Dollar To Naira Black Market Rate Today 8 August 2023 | Aboki fx rate

0
Dollar to naira today black market exchange rates

Dollar to Naira black market exchange rate in Nigeria for today August 8, 2023, can be accessed on Ejes Gist News .

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Advertisement

Dollar To Naira Yesterday Black Market

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N870 and sell at ₦882 on Monday, 7 August 2023, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Advertisement

Read Also WAEC Result Checker Portal: How to check WAEC results 2023 using SMS, Phone, Scratch card

Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦875
Selling Rate ₦882

Read Also CBN Official Naira to Dollar exchange rate today August 8, 2023

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Advertisements

Central Bank of Nigeria (CBN) Naira Exchange Rates for banks

Euro To Naira Black market exchange rate ngnrates.com

The euro to naira exchange rate on August 4, 3034, is as follows:

  • Buying rate: ₦882.73/€
  • Selling rate: 873.73/€

This means that you can buy 1 euro for 865.73 naira, and you can sell 1 euro for 873.73 naira.

Pound To Naira Black market exchange rate ngnrates.

Pound to naira exchange rate at the Investors and Exporters (I&E) window on August 4, 3034:

Advertisements
  • Buying rate: 1,048.41 naira
  • Selling rate: 1,048.70 naira

This means that you can buy 1 pound for 1,048.41 naira, and you can sell 1 pound for 1,048.70 naira.

Factors Influencing Foreign Black Market dollar to naira Exchange Rate

Here are some of the causes of the dwindling dollar-to-naira exchange rate.

Advertisements

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Advertisements
Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.
Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.
Naira to Dollar black market exchange rate , Naira To Dollar Black Market Rate

Naira’s Appreciation Reverses, Widens Gap Between Official and Black Market Rates of dollar to naira.

Investors and exporters in the official market were presented with an exchange rate of N799/$1 to N475/$1 on Friday.

Advertisements

Throughout business hours in the investors’ and exporters’ (I&E) window, the naira-to-dollar rate experienced fluctuations before eventually stabilizing at N743.07/$1.

This signifies a 4.30% appreciation in the naira’s value and a decline of N33.43 kobo in the dollar’s value by the close of trading, resulting in both currencies concluding at N776.50/$1 on Thursday.

Advertisements

Reports from Ripples Nigeria reveal that the dollar’s depreciation in the official market has widened the disparity between the Central Bank of Nigeria (CBN)-backed channel and the black market.

The gap between the official and black market rates widened to N130.53 kobo on Friday, with the dollar being traded at N873.6/$1 in the parallel market.

Advertisement

Naira Rates, a black market aggregator, indicates that the value of the United States currency experienced a slight increase of N0.8 kobo during Friday’s trading, marking an upturn from the previous day’s N872.8/$1.

Recalling the CBN’s unification of multiple exchange rates into the I&E window rate and the naira devaluation to bridge the gap between official and black market rates, it’s noteworthy that the gap between these rates grew to N284.03 on June 13, just before the naira’s devaluation on June 14. During that time, the USD was sold at N471.67/$1 in the official market, and the black market rate stood at N755.7/$1.

However, following the devaluation, the gap dwindled to a mere N12.98 kobo on June 19, as the official market’s dollar rate exceeded that of the parallel market. The former averaged N770.38/$1, while the latter reported N757.4/$1.

Nevertheless, the gap has started to regress toward pre-devaluation levels in recent weeks, with the dollar’s rate gaining more ground in the black market, while the naira continues to experience further depreciation.

Advertisement
Advertisements

Advertisements

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!