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):
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.
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| 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.
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:
- 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.
Inflation Rates:Â 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:Â 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.
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.
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.
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.
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.
