Dollar to Naira Black Market Rate Today, 24 August 2023

Dollar To Naira Black Market Exchange Rate Thursday, 24 August 2023

The rate below shows the current Dollar to Naira value in the Black Market. Keep in mind, this rate can change hourly depending on the dollar availability in the market.

Check Dollar to Naira Black Market 29 August 2023

 

Dollar To Naira BlaDollar to Naira Black Market Rate, 24 August 2023, Thursday

On 24nd August 2023, Bureau De Change (BDC) sources confirmed that the current exchange rate for dollar to naira at the Lagos Parallel Market, also known as the Black Market, is set at N890 for buying and N900 for selling. 

Dollars to Naira Black Market 24 August 2023 – Handy Conversion Data Table

Naira to Dollar Black Market 24 August 2023 – Handy Conversion Data Table

Dollar to Naira Black Market News 24/08/2023

On Wednesday, August 23, the Naira depreciated, closing at N900/$ in the parallel market, a significant decline from its opening rate of N830/$ earlier in the week. This downturn occurred despite earlier efforts by the acting governor of the Central Bank of Nigeria (CBN), Folashodun Shonubi, to curtail forex speculators who were warned of significant losses. Meanwhile, in the official market, the Investor and Exporter (I&E) window, the Naira stood at N773.42 to the dollar, highlighting a roughly N123 gap between the official and parallel rates.

Forex traders expressed their lack of surprise at this depreciation. Mustapha Bakori, a trader from Abuja, mentioned that the anticipated dollar liquidity boost in the market hadn’t materialized, maintaining pressure on the Naira. Another trader, Garuba Sarki from Lagos, emphasized the uncertainty amongst forex dealers due to the CBN’s unclear stance. Dr. Aminu Gwadabe, the president of the Association of Bureaux De Change Operators of Nigeria (ABCON), advised the government to focus on tracking illicit funds, which he believes is pressuring the forex market.

Earlier in June, the CBN initiated currency reforms aimed at exchange rate unification and removing multiple exchange rates. Although this led to a significant drop in the Naira rate in the official market, dollar supply has remained a challenge.

Richard Obire, a former executive at Keystone Bank Limited, noted that Nigeria’s external-oriented consumption, especially in food and energy imports, hampers the Naira’s stability. Corruption-driven capital outflows further strain the economy. To bolster the Naira, Obire suggested maximizing crude oil production to meet quotas, harnessing the potential of growing diaspora remittances, curbing government expenses requiring hard currencies, and assessing refinery maintenance to reduce foreign fuel imports. He emphasized that a robust economy is key for a stable currency and highlighted the need to shift from an externally focused consumption model to a balanced production-centric one