Naira to Dollar Black Market Rate Today: 11th July 2023
- The black market exchange rate for the dollar to Naira On 11th July 2023.
- Nigerian bank customers reportedly lost a total of N472 million to fraudulent activities in Q1 2023.
- Despite these fraud losses, there was an 85.13% decline compared to the Q4 2022 figures.
Overview of the Black Market Rates
The term ‘Black Market’ is often used to describe an unofficial or informal trading platform where currencies are exchanged at rates often higher than the official ones. Today, on 11th July 2023, the Naira to Dollar black market rate is documented at N795 per dollar in Lagos, Nigeria. This figure was observed in the morning, with a dollar being bought for N790 and sold for N795, indicating a slight increase from the previous day’s rate.
Comparison: Black Market and Central Bank of Nigeria (CBN) Rates
It’s crucial to observe the contrast between the black market rates and the official rates set by the Central Bank of Nigeria (CBN).
Below is the comparison of rates for 11th July 2023:
- Black Market Rates:
- Buying Rate: 790 NGN per USD
- Selling Rate: 795 NGN per USD
- CBN Rates:
- Buying Rate: 776.90 NGN per USD
- Selling Rate: 776.90 NGN per USD
This contrast reflects the volatility and differences that can exist between the formal and informal currency markets.
Disclaimer: These figures are subject to fluctuation and variation. This article does not set or determine forex rates.
Naira Rates Against Other Major Currencies
In addition to the dollar, it’s also important to track the Naira’s value against other significant currencies like the Pound Sterling and the Euro. On 11th July 2023, the rates are as follows:
- US Dollar:
- Selling: 795 NGN
- Buying: 790 NGN
- Pound Sterling:
- Selling: 1030 NGN
- Buying: 1010 NGN
- Selling: 850 NGN
- Buying: 840 NGN
Note: The rates you acquire or sell forex may differ from the rates captured in this article due to market variations.
Nigerian Bank Customers and Fraud
The Financial Institutions Training Centre (FITC) reports a significant loss of N472 million to fraudulent activities by Nigerian citizens operating different bank accounts in the first quarter of 2023 alone. This figure was obtained from FITC’s institutional members, comprising the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation, and all licensed banks in Nigeria.
The report revealed 12,553 fraudulent transactions within this period. Notably, the Q1 2023 losses indicate an 85.13% decline compared to Q4 2022, during which a total of N3.18 billion was lost to fraud across banking platforms.
In conclusion, while exchange rates fluctuate daily, it’s essential to stay informed about these changes and the financial environment. Always remember to carry out your financial transactions through trusted and legitimate platforms to avoid falling prey to fraudsters.