Dollar To Naira Black Market Exchange Rate Today, 17th August 2023 | Aboki FX Update

Naira To Dollar Black Market Exchange Rate, 17th August 2023 

Get all the latest updates on the Dollar to Naira black market exchange rate today, sourced directly from trustworthy entities like https://voiceofnigeria.org.ng.

Current Dollar to Naira Exchange Rate in the Black Market

As of today, the Black Market (often termed as the Lagos Parallel Market) has set the rate as follows for the USD to Naira:

• Buying Rate: N890
• Selling Rate: N910

These rates are based on information from the Bureau De Change (BDC) and are pertinent for Thursday, 17th August 2023.

Naira Strikes Back: Rises to N900/$ in Parallel Market

Please be reminded that the actual rates you encounter during a transaction might differ from the ones listed here since forex prices tend to fluctuate.

Central Bank of Nigeria’s (CBN) Standpoint on Forex

The Central Bank of Nigeria (CBN) doesn’t recognize or endorse these parallel (or black market) rates. Instead, for all forex-related activities, the CBN advises individuals to proceed through authorized banks.

Comparison with the Central Bank Rate

For a clearer understanding, here’s a table showing a direct comparison between the black market rate and the CBN rate for the Dollar to Naira:

Check CBN Official Exchange Rates  Note again, the actual rates you get during transactions may differ due to varying market dynamics.

Latest News: Naira gains further, trades at 860/$ on parallel market

The Naira has seen an appreciation against the Dollar in the parallel market, trading at N860/$. This gain is attributed to a $3 billion crude oil repayment loan from Africa Import and Export Bank (AFREXIM) to the Nigerian National Petroleum Company Limited (NNPCL) aimed at stabilizing the Naira. Before this deal, the exchange rate was N910/$. The loan is expected to help the NNPC settle taxes and provide the Federal Government with dollar liquidity to strengthen the Naira. This strengthened Naira may reduce fuel costs and make subsidies unnecessary. However, experts highlight the need for clear strategies addressing the FX market’s volatility. The inflation rate was reported at 24.08% for July 2023, influenced by the removal of petroleum subsidies in May. The gap between the official and parallel exchange rates had widened to N950/$ before the recent adjustment. The loan is seen as a means to bridge the FX supply gap and standard practice in the Oil and Gas industry.

Stakeholders Urge Action on Refineries

In a recent turn of events, key stakeholders in Nigeria’s oil and gas domain have voiced their concerns. They urge President Bola Tinubu to consider declaring a state of emergency on the nation’s refineries. The call to action is driven by the belief that such a move would expedite the repair processes for these vital installations.

According to reports by Voiceofnigeria.org.ng, this plea from the industry stakeholders comes shortly after an announcement by President Tinubu. He revealed the Port Harcourt refinery is projected to be operational by December 2023.

However, there’s a significant challenge casting a shadow over this news. The prevalent scarcity of forex is severely impacting petrol imports. Despite the government issuing importing licenses to select dealers, the scarcity has brought petrol importation to a near standstill, causing concern among marketers.

The dynamic world of forex, especially in a vibrant economy like Nigeria, is influenced by a multitude of factors, both domestic and international. As always, those keen on trading or other forex activities should remain updated with the latest rates and pertinent news to make informed decisions.