How much is dollar to naira today black market exchange rate 13, August 2023

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in Nigeria for Sunday, August 13, 2023, has been published on Ejes Gist News.

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

How much is a black market?

(Aboki dollar rate).

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Black Market

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N845 and sell at N850 on Friday, August 11, 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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Dollar to Naira ( to NGN) Today
Buying Rate N925
Selling Rate N945
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Read Also CBN Official Naira to Dollar exchange rate today August 13, 2023

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

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

exchange rate ngnrates.com

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

  • Buying rate: N1165.83/€
  • Selling rate: 1183.83/€

This means that you can buy 1 euro for 1165.83 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: 1,045.41 naira
  • Selling rate: 1,045.80 naira

This means that you can buy 1 pound for 1,045.41 naira, and you can sell 1 pound for 1,045.80 naira.

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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.CBN New Naira Notes- Security features , Supreme Court news

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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.
Naira to Dollar black market exchange rate , Naira To Dollar Black Market Rate

“Naira Hits Unprecedented Low at N1100/$1, Foreign Exchange Demand Surges”

 

In an unexpected turn of events, the Nigerian naira experienced a historic drop on Tuesday, August 8, 2023, plummeting to an all-time low of N1100/$1 on the parallel market. This drastic depreciation was attributed to an overwhelming surge in the demand for foreign currency that far exceeded its available supply.

Forex traders and experts weighed in on the situation, shedding light on the severity of the issue. Exchange rates were reported to have risen as high as N1100/$1 for ‘inflows’, referring to forex sold through interbank transfers, which generally carry a higher cost than cash transactions. Cash transactions were also impacted, with exchange rates reaching around N925/$1.

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The situation was further complicated by the state of the peer-to-peer market, a domain where cryptocurrency traders engage in forex exchanges. In this market, the exchange rate soared beyond the alarming N1100/$1 mark, adding to the growing concerns about the stability of the naira.

The unprecedented drop in the naira’s value has sparked conversations and discussions among economists, policymakers, and financial analysts. The surge in demand for foreign currency, coupled with limited supply, highlights the challenges faced by Nigeria’s economy. Stakeholders are closely monitoring the situation and considering potential strategies to address the currency’s volatility and the wider economic impact.

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New Naira Notes

That is all the latest News update on ” Today and Dollar to Naira today black market.

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