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Dollar To Naira Black Market Exchange Rate For Today 13th January 2023

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Naira Dollar Exchange Rate - Investors King

You can access the black market Dollar to Naira exchange rate for today, 13th 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.

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 N738 and sell at N742 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 738
Selling Rate 742

The local currency (abokiFx) opened at N742.00 per $1 at the parallel market otherwise known as the black market, today, Thursday, 13th January 2023, in Lagos Nigeria, after it closed at N745.00 per $1 on Wednesday, 12th January 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

Dollar to Naira Black Market Today, February 23rd, 2024

As of February 23rd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,610 NGN in the black market, also referred to as the parallel market or Aboki fx.

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Naira Dollar Exchange Rate - Investors King

As of February 23rd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,610 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,650 and sell it at N1,640 on Thursday, February 22nd, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,610
  • Selling Rate: N1,600

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Naira

Naira Appreciates Slightly to N1,542.58/$ at NAFEM

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New Naira notes

The Naira appreciated marginally against the United States dollar, closing at N1,542.58/$ at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday.

This modest gain represents a 2.9 percent appreciation from the previous day’s rate of N1,598.54, highlighting a nuanced fluctuation in the currency’s value.

According to data sourced from the FMDQ Securities Exchange, a platform overseeing FX trading in Nigeria, the Naira’s journey throughout the trading day was marked by an intra-day high of N1,755 and a low of N1,050.

Moreover, the total foreign exchange turnover surged to $172.14 million, indicating a 47 percent increase from the previous day.

Despite the Naira’s marginal gain at NAFEM, concerns persist regarding the widening gap between the official and parallel market rates.

The Naira’s depreciation to N1,900 against the dollar in the parallel market before it moderated to N1,687 later in the day.

Analysts and Bureau De Change operators foresee further pressure on the Naira, with predictions of a potential all-time low of 2,000/dollar at the parallel market in the coming weeks.

The demand for the greenback continues to fuel volatility, prompting regulatory actions from entities like the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to curb speculative activities.

As stakeholders monitor the currency’s trajectory, the CBN’s efforts to address forex liquidity challenges and stabilize the Naira remain under scrutiny amidst evolving market dynamics.

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Forex

Police and EFCC Personnel Raid Bureau De Change Outlets in Ibadan’s Sabo Area

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Bureau De Change Operator

In a concerted effort to curb illicit currency dealings and stabilize the nation’s currency, Nigerian security operatives, including police and Economic and Financial Crimes Commission (EFCC) personnel, launched a raid on Bureau De Change (BDC) outlets in Ibadan’s Sabo area.

Sabo, a prominent district in Ibadan, the capital of Oyo State, serves as a central hub for currency exchange activities in the region.

Videos circulated on social media platforms captured the dramatic scene as armed security personnel and their convoy descended on the bustling Sabo Road.

The raid comes amidst growing concerns over the depreciation of the Nigerian naira, which hit record lows against major foreign currencies, including the dollar.

Sources revealed that the naira’s value reached alarming levels, with exchanges as high as N1980 to $1 on the parallel market and N1780 on the official market.

President Bola Tinubu’s administration has intensified efforts to crack down on individuals involved in currency racketeering, aiming to restore stability to the nation’s economy.

The clampdown signals a firm stance against illegal currency trading and serves as a deterrent to those engaging in speculative activities.

While the raids may disrupt illicit operations, they also underscore the government’s commitment to restoring confidence in the financial sector and promoting transparency in currency exchange practices.

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