollar#2 petrol#3 CBN#4 rate#5
Post found in /worldnews and /news_etc.
NOTICE: This thread is for discussing the submission topic. Please do not discuss the concept of the autotldr bot here.
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Can 1 Naira ever become 1 US dollar again on the Forex ... $1 to 400 Naira exchange rate dreams in Nigeria Nigerian currency trading at 440 to the U.S. dollar Forex: Naira closes at N360.54 per dollar at investors ... Nigeria's currency plummets as naira floated Dollar to Naira black market rate for February, 2018 Forex: Naira Appreciates 386 To A Dollar - YouTube HOW TO MAKE MILLIONS TRADING FOREX - YouTube Dollar To Naira Forex markets will take the direct impact of Coronavirus - Collins Udolu

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Can 1 Naira ever become 1 US dollar again on the Forex ...

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