Dollar To Naira Black Market Exchange Rate, 28 August 2023
The exchange rate displayed below reflects the most recent Dollar to Naira conversion in the Black Market as of 28/08/2023. It is crucial to remember that this rate is subject to fluctuations on an hourly basis, contingent upon the availability of dollars in the market.
Dollar to Naira 28 August 2023 Black Market Rate
On 28th 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 N907 for buying and N915 for selling.
Dollars to Naira Black Market 28 August 2023 – Handy Conversion Data Table
|Dollar ($)||Buying (₦)||Selling (₦)|
Naira to Dollar Black Market 28 August 2023 – Handy Conversion Data Table
|Dollar (₦)||Buying ($)||Selling ($)|
Dollar to Naira Black Market News 28/08/2023
Naira’s Value Drops to 905/$ Due to More Demand in Parallel Market
The naira kept falling, hitting 905 to a dollar in the parallel foreign exchange market. This happened even though the Central Bank of Nigeria (CBN) had plans for Bureau De Change (BDC) operations. AbokiFX, a website that tracks exchange rates, said parallel market FX dealers were buying dollars at N895 and selling at N905. Before, the naira was steady at 900/$ in the parallel market, but it dropped to N773.42/$ in the Investors & Exporters window.
Analysts from Vetiva in Lagos said investors are worried because of uncertainties about the foreign exchange situation and a recent stop in fiscal reform. They also said the relief the naira got after the $3 billion Afreximbank loan announcement is disappearing.
The CBN said BDC operators should buy and sell within a range of -2.5 percent to +2.5 percent of the previous day’s foreign exchange market average rate.
A market analyst said a big policy change is needed for BDC operators beyond the price margin rule. The analyst said too many BDC licenses have been given out, causing a distorted market. They suggested that BDCs could work as agents of banks to improve coordination and monitoring.
Also, the CBN asked BDCs to submit regular reports through the Financial Institution Foreign Rendition System. If they don’t, they could lose their license.
Another analyst suggested letting BDCs bid for foreign exchange at the official market through banks. They would have to sell it within 48 hours or give it back. This could help coordination, get rid of speculators, and improve the market