US Dollar to Nigerian Naira: Black Market Exchange Rates Today, 4th August 2023
Find out the most recent exchange rate of US Dollar to Nigerian Naira for today, August 4th, 2023, on VoiceofNigeria.org.ng.
Understand the worth of a dollar in Naira today and know how these rates change Nigeria’s economy.
On August 4th, 2023, the exchange rate of US Dollar to Nigerian Naira in the black market is a hot topic. It affects everyone – people, businesses, and even the big Nigerian economy.
This article helps you understand today’s rates, why black market and official rates are different, and what effect these have on Nigeria’s economy.
Exchange Rate in the Black Market Today (Aboki fx)
The exchange rate of Dollar to Naira in the black market, also called the Aboki fx, changes every day. Today, on August 4th, 2023, the rate for buying a dollar in the black market is N880, and for selling it is N890.
Please remember, these rates may slightly change due to changes in the market and how much demand and supply is there.
How Much is a Dollar in Naira in the Black Market Today?
Today, in the black market, one US dollar is equal to N880. If you want to buy a dollar, you need to pay N880. But if you are selling a dollar, you will get N890.
This difference in the buying and selling rates is called the spread. This spread is the money the currency dealers earn.
Exchange Rate in Lagos’s Parallel Market (Black Market)
In Lagos, the economic heart of Nigeria, the black market exchange rate follows the national trend. Today, on August 4th, 2023, in the Lagos parallel market, people buy a dollar for N880 and sell it for N890.
This information comes from people who change currency, also known as Bureau De Change (BDC) operators.
|Location||Buying Rate (Naira)||Selling Rate (Naira)|
|Lagos Parallel Market||880||890|
Naira Exchange Rates Set by the Central Bank of Nigeria (CBN) for Banks
Today, on August 4th, 2023, the Central Bank of Nigeria (CBN) has set the official exchange rate at 1 USD = 774.855 NGN.
This rate means that banks buy a dollar for N774.855 and sell it for N775.355 Naira. This official rate set by the CBN is different from the parallel market rate.
|Source||Buying Rate (Naira)||Selling Rate (Naira)|
|CBN for Banks||774.855||775.355|
Why Does CBN Not Accept the Black Market?
The CBN does not accept the black market for forex trading. They think it is illegal and tell people to go to their banks for forex trading.
This stance is part of the CBN’s efforts to keep the forex market stable and stop illegal activities tied to the black market.
How These Rates Affect Nigeria’s Economy
The exchange rates between the US Dollar and the Nigerian Naira can significantly influence Nigeria’s economy. The black market rates are often different from CBN rates due to limited forex in the official market, guessing, and the state of the economy.
This difference can cause trouble in the economy, affecting trade activities, rates of increase in prices, and overall buying power.
The Nigerian government is always working hard to lessen the difference between the official and black market rates. Their goal is to help create a stable and sustainable economic environment.
Common Questions (FAQs)
Q: Why are black market rates different from CBN’s official rates?
The black market rates are different due to several factors. These include limited forex in the official market, guessing, and the state of the economy.
Q: Can I legally buy and sell forex in the black market?
Even though the black market is open, the CBN does not recognize it as a legal platform for forex trading. For legal forex dealings, it is best to go to your bank.
Q: How does the black market exchange rate affect Nigeria’s economy?
The black market rates can cause trouble in the economy. They affect trade activities, rates of increase in prices, and overall buying power.
Q: Are there penalties for trading forex in the black market?
If you trade forex in the black market, you may face legal consequences. The CBN sees it as illegal and tries to control such activities.
Q: How often does the black market exchange rate change?
The black market exchange rate can change daily or even several times a day. This change depends on the market dynamics and demand.
Q: Can the Nigerian government influence the black market exchange rate?
The government can take steps to stabilize the economy, but it has limited direct control over the black market rate because it is informal.