Dollar to Naira Black Market Rate Today, 4 September 2023

Dollar To Naira Black Market Exchange Rate, 4 September 2023

 

Dollar to Naira 4 September 2023 Black Market Rate

On 4th September 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 N917 for buying and N919 for selling. 

Dollars to Naira Black Market 4th September 2023 – Handy Conversion Data Table

Naira to Dollar Black Market 4th September 2023 – Handy Conversion Data Table

Dollar to Naira Rates News 4/09/2023

Naira Stable at N920/USD in the Black Market

In the last few days, the Nigerian Naira has stayed at a rate of N920 per US Dollar in the black market, showcasing a notable trend of stability. This unchanging rate over three days indicates a growing resistance in the market, with a standstill in buying and selling activities.

Rate Stagnation

Data from the past few days shows that the Naira has stayed at N920 to the dollar, demonstrating no change in rate despite a usually fluctuating market. Experts suggest that this steadiness stems from a hesitation among buyers to pay more, and sellers not wanting to lower their rates, creating an uncertain atmosphere in the forex market.

Different Trends in Other Markets

The situation in the Investor and Exporter (I&E) Window contrasts sharply with the parallel market, with the Naira valued at N762/USD, a significant difference compared to the black market rate. Market trader, Garuba Sarki, emphasized that attempts to increase rates above N920/USD have failed due to a lack of dollar supply and increased demand.

Dollar Shortage Issue

A significant problem highlighted is the lack of dollar availability in the market, as banks are hesitant to sell dollars and Bureaux De Change (BDC) are struggling. Sarki expects the Central Bank of Nigeria (CBN) to intervene soon to stabilize the market.

Increased Market Pressure

With the approaching holiday season, the demand for dollars is rising as companies look to import goods and individuals plan vacations, adding more stress to the market.

Calls for Immediate Action

Dr. Uju Ogubunka, a former official at the Chartered Institute of Bankers of Nigeria, is urging economic authorities, including the acting CBN Governor, to address the Naira-USD instability urgently and encourage more balanced exchange rates, focusing on job creation and boosting foreign reserves.

Fighting Financial Fraud

Dr. Aminu Gwadabe, President of ABCON, calls for increased efforts in financial intelligence to track corrupt individuals influencing the market negatively.

Recent Reforms

Despite efforts from the CBN to unify and stabilize exchange rates, the challenge of inadequate dollar supply continues, preventing a merge between the official and black market rates.