Latest Dollar to Naira Black Market Exchange Rate Today – August 15, 2023

The Latest Dollar to Naira Black Market Exchange Rate Today Tuesday, August 15, 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 N950 on Monday, August 14, 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 15, 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: 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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CBN Announces Renaming of Official Forex Market to Nigerian Foreign Exchange Market.

The Acting Governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, has announced the renaming of the official foreign exchange market, formerly known as the Investors and Exporters (I&E) window, to the Nigerian Foreign Exchange Market (NFEM).

Folashodun Shonubi, the Acting Governor of the CBN, disclosed this while delivering a Distinguished Personality lecture titled “Diaspora Remittances and Nigeria’s Economic Development” to members of the Executive Intelligence Management Course (EIMC) 16 at the National Institute for Security Studies in Abuja.

This development comes just two months after the apex bank confirmed the elimination of segmentation in the foreign exchange market, consolidating all segments and rates into the I&E window, which is now recognized as the sole official forex market.

Established by the CBN in 2017, the I&E window serves as the market trading segment for investors, exporters, and end-users. It facilitates forex transactions at exchange rates determined by prevailing market conditions, thus ensuring effective and efficient price discovery within the Nigerian foreign exchange market.

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.