Abokiix Dollar To Dollar Black Market Exchange Rate, 19th August 2023
Stay abreast of the fluctuating Dollar to Naira rate within the black market. With https://voiceofnigeria.org.ng, you gain access to regular, dependable updates. It is the preferred platform by many Nigerians for genuine financial news.
Dollar To Naira Black Market Rate, 19th August 2023
On the 19th of August 2023, right in the heart of the bustling Lagos Parallel Market, which many people commonly refer to as the “black market”, there were specific updates regarding the exchange rates.
- Buying Rate: N830
- Selling Rate: N860
These specific figures are essential for individuals involved in Nigeria’s foreign exchange market, especially when interacting with traders in the unofficial segment commonly known as the black market.
“In the foreign exchange landscape, rates provided by the black market frequently diverge from the standardized rates presented by conventional banks and financial institutions”
The variance stems from a cocktail of economic factors, including:
- Demand-supply balance
- Governmental strategies
- Global economic climate
Discerning this divergence can arm businesses and consumers with pivotal knowledge about Nigeria’s economic pulse and its potential direction.
The Official Market: Central Bank of Nigeria Rates
Interestingly, the Central Bank of Nigeria has its official dollar to naira rate:
Data Validity: 19/08/2023
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When examining this rate, one can’t help but notice a pronounced disparity compared to the figures emerging from the black market. Given this striking difference, it becomes paramount for all traders and investors to equip themselves with comprehensive knowledge of both these metrics to navigate the financial landscape efficiently.
“The Central Bank of Nigeria doesn’t recognize parallel market rates and advises entities to consult their banks for official forex rates”
“Aboki” – A Detailed View into the Basic Forex Transactions
In Nigeria’s everyday language, “Aboki” is synonymous with savvy street forex traders. As such, the Aboki dollar rate offers a genuine glimpse into the challenges Nigerians deal with in the forex scene daily.
“In the world of foreign exchange, the Aboki rate does more than display figures; it embodies the day-to-day experiences of Nigerians.”
CBN sets new rules for BDCs to stabilize dollar rate
The Central Bank of Nigeria (CBN) has set new rules for Bureau De Change (BDC) operators to improve the foreign exchange market’s efficiency. This comes two years after CBN stopped selling dollars to BDCs to stabilize the market. The new guidelines don’t confirm a resumption of dollar sales to BDCs.
According to a recent circular, the margin for buying and selling by BDCs is set between -2.5% and +2.5% based on the prior day’s average exchange rate. BDCs must submit regular reports on the Financial Institution Form Rendition System (FIFX). If they don’t, they risk losing their license. Even without transactions, they need to report no activity.
In August 2021, CBN stopped selling forex to BDCs, pointing out misuse for illegal forex activities. Instead, forex sales would be via commercial banks, said the then-governor, Godwin Emefiele. He expressed concerns over BDCs engaging in corrupt practices.
Recently, the acting CBN governor, Folashodun Shonubi, met with President Bola Tinubu. He attributed the high dollar-naira exchange rate at BDCs to speculators. Measures will be introduced to combat speculative activities.
Shonubi emphasized to journalists that the parallel market isn’t just influenced by economic demand and supply but also by speculators. He informed President Tinubu about upcoming plans, hinting that speculators might face significant losses soon.