Latest Update: Dollar to Naira Black Market Rate TODAY, 22 August 2023

Dollar To Naira Black Market Exchange Rate Tuesday, 22 August 2023

If you are looking to understand the intricate and  often fluctuating Dollar to Naira rate within Nigeria’s black market, it’s crucial to be armed with reliable information. The best place to get this? https://voiceofnigeria.org.ng, where they provide timely and precise insights.

Important Link

Dollar to Naira Black Market Rate 24 August 2023

CBN Official Dollar to Naira Rates – 23 Aug

 USD To NGN Black Market Exchange Rate, 22 Aug 2023, Monday

For the most current Dollar to Naira black market rate, turn to voiceofnigeria. Trust in their financial updates, as do many Nigerians.

Dollar To Naira Black Market Rate, 22st August 2023, Monday

On August 21, parallel market dealers traded dollars at N855 (buy) and N860 (sell), consistent with rates on August 17. The Naira strengthened to N739.52/$ on August 18, improving from N740.60/$ the prior week. The Central Bank of Nigeria introduced the Price Verification System Portal and clarified the mechanism for Bureau De Change Operations.

Buying Rate: N885
Selling Rate: N900

Those figures are vital for those in Nigeria’s foreign exchange, especially in the black market.

In the world of foreign exchange, it’s evident that black market rates diverge from the conventional rates of banks. This variation is influenced by demand-supply dynamics, government decisions, and global economic trends. Understanding this disparity provides a window into Nigeria’s economic pulse and future direction.

The Official Beat: Central Bank of Nigeria Rates

💥Today’s Hottest Exchange Rates!💥

Nigeria’s local currency, the Naira, has remained steady at N860/$ over the past few days. This stability occurs in anticipation of new guidelines for importers and Bureau De Change Operations (BDCs) set by the Central Bank of Nigeria (CBN). The CBN introduced the Price Verification System Portal (PVS) to accompany the Form ‘M’ application, which indicates an intention to import goods into Nigeria. This system aims to verify and control foreign exchange needs, determining genuine forex requirements and curtailing sectoral crises.

The CBN’s additional guidelines for BDCs indicate that buying and selling spreads should be within -2.5% to +2.5% of the Nigerian foreign exchange market window average rate from the prior day. By August 31, all Form ‘M’ applications should include a valid Price Verification report from the PVS portal. This move by the CBN helps to monitor and regulate the foreign exchange market, addressing concerns of importers inflating invoices to increase their foreign currency demand. Abiola Rasaq, formerly of United Bank for Africa, emphasized the importance of this system in conjunction with banks ensuring Know Your Customer (KYC) processes are in place, preventing unethical practices and supporting genuine traders.

Meanwhile, JP Morgan reported that Nigeria’s net FX reserves are approximately $3.7 billion, lower than expected. The Nigerian National Petroleum Limited secured a $3 billion emergency loan from the African Export-Import Bank to stabilize the Naira, with repayment planned from future oil production proceeds. However, analysts from Meristem suggest that while the loan offers temporary relief, there’s a need for lasting solutions to Nigeria’s inherent FX market challenges.