According to a report by Daily Times, the Naira-Dollar exchange rate now ranges between N250 – N265 to $1.
The report further states:
The official market rate on the website of the Central Bank of Nigeria (CBN) was, however, N197 to the American currency.
The wide disparity between the official rate and what obtains in the black market in an incentive to financial institutions to engage in round-tripping, according to financial experts who spoke with Daily Times at the weekend.
If the trend continues, the government have be left with no choice but to further devalue the Naira.
Photo Credit: Daily Times
Ahn Ahn, what is all this sef? This is getting out of hand. If the CBN is confused, they should consult independent experts. This is killing.
naira to $1 as at this morning is N208 o
I even confirmed too my BDC guy said N210, so i’m thinking this news is yet to circulate
So this is a false report? Hian. These our media houses should stop leading us astray.
I hope Buhari will get rid of this Jim Ovia lap dog from CBN and get a real economist there. Emefiele is yet to wake up from the deep slumber/euphoria of being a CBNGov so he doesnt know what the job requires. .
@kk and what will the best Economics do without an Economic coordinating minister of Africa biggest Economy? Emefiele should go because he wasn’t appointed by your……………..
He should go cos his name is Emefiele and not …………..
If Emefiele was ………, appointed by Buhari you would have been defending him night and day. You would have been brandishing his qualifications isnt it?
God bless u nene. They are ready to blame any body except the confused man who promised to make the naira equal to the dollar.
BellaNaija please take down this story. its not true. The value of the naira has risen very sharply relative to the dollar since last week. The CBN is engaging in some very strong tactics to force it down. I am not sure I agree with the methods, but truth is that it is working. The black market value and the official rate are now very close. If you don’t believe me, ask your neighborhood Bureau de Change operator and you will see. So this story is wrong and misleading.
Lol what of international students in jand? Their own is even worse self. May God help us in this country.
But na wa oh
This is not true! as at close of business on Friday it had dropped to N220 to N223 depending on where you buy/sell.from N235 the previous day. Even the black market dealers in marina were running around to offload what they had as the rate was dropping by the seconds.
This information is false. With the introduction of the new policy from CBN prohibiting payment of cash deposits into any domiciliary account, the exchange rate has crashed to 200-210 in the black market this morning.
fake news …today dollar is 207
Wrong, wrong, wrong, if people report false news I expect more from bella nija , even when dollar was at it peak it was 244 let alone now that it has crashed, the rate is $1 to 217. Check the market before reporting.
Naira is at 205 to $1 this morning. Following directives from CBN to banks to stop accepting foreign currency deposits to dorm account from customers, and pushing lots of dollars to the market. Hence, naira appreciated over the weekend and likely to appreciate further this week.
This report is pure bants!!! As of this morning and Im an official witness, exchange rate was N208 to $1!!!!! This is bull tactics. On inter banking its actually N197,
I used the POS this morning with GTB and $225 was the rate used! The banks are using this as an opportunity because if you buy black market you can’t deposit it, so you have no choice but to use their rate!
GTB is the most useless and unfriendly bank in all ramifications right now, their rates are higher than black market!!! try stanbic, i paid for an item, it was 199.
This iskilling pound is 370 when i bought it last week and now dollar that use to be 150 is 250 highly ridiculous… What is way forward nigeria?
Ok so i really could care less what the exchange rate is at the moment but the tactics being used if what people are writing on here is right. OMG!!! ok someone needs to explain to me how this whole deal will work, so we stop accepting $$$ for now but domicilliary accounts are meant just for that foreign currencies, unless we want to scrap, even if it is scraped this is not a solution. This is just band aid solution to bullet wound joor. Unless something is done, the $$$ will gain strength very soon too and hopefully it will not be worse than what BN is actually reporting at the moment.
Disclaimer: I am not an economist, if i am missing something someone who is knowledgeable should please explain how this is supposed to help.
and so whats way forward.
Bella Naija Team, please do verify the news. Have a money changing Mallam in my office right now and its N205 to $1, as opposed to N250 -$1. It has dropped drastically. This is just for you guys, please DO NOT publish same, just for you to do your research and inform the public accordingly. The new CBN directive on dollars et al is the cause of the crash of dollars, with dollar crash the other forex: pounds and euro have dropped too. Thank you.
Bro Buhari, how far with this now?
Are we headed for Zimbabwean dollars
Good day all, There was an artificial scarcity of dollars created by many sceptics who were of the opinion that our economy was on the verge of going bust. Declining Oil revenues and foreign reserves led to warranted speculations of a further devaluation of the Naira, thus, there was a dollar rush as it would appear that people holding dollar would stand to gain from this devaluation. Now the CBN is looking at alternative means of “rescuing” the economy as against devaluation, secondly, commercial banks do not even have the investment outlets to gain margins on the dollar deposits (which aren’t even insured). so they have stopped collecting this burden called dollars. Now there is a high influx of dollars on the streets/black market as people are looking for where to keep these dollars.. The laws of demand and supply have come into play as unmatched demand for the supplied dollars would force a reduction in price. The CBN, shockingly, got the play right.
I Changed the Dollar this morning at 205 to a Naira. Please verify your information and quit trying to Make this government look bad.
Where pls? I need to change right away
The article should be explained in details bella… If you are selling dollar you can get $1=206-210 depending on where the exchange is at. If you re buying $1 = N232 – N250. that is what the article is referring to. The rise in dollars usually affect ppl who buy cos of their business, hence the concentration on it. Using treasury parlance buy/sell – 250/210 to $1
The Truth is that dollar is sold as nwanyi na aga aga said for N250. Nigeria cannot die in our time, even if destiny say say we won’t allow it o.
The news is true. 25ngn to 1$ in black market as at 12 noon today
please how will nigeria move forward in this condition , if we have to devalue naira to get it right let do it so that we can know what next to do , now we cant import anything into conutry because we did not know what they we say next nigeria is bigger than just a family.
pls wot is d dollar rate today pls and ow stable it is.
Please I need to know the current exchange rate for dollars now
its $298-$299
please what is the rate if dollar now
please what is the rate of dollar now
Check wetinberate.com
What is exchange rate for today
From the i gathered so far, the exchange rate as @ today wednesday 02 /03/2016 #385/1$ May God help Nigeria
please what is the exchange rate for naira to dollar today.
When is 1 dollar becoming 1 naira?