Dollar to Naira Black Market Rate Today, 29 August 2023

Dollar To Naira Black Market Exchange Rate Tuesday, 29 August 2023

Check out the latest exchange rate for Dollar to Naira in the Black Market as of today, 29/08/2023! Keep in mind, that this rate can change every hour, depending on how many dollars are up for grabs in the market. So, stay tuned!

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Dollar to Naira 29 August 2023 Black Market Rate

On 29th 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 N909 for buying and N915 for selling. 

Dollars to Naira Black Market 29 August 2023 – Handy Conversion Data Table

Naira to Dollar Black Market 29 August 2023 – Handy Conversion Data Table

Dollar to Naira Black Market News 29/08/2023

The Nigerian naira started the new week on a disappointing note against the US dollar in both official and black markets, but there is a glimmer of hope for its recovery. Importers and Nigerians in need of dollars are optimistic that this week will bring better fortune in the foreign exchange (forex) markets. Despite the naira closing the previous week unfavorably against the dollar, there is an expectation of improvement due to the dollar’s instability on the international stage.

On Friday, August 23, 2023, the naira recorded a low against the US dollar across all forex markets, including the Parallel, Peer-to-Peer (P2P), and Investors and Exporters (I&E) markets, the last of which is the official forex window. An examination by voiceofnigeria.org.ng revealed that the most substantial loss occurred in the parallel forex market, commonly known as the black market.

In the parallel market, the naira depreciated by N5, closing at N915/$1. Similarly, in the P2P segment of the unofficial forex market, frequently used by crypto traders, the naira declined by N4 against the US dollar, trading at N915/$1 compared to N911/$1 on the previous trading day.

In the I&E window, the Nigerian currency lost N6.73 or 0.78%, trading at N778.42/$1 compared to N771.69/$1 the previous day. This decline coincided with a drop in forex transactions in the official window to $73.80 million in the last trading session, a 39.3% decrease from the $121.60 million reported on Thursday. However, Central Bank of Nigeria (CBN) data indicated that the naira remained stable against the British pound and the Euro, trading at N976.76/£1 and N504.64/€1, respectively.

The demand for forex is anticipated to persist this week, but there are signs that the Central Bank of Nigeria will intervene in the forex markets to reduce the dollar exchange rate in the unofficial markets. Additionally, Reuters reported that the dollar had weakened from a 12-week high on Friday and is predicted to continue this trend in the new week.

Early trading on Monday, August 28, showed the South African rand strengthening against a weaker dollar. However, this trend could be reversed if the US Federal Reserve decides to raise interest rates this week, as higher interest rates often bolster the dollar against other currencies.

In a related development, the Central Bank of Nigeria has announced a new portal to curb malpractices in the foreign exchange market. The portal is scheduled to go live by the end of August 2023 and is expected to bring significant changes if implemented properly