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Is Forex trading legal in Nigeria?

It is the biggest and most liquid market in the world

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Is Forex trading legal in Nigeria?

If the pandemic has taught us anything, it is this: No one can survive with one source of income. Also, it is unwise to blindly throw your money into any type of investment. You need something solid, a pandemic-proof opportunity.

This explains why many young Nigerians have been looking seriously into the forex trading sector. It is, afterall, the biggest and most liquid market in the world. And anyone can trade at any time, from the comfort and privacy of their smart gadgets.

However, many wonder if it isn’t counterculture. People can’t quite agree on the morality of making a living from speculating about the rise of the dollar against the pound sterling or the Nigerian naira.

And if you have a low appetite for risk, you probably want to be sure that Forex trading is legal in Nigeria. But before we address this concern, let’s look at a brief definition of Forex trading.

(READ MORE: Nigerian banks have written off N1.9 trillion impaired loans in past 4 years)

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What is Forex Trading?

Forex trading is a type of transaction that involves the buying and selling of currencies.

There are several reasons why people and organizations engage in forex trading including:

  • To make a profit.
  • To regulate the market.
  • To facilitate trade.
  • To encourage tourism, etc.

Forex trading has caught on like wildfire. Like I said earlier, many investors are giving the forex market a go, probably because it seems to be pandemic proof.

The main players in the foreign exchange market in Nigeria include:

The Central Bank of Nigeria

The Central Bank of Nigeria is, by far, the biggest player in the forex exchange business in Nigeria.

The bank is empowered to make laws and regulations to regulate and control the other players in the forex market.

Since its establishment, the central bank has released so many guidelines depending on prevailing economic circumstances.

(READ MORE: Sterling Bank reveals N215 billion sequestered by CBN as CRR Debits)

Commercial Banks

Most commercial banks in Nigeria are licensed by the central bank to deal in foreign exchange.

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Customers of commercial banks both residents and non-residents can open and operate domiciliary accounts.

Authorized Buyers

Authorized buyers are corporate bodies and other end-users approved by the central bank to buy foreign exchange from the banks.

Authorized Dealers

In a bid to further liberalize the export sector in Nigeria, the central bank appointed some authorized dealers to sell forex to end-users.

Oil Companies

The oil companies in Nigeria also play a huge role in the forex trade. They earn a lot of foreign currency from the sale of petroleum products and sell the same to other forex players in Nigeria.

The Legal Regime of Forex in Nigeria

With the rise in forex trade and deals in Nigeria, some are beginning to question the legality of such transactions.

The foreign exchange market in Nigeria is highly volatile owing to the dependence of the country on oil which is the major foreign exchange earner.

(READ MORE: Activity level rebound in June as locals sustain dominance)

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Due to this volatility, the Nigerian government, through the Central Bank, the apex bank in the country has tried to come up with measures to regulate the sector.

Foreign exchange regulations and laws empower the Central Bank to make policies to control foreign exchange transactions in Nigeria.

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Some of these laws and policies include:

  • The Exchange Control Act of 1962.
  • The Central bank of Nigeria Act.
  • Banks and Other Financial Institutions Act, 2007.
  • The Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.
  • The Money Laundering (Prohibition) Act.
  • Second-Tier Foreign Exchange Market 1982.
  • Bureau De Change 1989.
  • Autonomous Foreign Exchange Market (AFEM) 1995.
  • Foreign Exchange Market (IFEM) 1999.

These laws and regulations empower the CBN to periodically regulate transactions that are carried out in foreign currencies.

Offline Forex

Foreign exchange transactions conducted by banks and other authorized dealers are well regulated by the Central Bank of Nigeria.

The Central Bank regulations permit banks and other approved bodies to engage in foreign exchange trading.

(READ MORE: CBN adjust naira from N360 to N380 at SMIS)

Online Forex

Online forex transaction in Nigeria is relatively new and no specific rules are regulating that division.

However, there is a body called the Association of Online Forex Trading Agent in Nigeria.

This body which is recognized by the government is working with the CBN and other regulatory agencies to come up with a working framework for the trade.

Having said that, local forex traders must abide by extant laws to operate legally in Nigeria.

Many people who are now venturing into forex do not know how it works. They, therefore, consult dealers or brokers who take their money and trade on their behalf.

In Nigeria, it is illegal to trade with other people’s funds as only licensed brokers are authorized to do that.

Forex traders should also note that forex like other business transactions is subject to tax deductions.

Conclusion

The potential of forex trading is enormous for everyone involved because of the huge liquidity of the sector. And although it seems a bit counterculture, it isn’t.

The relevant government bodies are working hard to come up with a comprehensive regulatory framework to control online forex trading in Nigeria.

To avoid breaking the law, it is imperative for those who want to venture into forex to avail themselves of forex regulations.

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Currencies

Daily Parallel Market Exchange Rate – ₦460/$1

The US dollar closed at ₦460/US$1 in the parallel market

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on

Forex, NIGERIA: Daily Parallel Market, Exchange Rate

The exchange rate between the naira and the US dollar for today (Wednesday, September 23rd 2020), closed at 460/US$1 in the parallel market. The rate had also closed at 460/US$1 on Tuesday, September 22nd 2020.

  • Naira:460
  • Dollar: $1
  • Date: September 23rd, 2020

The exchange rate between the naira and the British pound sterling closed at ₦585/₤1 on Wednesday, 23rd September, as against ₦580/₤1 recorded on Tuesday, September 22nd 2020.

  • Naira: ₦585
  • Pounds Sterling: ₤1
  • Date: September 23rd, 2020

Explore Economic Research Data From Nairametrics on Nairalytics

The exchange rate between the naira and the European euro closed at ₦540/€1 on Wednesday, 23rd September 2020. The exchange rate had closed at ₦535/€1 on Tuesday, September 22nd 2020.

  • Naira: ₦540
  • Euro: €1
  • Date: September 23rd, 2020

Activity: US Dollar closed at 460/US$1 in the parallel market

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READ ALSO: The risk of buying Forex at black market rate of N460/$1 

DateCurrencyBuy(AM)Sell(AM)Buy(PM)Sell(PM)Volatility
9/23/2020Dollar455460455460Low
9/23/2020Pounds580585580585Low
9/23/2020Euro535540535540Low
9/22/2020Dollar455460455460Low
9/22/2020Pounds575585575580Low
9/22/2020Euro530535530535Low
9/21/2020Dollar453455450455Low
9/21/2020Pounds565570565570Low
9/21/2020Euro525530525530Low
9/18/2020Dollar450460450460Low
9/18/2020Pounds575595575595Low
9/18/2020Euro535540535540Low
9/17/2020Dollar455460455460Low
9/17/2020Pounds570580570580Low
9/17/2020Euro530535530535Low
9/16/2020Dollar450460450460Low
9/16/2020Pounds565570565570Low
9/16/2020Euro525530525530Low
9/15/2020Dollar450460450460Low
9/15/2020Pounds565570565570Low
9/15/2020Euro525530525530Low
9/14/2020Dollar445455445455Low
9/14/2020Pounds560575560575Low
9/14/2020Euro515525515525Low
9/11/2020Dollar450455450455Low
9/11/2020Pounds555565555565Low
9/11/2020Euro525530525530Low
9/10/2020Dollar455460455460Low
9/10/2020Pounds545560545560Low
9/10/2020Euro525530525530Low
9/9/2020Dollar430440430440Low
9/9/2020Pounds540555540555Low
9/9/2020Euro500510500510Low
9/8/2020Dollar435440435440Low
9/8/2020Pounds540550540550Low
9/8/2020Euro505515505515Low
9/7/2020Dollar435440435440Low
9/7/2020Pounds525530525530Low
9/7/2020Euro505515505515Low
9/4/2020Dollar425440425440Low
9/4/2020Pounds560580560580Low
9/4/2020Euro505515505515Low
9/3/2020Dollar425440425440Low
9/3/2020Pounds560580560580Low
9/3/2020Euro520535505515High
9/2/2020Dollar425440425440Low
9/2/2020Pounds570580560580Low
9/2/2020Euro535540520535Low
9/1/2020Dollar462465435440High
9/1/2020Pounds565575570580Low
9/1/2020Euro535540535540Low
8/31/2020Dollar463470460465High
8/31/2020Pounds585595580590Low
8/31/2020Euro540545540545Low
8/28/2020Dollar472477472477Low
8/28/2020Pounds580595580595Low
8/28/2020Euro545552545552Low
8/27/2020Dollar472477472477Low
8/27/2020Pounds580590580590Low
8/27/2020Euro542552542552Low
8/26/2020Dollar472477472477Low
8/26/2020Pounds580590580590Low
8/26/2020Euro542552542552Low
8/25/2020Dollar472477472477Low
8/25/2020Pounds575585575585Low
8/25/2020Euro542552542552Low
8/24/2020Dollar473477473477Low
8/24/2020Pounds580590580590Low
8/24/2020Euro542550542550Low
8/21/2020Dollar474477474477Low
8/21/2020Pounds575585575585Low
8/21/2020Euro545550545550Low
8/20/2020Dollar475478473477Low
8/20/2020Pounds575585575585Low
8/20/2020Euro540550540550Low
8/19/2020Dollar475480475480Low
8/19/2020Pounds575585575585Low
8/19/2020Euro540550540550Low
8/18/2020Dollar477480477480Low
8/18/2020Pounds575580575580Low
8/18/2020Euro545550545550Low
8/17/2020Dollar470475470475Low
8/17/2020Pounds580590580590Low
8/17/2020Euro525535525535Low
8/14/2020Dollar470475470475Low
8/14/2020Pounds570580570580Low
8/14/2020Euro525535520535Low
8/13/2020Dollar470475470475Low
8/13/2020Pounds570575565575Low
8/13/2020Euro525530520530Low
8/12/2020Dollar470475470475Low
8/12/2020Pounds570575570575Low
8/12/2020Euro520530520530Low
8/11/2020Dollar477485477485Low
8/11/2020Pounds572584572584Low
8/11/2020Euro510523520535Low
8/10/2020Dollar477485477485Low
8/10/2020Pounds572584572584Low
8/10/2020Euro510523520535High
8/7/2020Dollar475486475486Low
8/7/2020Pounds578585578585Low
8/7/2020Euro536550536550Low
8/6/2020Dollar470480475486Low
8/6/2020Pounds575587578585Low
8/6/2020Euro534545536550Low
8/5/2020Dollar465475473483Low
8/5/2020Pounds570580575587Low
8/5/2020Euro525540532545Low
8/4/2020Dollar470480470480Low
8/4/2020Pounds560570560570Low
8/4/2020Euro520530520530Low
8/3/2020Dollar470480470480Low
8/3/2020Pounds560570560570Low
8/3/2020Euro520530520530Low
7/31/2020Dollar470480470485High
7/31/2020Pounds570582575585Low
7/31/2020Euro500520505520Low
7/30/2020Dollar470490470485High
7/30/2020Pounds550570550580High
7/30/2020Euro495520500525High
7/29/2020Dollar468475467475Low
7/29/2020Pounds575585580590Low
7/29/2020Euro530540530545Low
7/28/2020Dollar469475467475Low
7/28/2020Pounds575593580595Low
7/28/2020Euro550560540550Low
7/27/2020Dollar465473466473Low
7/27/2020Pounds570580575583Low
7/27/2020Euro510520515530Low
7/24/2020Dollar465472464472Low
7/24/2020Pounds570580572582Low
7/24/2020Euro510520505520Low
7/23/2020Dollar460472465472Low
7/23/2020Pounds565575565580Low
7/23/2020Euro510520505520Low
7/22/2020Dollar465472465472Low
7/22/2020Pounds565575560578Low
7/22/2020Euro510525510528Low
7/21/2020Dollar461472462472Low
7/21/2020Pounds560573560575Low
7/21/2020Euro498515500520Low
7/20/2020Dollar460473462473Low
7/20/2020Pounds550570555575Low
7/20/2020Euro495505500510Low
7/17/2020Dollar462470460470Low
7/17/2020Pounds560570558570Low
7/17/2020Euro490500490500Low
7/16/2020Dollar460470460470Low
7/16/2020Pounds558565560570Low
7/16/2020Euro485495485499Low
7/15/2020Dollar455465455470Low
7/15/2020Pounds560565558570Low
7/15/2020Euro485495488498Low
7/14/2020Dollar448462455470Low
7/14/2020Pounds540550557570Low
7/14/2020Euro485495489498Low
7/13/2020Dollar450460448462Low
7/13/2020Pounds540550540550Low
7/13/2020Euro485495485495Low
7/10/2020Dollar453460458465Low
7/10/2020Pounds520525550555High
7/10/2020Euro465467510520High
7/9/2020Dollar455461455463Low
7/9/2020Pounds550558550562Low
7/9/2020Euro495504498505Low
7/8/2020Dollar455461455461Low
7/8/2020Pounds550558550558Low
7/8/2020Euro495504495504Low
7/7/2020Dollar455461455461Low
7/7/2020Pounds550558550558Low
7/7/2020Euro495502495502Low
7/6/2020Dollar455462455461Low
7/6/2020Pounds550562547555Low
7/6/2020Euro495502496502Low
7/3/2020Dollar455462454461Low
7/3/2020Pounds548560550560Low
7/3/2020Euro495505495502Low
7/2/2020Dollar455462454461Low
7/2/2020Pounds548560550560Low
7/2/2020Euro495505495502Low
7/1/2020Dollar455462455462Low
7/1/2020Pounds548560548560Low
7/1/2020Euro495505495505Low
6/30/2020Dollar452460452460Low
6/30/2020Pounds547560547560Low
6/30/2020Euro495505495505Low
6/29/2020Dollar450460450460Low
6/29/2020Pounds547560547560Low
6/29/2020Euro495505495505Low
6/26/2020Dollar452457452460Low
6/26/2020Pounds547557547560Low
6/26/2020Euro490498490502Low
6/25/2020Dollar452457450455Low
6/25/2020Pounds547557547560Low
6/25/2020Euro490498490499Low
6/24/2020Dollar450460450455Low
6/24/2020Pounds545555545555Low
6/24/2020Euro490495488498Low
6/23/2020Dollar450460445455Low
6/23/2020Pounds545555545555Low
6/23/2020Euro490495490495Low
6/22/2020Dollar450455450455Low
6/22/2020Pounds545555545555Low
6/22/2020Euro488498488498Low
6/19/2020Dollar445455445455Low
6/19/2020Pounds540553540553Low
6/19/2020Euro480490480490Low
6/18/2020Dollar445452445452Low
6/18/2020Pounds537550537550Low
6/18/2020Euro475490475490Low
6/17/2020Dollar445452445452Low
6/17/2020Pounds540553537550Low
6/17/2020Euro475490475490Low
6/16/2020Dollar440450445452Low
6/16/2020Pounds540550540553Low
6/16/2020Euro475485475490Low
6/15/2020Dollar440450440450Low
6/15/2020Pounds540550540550Low
6/15/2020Euro475485475485Low
6/12/2020Dollar440450440450Low
6/12/2020Pounds538550538550Low
6/12/2020Euro470485470485Low
6/11/2020Pounds538550538550Low
6/11/2020Dollar440450440450Low
6/11/2020Euro470485470485Low
6/10/2020Pounds538550540553Low
6/10/2020Dollar440450445452Low
6/10/2020Euro470485475490Low
6/9/2020Pounds538550540550Low
6/9/2020Dollar440450440450Low
6/9/2020Euro470485475485Low
6/8/2020Pounds540550540550Low
6/8/2020Dollar440450440450Low
6/8/2020Euro475485475485Low
6/5/2020Pounds535545535545Low
6/5/2020Dollar440450440450Low
6/5/2020Euro460472460472Low
6/4/2020Pounds530543530543Low
6/4/2020Dollar440447440447Low
6/4/2020Euro460470460470Low
6/3/2020Pounds530540530540Low
6/3/2020Dollar440445440445Low
6/3/2020Euro460470460470Low
6/2/2020Pounds535545535545Low
6/2/2020Dollar440450440450Low
6/2/2020Euro460472460472Low
6/1/2020Pounds530543530543Low
6/1/2020Dollar440447440447Low
6/1/2020Euro460470460470Low
5/29/2020Pounds530540530540Low
5/29/2020Dollar440445440445Low
5/29/2020Euro460470460470Low
5/28/2020Pounds535545535545Low
5/28/2020Dollar440450440450Low
5/28/2020Euro460472460472Low
5/27/2020Pounds530543530543Low
5/27/2020Dollar440447440447Low
5/27/2020Euro460470460470Low
5/26/2020Pounds530540530540Low
5/26/2020Dollar440445440445Low
5/26/2020Euro460470460470Low
5/25/2020Pounds535545535545Low
5/25/2020Dollar440450440450Low
5/25/2020Euro460472460472Low
5/22/2020Pounds530543530543Low
5/22/2020Dollar440447440447Low
5/22/2020Euro460470460470Low
5/21/2020Pounds530545530545Low
5/21/2020Dollar450460450460Low
5/21/2020Euro460470460470Low
5/20/2020Pounds530550530550Low
5/20/2020Dollar445460445460Low
5/20/2020Euro450470450470Low
5/19/2020Pounds528540528540Low
5/19/2020Dollar445460445460Low
5/19/2020Euro450465450465Low
5/18/2020Pounds528540528540Low
5/18/2020Dollar445460445460Low
5/18/2020Euro450465450465Low
5/15/2020Pounds530540525535Low
5/15/2020Dollar435450440455Low
5/15/2020Euro450460450465Low
5/14/2020Pounds530540530540Low
5/14/2020Dollar435450435450Low
5/14/2020Euro450460450460Low
5/13/2020Pounds525535525535Low
5/13/2020Dollar430450430450Low
5/13/2020Euro440455440455Low
5/12/2020Pounds525535525535Low
5/12/2020Dollar435450435450Low
5/12/2020Euro445455445455Low
5/11/2020Pounds510530525535Low
5/11/2020Dollar430445435445Low
5/11/2020Euro440450445455Low
5/8/2020Pounds510530510530Low
5/8/2020Dollar425437430445Low
5/8/2020Euro425440440450Low
5/7/2020Pounds510530510530Low
5/7/2020Dollar425437425437Low
5/7/2020Euro425440425440Low
5/6/2020Pounds510520510520Low
5/6/2020Dollar425437425437Low
5/6/2020Euro430450430450Low
5/5/2020Pounds510525510525Low
5/5/2020Dollar410430420430Low
5/5/2020Euro425435425435Low
5/4/2020Pounds500510510525Low
5/4/2020Dollar435450410430Low
5/4/2020Euro430440425435Low
5/1/2020Pounds500510500510Low
5/1/2020Dollar435450435450Low
5/1/2020Euro430445430445Low
4/30/2020Pounds500510500510Low
4/30/2020Dollar435450435450Low
4/30/2020Euro430445430445Low
4/29/2020Pounds500520500520Low
4/29/2020Dollar440460440460Low
4/29/2020Euro450465450465Low
4/28/2020Pounds495510500520Low
4/28/2020Dollar430450440460Low
4/28/2020Euro435450435450Low
4/27/2020Pounds495510495510Low
4/27/2020Dollar430450430450Low
4/27/2020Euro435450435450Low
4/24/2020Pounds490500490500Low
4/24/2020Dollar428450428450Low
4/24/2020Euro430440430440Low
4/23/2020Pounds490500490500Low
4/23/2020Dollar420430420430Low
4/23/2020Euro425435425435Low
4/22/2020Pounds490500490500Low
4/22/2020Dollar420425420430Low
4/22/2020Euro425435425435Low
4/21/2020Pounds490500490500Low
4/21/2020Dollar420430420430Low
4/21/2020Euro425435425435Low
4/20/2020Pounds490500490500Low
4/20/2020Dollar420430420430Low
4/20/2020Euro425435425435Low
4/17/2020Pounds490500490500Low
4/17/2020Dollar420430420430Low
4/17/2020Euro425435425435Low
4/16/2020Pounds490500490500Low
4/16/2020Dollar420430420430Low
4/16/2020Euro425435425435Low
4/15/2020Pounds490500490500Low
4/15/2020Dollar420430420430Low
4/15/2020Euro425435425435Low
4/14/2020Pounds490500490500Low
4/14/2020Dollar420430420430Low
4/14/2020Euro425435425435Low
4/13/2020Pounds490500490500Low
4/13/2020Dollar420430420430Low
4/13/2020Euro425435425435Low
4/10/2020Pounds490505490505Low
4/10/2020Dollar420430420430Low
4/10/2020Euro425435425435Low
4/9/2020Pounds490505490505Low
4/9/2020Dollar420430420430Low
4/9/2020Euro425435425435Low
4/8/2020Pounds490500490500Low
4/8/2020Dollar420430420430Low
4/8/2020Euro425435425435Low
4/7/2020Pounds490500490500Low
4/7/2020Dollar420430420430Low
4/7/2020Euro425435425435Low
4/6/2020Pounds492497492497Low
4/6/2020Dollar402412402412Low
4/6/2020Euro410415410415Low
4/3/2020Pounds485490492497Low
4/3/2020Dollar400410402412Low
4/3/2020Euro410415410415Low
4/2/2020Pounds485490485490Low
4/2/2020Dollar400410400410Low
4/2/2020Euro410415410415Low
4/1/2020Pounds480485480485Low
4/1/2020Dollar395400395400Low
4/1/2020Euro407412407412Low
3/31/2020Pounds480485480485Low
3/31/2020Dollar395400395400Low
3/31/2020Euro407412407412Low
3/30/2020Pounds480485480485Low
3/30/2020Dollar390395395400Low
3/30/2020Euro407412407412Low
3/27/2020Pounds480485480485Low
3/27/2020Dollar385390390395Low
3/27/2020Euro405410407412Low
3/26/2020Pounds480485480485Low
3/26/2020Dollar385390385390Low
3/26/2020Euro405410405410Low
3/25/2020Pounds475480480485Low
3/25/2020Dollar380385385390Low
3/25/2020Euro400405405410Low
3/24/2020Pounds475480475480Low
3/24/2020Dollar380385380385Low
3/24/2020Euro400405400405Low
3/23/2020Pounds474478474478Low
3/23/2020Dollar380385380385Low
3/23/2020Euro400403400403Low
3/20/2020Pounds475480475480Low
3/20/2020Dollar370375365367Low
3/20/2020Euro395400395400Low
3/19/2020Pounds475480475480Low
3/19/2020Dollar370375370375Low
3/19/2020Euro395400395400Low
3/18/2020Pounds471475471475Low
3/18/2020Dollar370375370375Low
3/18/2020Euro390395390395Low
3/17/2020Pounds470475470475Low
3/17/2020Dollar375380375380Low
3/17/2020Euro400403400403Low
3/16/2020Pounds470475470475Low
3/16/2020Dollar370375370375Low
3/16/2020Euro400403400403Low
3/13/2020Pounds470475470475Low
3/13/2020Dollar372377372377Low
3/13/2020Euro400403400403Low
3/12/2020Pounds475485490495High
3/12/2020Dollar365380375404High
3/12/2020Euro405412410420Low
3/11/2020Pounds470475475485Low
3/11/2020Dollar360366365375Low
3/11/2020Euro387403405412Low
3/10/2020Pounds468472470475Low
3/10/2020Dollar358360360362Low
3/10/2020Euro390398387403Low
3/9/2020Pounds468472468472Low
3/9/2020Dollar358360358360Low
3/9/2020Euro392398392398Low
3/6/2020Pounds468472468472Low
3/6/2020Dollar358360358360Low
3/6/2020Euro390398390398Low
3/5/2020Pounds468472468472Low
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7/6/2019Pounds469473467471Low
7/6/2019Dollar358361358360Low
7/6/2019Euro400403398402Low
6/6/2019Pounds468472465470Low
6/6/2019Dollar358360358361Low
6/6/2019Euro398402403400Low
3/6/2019Pounds468472468472Low
3/6/2019Dollar358360358361Low
3/6/2019Euro398402398402Low
31/05/2019Pounds465470470474Low
31/05/2019Dollar358360358360Low
31/05/2019Euro397402400403Low
30/05/2019Pounds470474470474Low
30/05/2019Dollar358360358360Low
30/05/2019Euro400403400403Low
28/05/2019Pounds470474470474Low
28/05/2019Dollar358360358360Low
28/05/2019Euro400403400403Low
27/05/2019Pounds470474470474Low
27/05/2019Dollar358360358360Low
27/05/2019Euro400403400404Low
24/05/2019Pounds470474470474Low
24/05/2019Dollar358360358360Low
24/05/2019Euro400405400405Low
23/05/2019Pounds470474472475Low
23/05/2019Dollar358360358360Low
23/05/2019Euro400405400405Low
22/05/2019Pounds472475472475Low
22/05/2019Dollar358350358360Low
22/05/2019Euro400405400405Low
21/05/2019Pounds472475472473Low
21/05/2019Dollar358360358360Low
21/05/2019Euro400405400405Low
20/05/2019Pounds472475472475Low
20/05/2019Dollar358360358360Low
20/05/2019Euro400405400405Low
17/05/2019Pounds472475472475Low
17/05/2019Dollar358360358360Low
17/05/2019Euro400405400404Low
16/05/2019Pounds472475472475Low
16/05/2019Dollar358360358360Low
16/05/2018Euro400404400404Low
15/05/2019Pounds470475470475Low
15/05/2019Dollar358360358360Low
15/05/2019Euro400404400404Low
13/05/2019Pounds470475470475Low
13/05/2019Dollar358360358360Low
13/05/2019Euro400404400405Low
10/5/2019Pounds470475470475Low
10/5/2019Dollar358360358360Low
10/5/2019Euro400405400405Low
9/5/2019Pounds470475470475Low
9/5/2019Dollar358360358360Low
9/5/2019Euro400405400405Low
29/04/2019Pounds470475470475Low
29/04/2019Dollar358360358360Low
29/04/2019Euro400405400405Low
26/04/2019Pounds470475470475Low
26/04/2019Dollar358360358360Low
26/04/2019Euro400405400405Low
25/04/2019Pounds470475470475Low
25/04/2019Dollar358360358360Low
25/04/2019Euro400405400405Low
24/04/2019Pounds470475472476Low
24/04/2019Dollar358360358360Low
24/04/2019Euro400405400405Low
23/04/2019Pounds474478472476Low
23/04/2019Dollar355360358360Low
23/04/2019Euro390402400405Low
22/04/2019Pounds472476472476Low
22/04/2019Dollar357360358360Low
22/04/2019Euro400405400405Low
19/04/2019Pounds467471470475Low
19/04/2019Dollar355360357360Low
19/04/2019Euro395400402406Low
18/04/2019Pounds470475470475Low
18/04/2019Dollar357360357360Low
18/04/2019Euro402406402406Low
17/04/2019Pounds470475470475Low
17/04/2019Dollar357360357360Low
17/04/2019Euro402406402406Low
16/04/2019Pounds465470470475Low
16/04/2019Dollar360365357360Low
16/04/2019Euro400405402405Low

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.

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Currencies

Currency Traders rush to U.S dollars, reaching 8-week high

Currency traders are now adding more bets on the U.S dollar especially against the euro.

Published

on

US government considers using digital dollars for future payment

The greenback continued its strong comeback against most major financial assets at Wednesday’s trading session in Asia, keeping to its gains recorded on Tuesday.

The surge is attributed to the recent impressive economic data coming from the world’s largest economy amid rising concerns over the COVID-19 outbreak in key geopolitical zones of Europe.

READ: Bitcoin mining difficulty reach an all-time high

What you should know; The U.S dollar index that gauges the greenback against a basket of major currencies rose by 0.19% to trade at 94.162 by 9.15 GMT after reaching a two-month high yesterday.

COVID-19 caseloads are also rising in the U.S with the number of deaths in the country now surpassing 200,000 and the number of caseloads reaching 6.9 million as of September 23, according to Johns Hopkins University data.

GTBank 728 x 90

Explore the Nairametrics Research Website for Economic and Financial Data

The U.S. recent economic data revealed that surge to 6 million in August, the highest level in nearly 14 years.

Quick fact: The U.S. Dollar Index tracks the greenback against a basket of major global currencies such as the Japanese yen, British pound sterling, Swedish Krona, Euro, etc. Individuals hoping to meet foreign exchange payment obligations via dollar transactions to countries like Europe, and Japan, would need to pay fewer dollars now in fulfilling such payment obligations.

READ: COVID-19: Africa’s recovery will need billions of dollars- IMF

Stephen Innes, Chief Global Market Strategist at AxiCorp in a note to Nairametrics explained the prevailing indicators pushing the safe-haven currency up,

“The broader markets have a minimal appetite for holding risk, and the dollar continues to trade higher. The AUDUSD is through .7175, the 55-day moving average, and the uptrend from June.

EURUSD is challenging the 1.1680-00 support band that has been held for the past quarter.  Should risk appetite shift higher, look for currencies to follow in lockstep,” he stated.

Currency traders are now adding more bets on the U.S dollar especially against the euro, which looks overvalued.

GTBank 728 x 90
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Currencies

Leaked Bank memo spooks holders of domiciliary (dollar) accounts

A memo purportedly sent to the foreign exchange trading desk of a leading commercial Bank has spooked domiciliary account holders.

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Leaked Bank memo spooks holders of domiciliary (dollar) accounts, In panic, forex speculators prepare to dump dollars

A memo purportedly sent to the foreign exchange trading desk of a leading commercial Bank has spooked domiciliary account holders (depositors who keep money in dollars) in banks.

In the memo seen by Nairametrics, the bank mentioned that ” it has become necessary to review the utilization of inflows into customers DOM accounts”. Nairametrics cannot verify the authenticity of the memo. However, it has been widely shared on some social media platforms and was the subject of debate on Twitter.

Explore the Nairametrics Research Website for Economic and Financial Data

In the purported letter, the bank recommended utilization actions for a different type of inflows such as inflows from non-oil and oil proceeds, offshore FX inflows, forex inflows from other Nigerian banks, and inflows from “Internal account to account FX transfers (sourced from offshore inflows)” and Internal account to account FX transfers (sourced from FX cash deposits) FX cash lodgment over the counter.

What seems to have spooked some Nigerians were the recommendations made in the memo. For example, under the category that addressed Offshore FX Inflows Local FX inflows (from other Nigerian banks), Internal account to account FX transfers (sourced from offshore inflows), it recommended that “Transfers to third parties are strictly prohibited”. This suggests inflows from abroad into your local account in Nigeria cannot be transferred to anyone else except you sell to the bank or transfer to yourself.

GTBank 728 x 90

READ: 88.0% of all Bitcoins mined, as 2.5 million BTCs left to be mine

In another type of FX transfers, Internal account to account FX transfers (sourced from FX cash deposits) FX cash lodgment over the counter, it made the following recommendations.

  • The origin and source of the FX deposit should be determined before customer can be credited to ascertain legitimacy
  • FX cash lodgments should be lodged by only account holders and they can have unfettered access by telegraphic transfer up to a limit of $40,000.00 monthly for payment of medical bills, school fees, subscription to professional bodies, etc., subject to existing CBN guidelines
  • Transfer from one customer to another is prohibited
  • Transfer within related companies is allowed subject to a limit of  $50,000.00 per month.
  • Own use for eligible transfers and in cases as deemed by regulators (savings towards investments, etc.). This should be subject to regulatory limits and backed by signed instructions.
  • Cash drawings.

READ: BTC scammer steals 1,400 BTCs worth $16 million

It is unclear if these directives have the backing of the CBN as the origin or the source of the letter cannot be verified at the time of writing this article.

What this means: In recent days we have seen several internal leaks from banks recommending several measures aimed at curbing access to foreign exchange. For example, a text message purportedly shared by a bank and seen by Nairametrics for example stipulates that “customers can no longer effect FX transfers directly to third parties” explaining that customers can only “sell such funds to the banks”.

  • The CBN is yet to comment on any of these memos and as far as we know has not issued any circular publicly to this effect.
  • If this memo is true, then it suggests other banks are seriously considering capital controls that limit FX speculations in the hope that it will extinguish dollar demands.

Note: There is a lot of fake information out there however, Nairametrics shares information that it believes its readers should know about even if we cannot immediately authenticate its reliability.

 

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