Dollar To Naira Exchange Rate Today: Naira Gains As Official Exchange Hits N413/$1

Dollar to Naira exchange rate today, 23 September 2021, Dollar exchange to Naira appreciated marginally at both the black market rate and the official window.

Following Wednesday’s report that $4 billion Eurobond Nigeria generated, which has been identified as one of the biggest financial trades to come out of Africa in 2021.

Brand News Day reports that on Wednesday, the naira gained 0.02% against the US dollar, closing at N413.18/$1 compared to the N413.28/$1 recorded on Tuesday, September 21, 2021. Thus, making Naira gains an average of N413.38/$1 between Monday and Wednesday.

Meanwhile, the daily foreign exchange market turnover increased by 14.49% to $229.72 million on Wednesday, up from $200.65 million on Tuesday.

The exchange rate between the Naira and the US dollar, the dollar was priced at N413.18 after trade on Wednesday, up from N413.28 on Tuesday, marking a 0.02 per cent increase, according to FMDQ statistics.

Exchange Rate of Dollar To Naira in Black Market Today?

In comparison, the parallel market exchange rate appreciated to N572/$1 on Wednesday, up from N575/$1 the day before, as gathered from some BDC operators in Lagos.

This progress comes after Nigeria had raised the sum of $4 billion through Eurobonds which were issued in three tranches.

READ: Dollar To Naira Exchange Rate Today: Dollar To Naira Exchange Rate Hits 570

According to the DMO, the Order Book peaked at $12.2 billion which enabled the FGN to raise $1 billion more than the $3 billion it initially announced.

Dollar To Naira Exchange Rate Today: Naira Gains As Official Exchange Hits N413/$1

The long tenors of the Eurobonds and the spread across different maturities are well aligned with Nigeria’s Debt Management Strategy, 2020 – 2023.

The mobilization of $4 billion through Eurobonds, which was part of the New External Borrowing in the 2021 Appropriation Act, provides a considerable amount of capital to finance projects in the Act, thereby helping the implementation of the Act, according to the DMO.

Although, some analysts believe that the marginal gains of the Naira were caused by the FG’s success in the bond market. Others hold that the gains are too small to strengthen the Naira in the long run.