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Dollar to Naira Exchange Rate Today Black Market and Official February 2018

Checkout the Dollar to Naira Exchange Rate Today Black Market and Official for February 2018 on this Fabinfos page.

Dollar to Naira Exchange Rate Today Black Market and Official February 2018 (Daily Update)

Bookmark this Fabinfos page for your daily update of how much is dollar to naira exchange rate today both in black market and CBN official rate for February 2018. How much Naira to dollar today exchange rate black market is the same as parallel market exchange rate of 1 Nigeria NGN to US $ and vice versa for February 2018.

Without any further delay lets go straight into the exchange rates.

Dollar to Naira Exchange Rate Today February 2018 Black Market

Buying = N360.

Selling = N363.

CBN/Official Exchange Rate of Dollar to Naira Today February 2018

Buying = N304.95.

Selling = N305.95.

Dollar to Naira Bank Rate Today Official CBN Rate February 2018

Buying = N305 Naira.

Selling = N367 – N400. This varies with banks.

Western Union Dollar to Naira Rate February 2018

Sending = N373.

Receiving = N353.23.

Money Gram Dollar Naira Rate February 2018

Sending = N378

Receiving = N353.33.

Some useful information as regards exchange rate in Nigeria

CBN Sells $210m As Naira Closes At 364/Dollar

The Central Bank of Nigeria on Monday injected another $210m into various segments of the inter-bank foreign exchange market.

This came on the heels of the regulator’s $304.4m Retail Secondary Market Intervention sales in the inter-bank forex market on Friday.

Despite this, the naira closed at 364/dollar at the parallel market on Monday, the same rate the United States greenback traded against the local unit on Friday.

At Monday’s trading, the CBN offered the sum of $100m as wholesale interventions and allocated the sum of $55m to the Small and Medium Enterprises forex window.

Customers requiring forex for Business/Personal Travel Allowances, tuition and medical fees, among others, equally got an allocation of $55m.

The Acting Director, Corporate Communications, CBN, Mr. Isaac Okorafor, confirmed the sales, reiterating that the bank would sustain its interventions in the foreign exchange market.

He expressed optimism that the value of the naira would continue to spike in the face of accretion to the foreign reserves and the attendant reduction in the country’s import bill.

While also attributing the stability in the market to the bank’s transparency and cooperation of authorised dealers, he urged all dealers to continue to play by the rule, as the CBN would not hesitate to sanction any erring bank or dealer.

Friday’s sales were in favour of interests in the agricultural, airlines, petroleum products, raw materials and machinery sectors.

Meanwhile, the naira is expected to edge up this week due to tepid dollar demand.

Foreign exchange traders said the naira could firm to 359, as exports fuelled by rising oil prices pick up and offshore investors chase local assets in search of yields, Reuters reported.

On the official market, the naira was quoted at 305.60, supported by the CBN’s regular intervention.

Vice-President Yemi Osinbajo had last Thursday said that a weaker US dollar did not necessarily hurt Nigeria as an oil-producing nation.

The comments by Yemi Osinbajo were made after United States Treasury Secretary Steven Mnuchin welcomed a weaker dollar, saying it benefited the US trade balances in the short term.

“A weaker dollar doesn’t necessarily hurt Nigeria,” said Osinbajo, speaking at the World Economic Forum in Davos.

“We are concerned most about ensuring that we are able to make our own exports cheaper and we working on all of that. Our major concern is how to make ourselves more competitive,” he added.

The welcoming of a weakened dollar, seen by markets as a departure from the usual US currency policy, has been seen as an indication that President Donald Trump is stepping up his attack on China and other big trading partners as part of his America First agenda.

Trump had arrived in Davos on Thursday. Earlier this month the president was accused of using vulgar language for Haiti and African countries, though he denied using the specific language.

“We need each other: Africa needs America. America also needs Africa in several important ways, so for me the most important thing is that we continue to maintain those relationships,” Osinbajo said, when asked about the alleged remarks.

“I‘m also told that Mr. Trump has said that he did not in fact make those statements and we should be able to accept that,” he said.

Kenya’s shilling is expected to weaken slightly this week, after rising to a one-year high last week, according to traders.

Ghana’s cedi could be stable against the dollar this week on increasing hard currency inflows, analysts said.

The local unit was trading at 4.54/65 to the greenback at 1050 GMT, compared with 4.55/00 at last Thursday’s close.

“We expect the cedi to extend its stability as it is expected to trade within the 4.55 and 4.56 band in this week,” Treasury officer of the Accra-based Northstar Home Finance, Raphael Adubila, told Reuters.

Nigeria: World Bank’s Support To Nigeria, Others Hits U.S.$14 Billion

Abuja — The World Bank Group yesterday disclosed that its support to fragile states, including Nigeria through the International Development Association (IDA) has doubled to more than $14 billion.

The bank’s Country Director in Nigeria, Mr. Rachid Benmessaoud, who made the disclosure at a conference with the theme: ‘IdeasforAction Africa’ which it hosted in collaboration with the African University of Science and Technology and the University of Lagos, stated that the focus of the programme was to provide opportunities for the youth to contribute to the shaping of Africa’s 2030 Agenda as well as the Sustainable Development Goals (SDGs).

The IdeasforAction Africa, he noted, is a potent platform which gives young ones the opportunity to have a say in the international development debate and provide practical solutions to the world’s most complex problems.

According to Benmessaoud, to advance sustainable development and the implementation of the 2030 Agenda, the bank’s strategy was to invest more in people and pursue private sector solutions to maximise finance for development.

He added that the bank’s strategy also includes accelerating inclusive and sustainable economic growth through distribution of diversified economic opportunities across sectors and finally, fostering resilience to global shocks and threats.

Benmessaoud said: “The underlying challenge remains the need for countries to mobilise domestic revenues, for development to be sustainable. This is because ultimately the ability to implement and sustain these programmes depends on political will of the government.”

He pointed out that development has to be led by each country with emphasis on protecting its most vulnerable and benefitting its poor.

“It is a moral responsibility on the part of everyone to do more to help people lift themselves out of both fragility and extreme poverty, to help stabilise the countries they live in, and to give them hope for the future.

“Against this backdrop, allocation for fragile states under the International Development Association (IDA) has doubled to more than 14 billion dollars.

“With this, we continue to find new and innovative ways to reach the poor and boost shared prosperity,” he stressed, imploring young Nigerians to put forth their best ideas and be a part of the innovation which IdeasforAction encapsulates.

In his remarks, the President, African University of Science and Technology, Prof. Kingston Nyamapfene noted that African youths represent the engine of growth and positive change.

University, students through the Pan African Materials Institute (PAMI) a programme supported by the World Bank had mathematical solutions for energy, water purification, sustainable building materials and healthcare challenges, he said.

Nyamapfene stated: “The concept is to bring the best minds all over Africa to do their Msc and PhDs and in doing so, we challenge them to solve problems in these areas.

“We believe that young people can solve Africa’s problems. Over the years, PAMI has come up with several excellent proposals.

“However, we have another mile to go and that is to translate these research findings into visible products, goods and services to solve the infrastructure problems in Africa,” he said


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Updated: January 31, 2018 — 3:04 pm

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