Latest Dollar to Naira Black Market Exchange Rate Today – August 18, 2023

The Latest Dollar to Naira Black Market Exchange Rate Today Friday, August 18, 2023, has been published 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 black market?

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

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 N940 and sell at N885 on Thursday, August 17, 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.

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Read Also CBN Official Naira to Dollar exchange rate today August 18, 2023

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

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

Banks in Nigeria are now using I & E exchange rates in selling and buying Dollars.

Euro To Naira Black market exchange rate ngnrates.com

The euro to naira exchange rate on August 4, 2023, is as follows:

• Buying rate: N1185.83/€
• Selling rate: 1183.83/€

This means that you can buy 1 euro for 1185.83 naira, and you can sell 1 euro for 1183.83 naira.

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Pound To Naira Black market exchange rate ngnrates.

Pound to naira exchange rate at the Investors and Exporters (I&E) window on August 4, 2023:

• Buying rate: 1,035.41 naira
• Selling rate: 1,035.80 naira

This means that you can buy 1 pound for 1,035.41 naira, and you can sell 1 pound for 1,035.80 naira.

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Moniepoint Expands into Consumer Banking with Debit Card and Mobile App

Nigeria’s corporate banking platform, Moniepoint, is making a strategic move into the consumer banking market, unveiling a debit card and a mobile application designed for consumers. The digital financial services provider has introduced these offerings as part of its efforts to expand its services beyond corporate clients.

Through partnerships with payment processors Mastercard and Verve, Moniepoint users will now have access to debit cards, enabling them to perform various financial transactions. This development was announced in a news release by Moniepoint’s Senior Vice President for Channels and Sales Tools, Ope Adeyemi.

The newly launched mobile app offers a range of functionalities, allowing users to send money, pay bills, buy airtime, and access standard banking services. Customers will be able to utilize their debit cards at POS terminals, ATMs, and for online purchases.

Moniepoint’s new consumer banking initiative is also expected to benefit businesses, as the platform plans to introduce features like salary overdraft and more in the near future. The app will also include a card dispute resolution system, empowering users to address declined card transactions promptly.

Ope Adeyemi emphasized the strategic nature of this move, stating, “Launching a personal banking product means we can connect businesses and their customers more effectively, backing them with our reliable infrastructure and services.”

Moniepoint’s involvement in this year’s Big Brother Naija reality TV show includes the introduction of games within the app, allowing users to earn points with transactions and compete for substantial weekly prizes.

The fintech landscape in Nigeria has seen notable players like OPay, PalmPay, and Moniepoint gain popularity, driven in part by service gaps witnessed in traditional banking institutions. These fintech apps have gained traction among Nigerians, prompting increased customer sign-ups and engagement.

As the Central Bank of Nigeria extended the deadline for the transition to a cashless economy until December 2023, fintech platforms like Moniepoint have an extended window to cater to the evolving financial needs of consumers and continue reshaping the country’s banking landscape.

Factors Influencing Foreign Black Market dollar to naira Exchange Rate

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

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.

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.