Dollar to Naira News 18 October 2023: The Voice of Nigeria website shares the most recent exchange rates between the US dollar and the Nigerian naira in the unofficial market. Because these rates can change fast, we make sure to keep our information up to date. To get trustworthy exchange rate updates, save this webpage as a favorite
Dollar to Naira Black Market Rate 18 October 2023
Today, in the Lagos Parallel Market (often called the Black Market), you can buy a US dollar for N1070 and sell it for N1080.
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Dollars to Naira Black Market 2023 – Handy Conversion Data Table
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Dollar to Naira Rates News 18 October 2023
Voice of Nigeria Report:
Breaking News: Nigerian Naira Hits All-Time Low Against US Dollar
On Tuesday, the value of the Nigerian Naira dropped significantly, reaching a historic low when compared to the US dollar in both the official and unofficial currency exchange markets. The Naira’s worth decreased by 8.9% from its value on Monday, falling from N778.80 per US dollar to N848.12 per US dollar in the official market, as reported by FMDQ, a financial market data provider.
This sharp decline was caused by a substantial increase in the supply of foreign exchange (forex), which surged by 212%, rising from $43.09 million to $134.8 million. Throughout the day, exchange rates fluctuated between a high of N700.00 and a low of N981.00 before stabilizing.
Simultaneously, in the unofficial or parallel market, the Naira was traded at N1,050 per US dollar, up from the previous rate of N1,040 per US dollar. This heightened demand and a shortage of US dollars contributed to the increase. In fact, in some cases, the unofficial rate even reached N1,060 per US dollar. This created a significant gap of N201.88 between the official and unofficial markets, with a market margin of 24%.
The depreciation observed on Tuesday represents an 80% drop in the value of the Naira since June 13, 2023, before the major forex reform that took place on June 14. At that time, the Naira was trading at N472 per US dollar in the official market and N768 per US dollar in the parallel market.
Currency dealers on the streets of Lagos were selling the Naira for prices ranging from N1,040 to N1,049 per US dollar, and the total trading volume reached $234.28 million, a substantial increase from the $43.09 million recorded on the previous Monday.
The Central Bank of Nigeria (CBN) had previously announced its intention to implement a “managed float” system and intervene as necessary. The depreciation witnessed on Tuesday is seen as part of the CBN’s deliberate effort to allow the Naira to float more freely, with the aim of bridging the gap between the official and parallel currency markets. This is an ongoing development, and we will provide updates as the situation unfolds.