Latest Dollar to Naira Black Market Exchange Rate Today – August 17, 2023

The Latest Dollar to Naira Black Market Exchange Rate Today Thursday, August 17, 2023, has been published 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 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 N940 and sell at N945 on Wednesday, August 16, 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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Read Also CBN Official Naira to Dollar exchange rate today August 17, 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.

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: N1175.83/€
• Selling rate: 1183.83/€

This means that you can buy 1 euro for 1175.83 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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The Federal Government’s Consideration of Stake Sales in State-Owned Companies to Improve Economy.

The reality of Nigeria’s economic condition appears to be setting in for the Federal Government, as recent reports suggest that it is contemplating divesting its stakes in approximately 20 state-run companies. This strategic move, as detailed in a Bloomberg report, aims to generate funds and enhance the corporate governance of these entities.

Armstrong Takang, the Chief Executive Officer of Finance Ministry Incorporated, an agency operating under the Federal Ministry of Finance, Budget, and National Planning, shed light on the initiative. Among the companies under consideration for stake sales are notable entities such as the Nigerian National Petroleum Corporation Limited (NNPCL).

Takang emphasized that the agency is exploring various options, including strategic sales and initial public offerings (IPOs), with the objective of executing the plan within an 18-month timeframe. In his statement, Takang explained that some of these entities would benefit from private sector involvement, potentially leading to controlling share transfers. He underscored that the government’s priority is to foster value creation rather than strict control.

Takang articulated, “It is better for us to own 49 percent of a high-performing entity than 90 percent of an entity that is underperforming.”

Furthermore, he revealed that the agency is in the process of engaging consultants to manage different aspects of the transactions. This consulting team will encompass professionals from diverse domains, including valuers, financial advisers, lawyers, bankers, and others.

This move aligns with President Bola Tinubu’s vision for revitalizing Nigeria’s economy. In October 2022, the Ministry of Finance, Budget, and National Planning disclosed that the government was contemplating the sale or concession of approximately 27 national assets. Notable among these assets were the Tafawa Balewa Square in Lagos, the National Integrated Power Projects in various locations, and multiple hydropower plants across the nation.

As the Federal Government explores these strategic stake sales, it aims to bolster economic growth, enhance operational efficiency, and contribute to the overall development of the nation’s economy. The outcomes of this endeavor are anticipated to shape Nigeria’s economic landscape in the years to come.

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.

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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.