Aboki Dollar to Naira Today | Dollar to Naira Black Market Rate August 19, 2023

Stay informed about the Aboki Dollar to Naira exchange rate today and the Dollar to Naira black market rate on August 19, 2023. Get up-to-date information on currency conversion rates.”

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 to Naira Today).

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 N870 on Friday, August 18, 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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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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Central Bank of Nigeria Issues New Guidelines for Forex Sale by BDC Operators

In a significant move aimed at reshaping foreign exchange practices, the Central Bank of Nigeria (CBN) unveiled fresh guidelines for the sale of foreign exchange by Bureau De Change (BDC) operators within the country. This development comes after years of the apex bank’s prohibition of forex sales to BDC operators as a measure to safeguard the naira’s value.

The decision to halt forex sales to BDC operators was initially announced by the then-governor of CBN, Godwin Emefiele, during a media briefing on July 27, 2021, held in Abuja. Emefiele expressed his concern that BDC operators had veered away from their original purpose of serving retail end users seeking sums of $5,000 or less.

The Central Bank’s new guidelines were communicated through a statement released on its official website. The institution urged BDC operators to strictly adhere to these guidelines, as they are designed to bring stability to the foreign exchange market.

As outlined in the statement, the new regulations stipulate that the buying and selling spread for BDC operators should remain within a permissible range of -2.5% to +2.5% of the Nigerian Foreign Exchange market’s window weighted average rate from the preceding day.

Additionally, the CBN has mandated BDC operators to submit statutory periodic reports, encompassing daily, weekly, monthly, quarterly, and yearly renditions, via the upgraded Financial Institution Forex Rendition System (FIFX), tailored to meet the specific requirements of individual operators.

The circular further underscores that non-compliance in rendering the required reports will result in penalties, potentially leading to the withdrawal of an operator’s operating license. In instances where BDC operators have not engaged in any transactions during a given period, they are obligated to submit nil returns as part of the regulatory process.

Market participants are urged to take note of these developments and ensure full compliance with the stipulated guidelines to avoid any adverse consequences. The new guidelines signal the Central Bank’s continued efforts to maintain the stability of Nigeria’s foreign exchange market and reinforce responsible financial practices.

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.

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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.