Dollar to Naira black market exchange rate today August 29, 2023 | Aboki Dollar to Naira Today

Stay informed about the Aboki Dollar to Naira exchange rate today and the dollar to naira black market exchange rate today Tuesday, August 29, 2023. Get up-to-date information on the latest currency conversion rates.”

What is the dollar to naira black market exchange rate today 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 black market exchange rate at Lagos (Parallel Market ) players buy a dollar for N895 and sell at N900 on Monday, August 28, 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 29, 2023, is as follows:

• Buying rate: N1263.83/€
• Selling rate: 1265.83/€

This means that you can buy 1 euro for 1265.83 naira, and you can sell 1 euro for 1263.83 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 29, 2023:

• Buying rate: 1,04.41 naira
• Selling rate: 1,065.80 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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Meanwhile, in a positive turn, the Nigerian capital market experienced a 0.24% increase in investment value at the close of trading on Friday. This growth resulted in a rise of N85.7 billion in market capitalization, pushing it from N35.79 trillion to N35.88 trillion by the end of the trading day.

The All-Share Index displayed a notable increase of 157.09 basis points, concluding at 65,558.91 compared to the previous day’s value of 65,401.82.

Market activity saw investors trade 356.01 million shares valued at N4.26 billion across 6,569 deals on Friday. While this was a significant trading volume, it was slightly lower than the previous day’s trading, which involved 583.08 million shares worth N12.9 billion in 6,968 deals.

Gainers and Losers

Among the gainers, SFS REIT led the pack, experiencing a N7.60 kobo increase in share price, rising from N76.20 kobo to N83.80 kobo per share. Nascon also saw notable gains, with its share price rising by N4.05 to close at N44.75 kobo, surpassing its opening price of N40.70 kobo per share.

On the other hand, Prestige topped the losers’ table, suffering a 9.43% decrease and dropping from N0.53 kobo to N0.48 kobo per share. Tantalizer’s share price declined by 9.38%, ending trading at N0.29 kobo from N0.32 kobo per share.

Top Trading Performers

Transcorp emerged as the leader in trading, with 76.71 million shares valued at N442.05 million changing hands. Fidelity Bank closely followed with 52.97 million shares worth N376.91 million. Universal Insurance recorded the sale of 17.83 million shares valued at N3.67 million. FCMB traded 16.70 million shares valued at N98.79 million, while Dangote Sugar sold 16.54 million shares valued at N773.93 million.

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.