LIVE Dollar to Naira Black Market Exchange Rates 12 October 2023

Dollar To Naira Black Market Exchange Rate 12 October 2023

Daily US Dollar to Nigerian Naira Exchange Rate on The Voice of Nigeria

The Voice of Nigeria offers detailed and timely updates on the US dollar to Nigerian naira black market exchange rates. Given the unpredictable shifts in currency values in today’s global market, we ensure that our data mirrors the most recent changes. For a reliable source of the latest exchange rate news, bookmark this.

Dollar to Naira Black Market Rate 12 October 2023

Today, in the Lagos Parallel Market (often called the Black Market), you can buy a US dollar for N1005 and sell it for N1010.

Dollars to Naira Black Market 2023 – Handy Conversion Data Table

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Dollar to Naira Rates News 12 October 2023

Nigeria Faces Intensifying Currency Crisis as Naira Dips to N1,040/$1 in Parallel Market

Nigeria’s currency crisis is becoming more severe with the Naira trading at N1,040 per dollar in the parallel market due to supply outstripping demand.

According to a report by Nairametrics, a prominent Nigerian business news outlet, the quotes for currency inflow fluctuate between N1,035 and N1,045 per dollar. This suggests an escalating scarcity of dollars, as relayed by Forex traders to the publication.

A significant divergence is evident when comparing this rate to the official exchange rate of N776.8/$1. This disparity highlights the discrepancy between the rates available in official versus unofficial trading channels.

In the previous month, the parallel market witnessed the Naira breaching the N1,000 to $1 benchmark. Though some experts speculated this might be a momentary shift, the government’s struggle to attract foreign exchange inflows seems to have exacerbated the situation, causing a weekly deterioration in the exchange rate.

Notably, peer-to-peer trading platforms, where transactions are denominated in Bitcoin, have recorded rates close to N1,040/$1. Meanwhile, international trading platforms like Bamboo and Trove registered slightly lower rates, at N1,022/$1 and N1,017/$1, respectively.

The difference between the official and parallel market rates has ballooned to approximately 26%, translating to a deviation of N265 per dollar. Historically, prior to the unification of the exchange rate, this difference stood at around 38.6% or N290/$1. If the official rate continued its decline, it would need to plummet to N1,200/$1 to revisit this 38.6% gap. Given the widening disparity and ongoing Naira devaluation due to demand-supply imbalances, this potential decline seems plausible.

One regular foreign exchange purchaser, speaking to Nairametrics under the condition of anonymity, expressed increasing difficulty in procuring foreign exchange, even through official channels.

The voiceofnigeria.org.ng report further revealed that the central bank has nearly $20 billion in foreign currency swaps committed on behalf of banking institutions. This is aside from the estimated $8 billion believed to be stuck and yet to be cleared