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Dollar To Naira Black Market Exchange Rate For Today 1st January 2023

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Naira Dollar Exchange Rate - Investors King

Dollar to naira exchange rate today 1st January 2023, black market rate can be accessed below.

Investors King has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How Much Is Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N737 and sell at N747 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 737
Selling Rate 747

The local currency (abokiFx) opened at N747.00 per $1 at the parallel market otherwise known as the black market, today, Sunday, 1st January 2023, in Lagos Nigeria, after it closed at N747.00 per $1 on Saturday, 31 December 2022.

Factors Influencing Foreign Exchange Rates

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.

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.

 

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Naira

Hoarding of Redesigned Naira: Culpable Bank Officials Risk N5m Fine, Jail Term as Anti-Graft Agents Intensify Arrests

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New Naira notes

As agents of the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and Department of State Security (DSS) have been storming commercial banks and picking up senior bank officials hoarding the redesigned naira notes, those culpable may not have realised the extent of trouble they are enmeshed in.

Aside arresting defaulting banks, the agencies have also been arresting other individuals who deal in selling the naira notes.

In some parts of Nigeria including Abuja, Osogbo, Ekiti among others, law enforcement agents have apprehended senior officials of commercial banks for failing to load their Automated Teller Machines (ATMs) with the new currency, thus fueling chaos and crisis in the nation’s financial system.

Investors King had reported how EFCC agents arrested the bank manager of a commercial bank in the Federal Capital Territory (FCT) for hoarding N29 million new notes.

Meanwhile, even as the operatives intensify their round-up exercise in order to restore sanity to the financial institutions, it has been revealed that those arrested may be at the risk of paying the sum of N5 million as fine.

As contained in the Central Bank of Nigeria Act of 2007 and the Banks and other Financial Institutions Act of 2020, banks hoarding notes should be punished by the apex bank through payment of N5m fine while members of the public transacting the new notes risk N50,000 fine.

If any official working with a particular bank is caught hoarding the currency, the Act says such worker is liable to a fine of at least N5m which the bank would pay and an extra N100,000 for each day of the compliance failure.

According to the Act, the Governor of CBN has the right to alter, amend or propose new fines as contained in Section 5(4,5) of the Act.

It further revealed that where the governor proposes to vary, revoke or impose fresh or additional conditions on a licence, the Governor shall, before exercising such power, make notice of his intention known to the bank affected and give the bank an opportunity to make representation to him thereon.

After this is done, any bank that fails to comply with any fresh or additional condition imposed in relation to its licence is liable to (a) a penalty of not less than N5,000,000, and (b) an additional penalty of N100,000 for each day during which the fresh or additional condition is not complied with.

The punishments for defaulters are not limited to fine, imprisonment is also involved in a case where the convict could not meet the fine.

In the midst of the crisis, the Act states that even though some officials might escape being arrested, but any bank director, manager or officer who fails to ensure that compliance is observed is also guilty and is liable to at least three years imprisonment, or N2m, or both.

It was further discovered that Section 5(6) of the Act states that any person who, being a director, manager or officer of a bank fails to take reasonable steps to secure compliance with any of the conditions of the licence of the bank commits an offence and is liable on conviction to imprisonment for a term of not less than three years or a fine of not less than N2,000,000 or both.

For those who have been found hawking and trading the Nigeria around commercial banks and elsewhere, they are liable to six months imprisonment or a fine of at least N50,000, according to the CBN Act 2007.

The could be recalled that the CBN had earlier threatened to prosecute anyone caught selling or abusing the Naira.

To this end, security agents have been raiding the banks and picking up those who flout the directives.

Also, officials of the apex bank have been going around the country and monitoring compliance level of commercial banks with discoveries of cash hoarding in some banks.

The CBN Director of Corporate Communications, Osita Nwanisobi, had expressed worry over the hoarding and selling of the new notes, and promised to work with security agencies to tackle the menace.

 

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Naira

Black Market Dollar To Naira Exchange Rate For Today 7th February 2023

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New Naira notes

You can access the black market Dollar to Naira exchange rate for today, 7th February on Investors King.

This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦752 and ₦755, and the price can change (high or low) within hours.

How Much Is Black Market Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N752 and sell at N755 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 752
Selling Rate 755

The local currency opened at N755.00 per $1 at the parallel market otherwise known as the black market today Monday, 7th February 2023, in Lagos Nigeria, after it closed at N757 per $1 on Monday, 6th February 2023.

Even though the dollar to naira opened in the parallel market at N755 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Investors King reports that in the black market, the players buy a dollar for N752 and sell for N755 on Monday morning, February 6, 2023, after they purchased N753 and sold for N757 on Saturday, 5th February 2023.

Factors Influencing Foreign Exchange Rates

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.

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.

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Naira

Black Market Dollar To Naira Exchange Rate For Today 28th January 2023

Dollar to naira exchange rate today black market (Aboki dollar rate)

Published

on

New Naira notes

You can access the black market Dollar to Naira exchange rate for today, 28th January on Investors King.

This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦750 and ₦755, and the price can change (high or low) within hours.

How Much Is Black Market Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N750 and sell at N755 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 750
Selling Rate 755

The local currency opened at N755.00 per $1 at the parallel market otherwise known as the black market today Saturday, 28th January 2023, in Lagos Nigeria, after it closed at N750 per $1 on Thursday, 26th January 2023.

Even though the dollar to naira opened in the parallel market at N755 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Investors King reports that in the black market, the players buy a dollar for N750 and sell for N757 on Saturday morning, January 28, 2023, after they purchased N744 and sold for N746 on Thursday, 26 January 2023.

Meanwhile, Investors King reports that the USD started this week at ₦745 in Parallel Market also known as Black Market on Monday, January 23, 2023, in Lagos Nigeria, after it opened at ₦744 last week Monday, January 16, 2023.

Factors Influencing Foreign Exchange Rates

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.

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.

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