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Dollar Rate Climbs Higher, Naira Slumps in Official and Black Markets

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Naira - Investors King

The exchange rate between the United States dollar and the Nigerian naira witnessed significant fluctuations on Wednesday.

The dollar rate extended its upward swing, closing at N773.42 per $1 in the Investors’ and Exporters (I&E) window of the official market, a troubling trend that has caught the attention of both investors and the general public.

Data from the official market rate aggregator revealed that the dollar rate had inched higher from the previous day’s N770.72/$1 rate, casting a cloud of uncertainty over the country’s economic stability.

The exchange rate rollercoaster, spanning from a high of N799.90/$1 to a low of N700/$1 throughout the day, reflects the highest and lowest rates offered before the official market’s closing bell.

This continuous ascent of the dollar has weighed heavily on foreign exchange transactions, resulting in a remarkable 147.50% depreciation in the value of forex traded in the I&E window.

This translates to authorized dealers transacting $66.88 million less in forex on Wednesday, compared to a substantial $112.22 million traded the preceding day.

Meanwhile, in the black market, the dollar rate soared past the N900 mark, averaging at N901/$1. The naira, on the other hand, depreciated by a staggering N33.5 kobo, compared to its previous day’s closing rate of N867.5/$1.

The price of the British pound also experienced a sharp rise, climbing to N1163.6/£1, marking a N38.3 kobo increase compared to Tuesday’s average rate of N1125.3/£1.

Similarly, the euro witnessed a surge in its average rate from N961.3/€1 to N988.2/€1, signifying a significant N26.9 kobo hike in the price of the European currency.

These fluctuations in exchange rates emphasize the volatility in Nigeria’s forex market, posing challenges to businesses, investors, and policymakers who must navigate this economic uncertainty.

As the nation watches these developments closely, the need for a stable forex market remains a pressing concern.

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Naira

Naira to Dollar Black Market Exchange Rate September 30th, 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 30th, 2023, the dollar to naira exchange rate is 1 USD to 1008 NGN at the black market.

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Naira Dollar Exchange Rate - Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 30th, 2023, the dollar to naira exchange rate is 1 USD to 1008 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1008, Investors King reports.

This digital 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 Today in the Black Market?

This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦1008 and ₦1000 as of the time of writing today.

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1008 and sold for ₦1000.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 1000
Selling Rate 1008

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Investors King understands that although the dollar to naira opened at N1008 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Friday, September 30th, 2023, individuals in the black market purchased one US dollar for N1008 and sold it for N1000.

To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:

  • Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
  • Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
  • Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
  • Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.

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Naira

Naira to Dollar Black Market Exchange Rate September 29th, 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 29th, 2023, the dollar to naira exchange rate is 1 USD to 1008 NGN at the black market.

Published

on

Naira to Dollar Exchange- Investors King Rate - Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 29th, 2023, the dollar to naira exchange rate is 1 USD to 1008 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1008, Investors King reports.

This digital 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 Today in the Black Market?

This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦1008 and ₦1000 as of the time of writing today.

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1008 and sold for ₦1000.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 1000
Selling Rate 1008

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Investors King understands that although the dollar to naira opened at N1008 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Friday, September 29th, 2023, individuals in the black market purchased one US dollar for N1008 and sold it for N1000. This shows that the value of the Naira was mixed when compared to Thursday, September 28th, 2023 when the local currency was exchanged at N1000 to a Dollar and a Dollar was purchased at N995.

To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:

  • Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
  • Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
  • Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
  • Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.

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Forex

Nigeria’s Forex Crisis Deepens as Trade Imbalance and Low Productivity Take a Toll

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Interbank rate

The former Acting Governor of the Central Bank of Nigeria, Adebisi Shonubi, promised to clear the foreign exchange backlogs within ‘one or two weeks.’

However, two weeks later, the situation remains dire, with forex shortages wreaking havoc on the Nigerian economy.

At the time of Shonubi’s promise, forex backlogs, primarily comprising unmet demands from investors and exporters, amounted to a staggering $10 billion. The most affected were manufacturers and importers relying on foreign currency to purchase finished goods and raw materials from abroad.

Startling data from the National Bureau of Statistics (NBS) revealed that in the first half of 2023, Nigeria spent approximately $6.7 billion on the importation of manufactured goods. Meanwhile, exports of manufactured goods accounted for a mere $285 million during the same period, highlighting the alarming trade imbalance.

In the second quarter, the value of manufactured goods traded reached N3.2 trillion, but only 93% of total trade was exports, amounting to N212 billion. Imports, on the other hand, stood at N3 trillion, translating to $3.8 billion spent on manufactured imports versus just $461 million earned through exports.

This data underscores the nation’s failure to achieve backward integration and promote locally made products.

It also reveals that the forex scarcity plaguing Nigeria is partly self-inflicted due to low productivity and a lack of infrastructure.

The Manufacturers Association of Nigeria reported a concerning decline in capacity utilization, falling from 59% in 2021 to 54.9% in 2023. The report cited difficulties in sourcing forex, which pushed manufacturers to seek local raw materials, albeit at a higher cost.

Unsold inventories also surged, reflecting declining purchasing power, rising inflation, and government policies such as the Naira Redesign.

The situation has been exacerbated by unfavorable macroeconomic conditions, including a cash crunch, high energy costs, and soaring transportation expenses.

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