Dollar to Naira black market exchange rate in Nigeria for today August 9, 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 N880 and sell at ₦892 on Tuesday, 8 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 | ₦895 |
| Selling Rate | ₦897 |
Read Also CBN Official Naira to Dollar exchange rate today August 9, 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: ₦897.83/€
- Selling rate: 983.83/€
This means that you can buy 1 euro for 965.83 naira, and you can sell 1 euro for 983.83 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: 1,049.41 naira
- Selling rate: 1,049.80 naira
This means that you can buy 1 pound for 1,049.41 naira, and you can sell 1 pound for 1,049.80 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 Hits Unprecedented Lows at N900/$1 on Parallel Market Amidst Fierce Demand for Foreign Currency”
 “On Tuesday, August 8, 2023, the naira experienced an unprecedented drop, reaching an all-time low of N900/$1 on the parallel market, driven by an overwhelming demand for foreign currency surpassing its supply.
Nairametrics sought insights from forex traders, who indicated exchange rates as high as N900/$1 for ‘inflows’ and N895/$1 for cash transactions. ‘Inflows’ denote the sale of forex through interbank transfers, typically carrying a higher cost compared to cash transfers.
Further exacerbating the situation, the peer-to-peer market, a domain where cryptocurrency traders engage in forex exchanges, witnessed the exchange rate surging beyond N900/$1.”
