Dollar to Naira News 19 October 2023 (Thursday): The Voice of Nigeria website shows the latest US dollar to Nigerian naira rates in the unofficial market. Rates can change quickly, so we keep our data current. To know the reliable rates, bookmark this page.
Dollar to Naira Black Market Rate 19 October 2023
Today, in the Lagos Parallel Market (often called the Black Market), you can buy a US dollar for N1090 and sell it for N1100.
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Dollars to Naira Black Market 2023 – Handy Conversion Data Table
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Dollar to Naira Rates News 19 October 2023
Voice of Nigeria Report:
Nigeria’s Naira Drops to Record Low Against the Dollar
Nigeria’s currency, the naira, dropped to a historic low on the black market, reaching 1,100 naira per US dollar. This comes after the currency’s value fell on the official market due to a lack of available dollars.
- Black Market Fall: The naira reached its lowest ever on the black market, where it is traded without official controls. This drop happened after some rules on the official market were changed.
- Official Market Drop: On the official market, the naira had fallen to 980 naira per US dollar.
- Central Bank Actions: The Central Bank of Nigeria (CBN) said it will sometimes step in to make sure there are enough foreign currencies available. They recently lifted a long-standing rule that had stopped certain items from being able to buy dollars on the official market.
- Recent Changes: Last month, the naira went below 1,000 naira per US dollar on the black market. This is because more people wanted dollars than were available.
- Other Rates: The difference between the black market rate and the official rate is getting bigger, which might allow some people to take advantage of the price difference.
- Concerns: Some experts worry that government officials, like state governors, might misuse the extra naira they get. They might spend too much without thinking.
- CBN Governor’s Statement: The head of the Central Bank, Mr. Olayemi Cardoso, said the bank can’t magically fix Nigeria’s economic issues. He hopes with good leadership and changes, Nigeria’s economy can grow and offer more opportunities to its people.
- Future Goals: The Central Bank wants to help the country reach a $1 trillion GDP in eight years, control inflation, increase foreign reserves, and be able to recover from economic problems faster.
- Changes in Rules: The Central Bank recently said that 43 items, which were not allowed to buy foreign currencies officially before, can now do so. They believe this will help stabilize the naira’s value.
- List of Items: In the past, items like rice, cement, and others couldn’t buy foreign currencies officially. The list was expanded to 43 items. But now, the Central Bank has changed this rule.
- Central Bank’s Message: The Central Bank wants everyone in the foreign currency market to act professionally and let the market decide the exchange rates.