"With oil prices at the current levels, investors may feel more comfortable lending to Nigeria," Forizs said. The appetite for Nigeria's Eurobond is probably related to the high returns offered, and possibly to oil price developments," Forizs said. "It's hard to square Nigeria's weak economic outlook with such high levels of interest in its Eurobond issuance. It has traded within a range on the official market, supported by the central bank. Dollar to Naira exchange rate today Lagos parallel market (black market dollar exchange rate today) The local currency opened at N570.00 per 1 at the parallel market otherwise known as the black market, today, Tuesday, 19 October 2021, in Lagos Nigeria after it closed N572.00 per 1 on Monday, 18 October 2021.This represents a change of 2 from the previous day.
A survey at the Bureau De Change (BDC) market in Wuse Zone 4, Abuja at the weekend showed that the Naira exchanged for N540/1. Naira has launched a sustained recovery at the parallel market, gaining N25 since it fell to its lowest of N575 to a dollar on September 20, 2021, Daily Trust has found. The currency has been hitting new lows on the black market since the central bank action. Naira gains a record N25 at black market. Good Day, Here is what you need to know about the Dollar To Naira Exchange Rate Today Black Market at the official and Parallel market exchange rates today, December 1st, 2021. The central bank has devalued the currency three times since March last year, but the naira has continued to weaken. Nigeria has been battling dollar shortages brought on by low oil prices, which worsened with disruptions linked to COVID-19. "The rise in foreign exchange reserves on the back of the recent Eurobond issuance is likely to give the central bank more space to support the naira," said Virag Forizs, emerging markets economist at Capital Economics.įorizs added that pressure on the black market could abate if the central bank lifts currency restrictions on imports.
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