Dollar To Naira Black Market Exchange Rate Tuesday, 30 August 2023
Take a look at today’s current exchange rate for the US Dollar to the Nigerian Naira in the Black Market, which is as of August 30, 2023! Remember, this rate can shift every hour, based on the supply and demand of dollars in the market. So, make sure to stay updated!
Dollar to Naira 30 August 2023 Black Market Rate
On 30th 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 N915 for buying and N920 for selling.
Dollars to Naira Black Market 30 August 2023 – Handy Conversion Data Table
|Dollar ($)||Buying (₦)||Selling (₦)|
Naira to Dollar Black Market 30 August 2023 – Handy Conversion Data Table
|Dollar (₦)||Buying ($)||Selling ($)|
Dollar to Naira Rates News 30/08/2023
Naira’s Mixed Performance in the Currency Market
The Nigerian Naira had a bit of a mixed day in the currency market. It managed to strengthen against the US Dollar in the Investors and Exporters segment of the foreign exchange market by around 0.81%, which translates to an increase of N6.30, bringing its value to N772.12/$1. This improvement was compared to its value of N778.42/$1 at the close of the previous week.
Similarly, in the official market, the Naira also made gains. It showed an increase of N3.67 against the Pound Sterling, trading at N973.09/£1. Additionally, the Naira appreciated against the Euro by N1.25, closing at N835.73/€1. These positive movements in value occurred despite the challenges of reduced external reserves and incoming foreign exchange.
However, the story wasn’t as positive in other sectors of the market. Data from the FMDQ Securities Exchange indicated that the value of FX traders’ activities at the spot market dropped to $40.21 million. This was notably lower compared to the previous trading session’s achievement of $73.80 million, representing a significant decrease of 45.5%.
The Central Bank of Nigeria (CBN) recently made changes to the Naira’s exchange rate system, allowing it to float more freely against other currencies. Despite this move, the country’s external reserves have seen a decrease of around 2.7% (equivalent to $915 million) over two months, amounting to $33.74 billion. This is in contrast to the $34.66 billion recorded on June 14, 2023.
This drop in foreign exchange reserves affected the Naira’s value in the parallel market, where it lost N10 against the US Dollar, trading at N915/$1. This was in comparison to the rate of N905/$1 from the previous trading session.
A similar scenario played out in the Peer-to-Peer (P2P) market, where the Naira’s value slipped further against the Dollar by N13, resulting in a value of N928/$1, compared to the previous session’s rate of N915/$1.
Shifting focus to the cryptocurrency market, it struggled to attract investors’ confidence. Bitcoin (BTC) experienced a decline of 0.1% in its value, trading at $26,040.32. Ethereum (ETH) followed suit, losing 0.1% to reach a value of $1,649.54. Other major cryptocurrencies like Solana (SOL), Ripple (XRP), and US Dollar Tether (USDT) also saw minor dips in their values.
On a more positive note, Cardano (ADA) managed to gain 1.5%, trading at $0.2648, while Dogecoin (DOGE) saw an appreciation of 1.1% at $0.0632. Litecoin (LTC) rose by 0.8%, reaching $65.28, and Binance Coin (BNB) increased slightly by 0.1% to trade at $217.96. Binance USD (BUSD) held steady at $1.00.
In conclusion, the Naira’s performance was a mix of gains and losses across different segments of the currency market, while the cryptocurrency market faced challenges in convincing investors to return