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Naira to Dollar Black Market Exchange Rate October 31st, 2023

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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 October 31st, 2023, the dollar to naira exchange rate is 1 USD to 1170 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1170, 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 ₦1170 and ₦1160 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 ₦1170 and sold for ₦1160.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 1160
Selling Rate 1170

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

Investors King understands that although the dollar to naira opened at N1170 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 Tuesday, October 31st, 2023, individuals in the black market purchased one US dollar for N1170 and sold it for N1160. This shows that the value of the Naira has improved when compared to Monday, October 23rd, 2023 when the local currency was exchanged at N1200 to a Dollar and a Dollar was purchased at N1160.

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.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Forex

CBN Set to Boost Naira: Resumes Weekly Forex Interventions for BDCs

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Central Bank of Nigeria (CBN)

The Central Bank of Nigeria (CBN) has announced plans to reinstate its weekly intervention in the foreign exchange (forex) market through Bureau de Change (BDC) operators.

The decision comes after the CBN halted forex sales to BDCs in 2021 as part of efforts to address forex scarcity and enhance the value of the naira.

However, the current move signals a strategic shift to inject liquidity into the forex market through targeted interventions.

Starting this week, the CBN will resume its weekly intervention program, which involves both funding and collection processes.

The initiative aims to supply much-needed forex to BDCs, which play a vital role in ensuring liquidity and accessibility of foreign currency to businesses and individuals across Nigeria.

Under the plan, designated CBN branches in Lagos, Abuja, Kano, and Awka will facilitate the collection of forex funds for BDCs.

Moreover, the CBN will publish a list of eligible BDCs based on specific compliance criteria, ensuring transparency and accountability in the distribution process.

The Association of Bureau De Change Operators of Nigeria (ABCON) welcomed the CBN’s decision, highlighting its potential to boost market liquidity and stabilize the naira against major currencies, particularly the US Dollar.

ABCON emphasized the need for its members to adhere strictly to regulatory guidelines, warning that any infringement or non-compliance would lead to license revocation and legal action.

The move underscores the CBN’s commitment to implementing effective monetary policies geared towards fostering economic stability and restoring confidence in the Nigerian financial system amidst prevailing challenges.

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Nigeria’s Modular Refineries Grapple with Forex Woes, Operations at Risk

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Dangote refinery

Nigeria’s modular refineries, a critical component of the country’s petroleum industry, are facing an existential threat due to challenges in accessing foreign exchange (forex) for the purchase of crude oil, a commodity priced in United States dollars.

The situation puts their operations at risk and could lead to potential shutdowns.

With 25 licensed modular refineries across Nigeria, boasting a combined capacity of producing 200,000 barrels of crude oil daily, these facilities play a crucial role in refining petroleum products for domestic consumption.

However, the worsening foreign exchange crisis in the country has made it increasingly difficult for the operational modular refineries to procure crude oil.

The current global benchmark for crude oil, Brent, trading at over $80 per barrel, underscores the urgency of the situation.

Despite their significant refining potential, the modular refineries are struggling to access the necessary foreign currency to purchase crude oil, which is priced in dollars.

The Crude Oil Refinery Owners Association of Nigeria has highlighted the challenges faced by modular refinery operators.

They assert that the scarcity of dollars has made it nearly impossible to procure crude oil, resulting in a domino effect where refined products cannot be supplied to oil marketers for distribution.

Eche Idoko, the association’s Publicity Secretary, emphasized that unless a solution is found, modular refineries may be forced to cease operations.

He called attention to the need for crude oil to be sold in naira, a move that could ease pressure on the currency and make diesel more affordable.

The threat to modular refineries not only jeopardizes the country’s petroleum production capacity but also underscores the broader economic challenges facing Nigeria amidst the ongoing forex crisis.

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Nigerian Bureau De Change Operators Weigh Merger Options Amidst CBN Regulations

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DOLLAR CURRENCY

As the Central Bank of Nigeria (CBN) proposes new regulatory guidelines for Bureau De Change (BDC) operators, Nigerian currency traders are contemplating mergers as a potential strategy to navigate the evolving regulatory landscape.

The proposed guidelines, outlined in a draft paper titled ‘Revised Regulatory And Supervisory Guidelines For Bureau De Change Operations In Nigeria,’ suggest significant increases in capital requirements for BDC operators, including a jump in share capital to N2 billion for Tier 1 licenses and N500 million for Tier 2 licenses.

Aminu Gwadebe, President of the Association of Bureau De Change of Nigeria (ABCON), highlighted the potential for consolidation within the industry as members grapple with the proposed regulatory changes.

Gwadebe explained the need for a temporary halt on issuing new licenses to allow existing operators to merge and form consolidated entities capable of meeting the stringent capital requirements.

Speaking with media Gwadebe noted that the proposed cautionary deposits, amounting to N200 million for Tier 1 and N50 million for Tier 2 licenses, were not in line with global practices for BDC operations.

He stressed the need for dialogue and review of the proposed figures, asserting that such high deposit requirements were unprecedented in the industry.

In anticipation of the CBN’s finalization of the regulatory guidelines, BDC operators are exploring various options to bolster their capital base.

Some operators have begun discussions about potential mergers to pool resources and meet the proposed capital thresholds, recognizing the challenges of raising substantial capital individually within a short timeframe.

As the regulatory landscape evolves, BDC operators are keenly observing developments and engaging in strategic deliberations to ensure compliance with regulatory requirements while sustaining their operations in Nigeria’s dynamic financial environment.

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