Dollar To Naira Black Market Exchange Rate Saturday, 26 August 2023
The rate below shows the current Dollar to Naira Price on 26/08/2023 in the Black Market. Keep in mind, this rate can change hourly depending on the dollar availability in the market.
Dollar To Naira BlDollar to Naira 26 August 2023 Black Market Exchange Rate
On 26th 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 N910 for buying and N915 for selling.
Dollars to Naira Black Market 26 August 2023 – Handy Conversion Data Table
|Dollar ($)||Buying (₦)||Selling (₦)|
Naira to Dollar Black Market 25 August 2023 – Handy Conversion Data Table
|Dollar (₦)||Buying ($)||Selling ($)|
Dollar to Naira Black Market News 26/08/2023
The Naira’s devaluation against the dollar, falling to 900/dollar in the parallel market, signifies challenges in the Nigerian financial market. This decline comes shortly after the Naira traded at 960/dollar in the black market two weeks prior. Earlier in the week, the currency showed some resilience, trading between 850/dollar and 880/dollar. However, the ongoing dollar scarcity once again pressured the local currency.
On the Investor & Exporter (I&E) window, the Naira saw another dip, moving to 773.42/$ from a previous close of 757.10/$. This fluctuation indicates underlying economic pressures and potential challenges in maintaining foreign reserves.
In response to the currency’s instability, the Central Bank of Nigeria (CBN) has taken a stringent stance. CBN warned Bureau De Change (BDC) operators of potential license revocations if they fail to adhere to the bank’s regulations. Reports from BDC operators in regions such as Lagos, Kano, and Abuja revealed that the currency was traded between 895/dollar and 905/dollar.
Aminu Gwadabe, the President of the Association of Bureau De Change Operators of Nigeria (ABCON), highlighted the bank’s decision, mentioning that any operator not maintaining the set margin of -2.5% and +2.5% on the I&E closing rate by August 31, 2023, will be at risk of losing their operating license.
To further stabilize the market, CBN introduced a new directive for BDCs. This directive mandates BDCs to align their foreign currency trade rates closely with those on the I&E forex window. The bank emphasizes a trading spread that shouldn’t exceed -2.5% to +2.5% of the previous day’s average rate. This move by the CBN underscores its commitment to ensuring market stability and a unified exchange rate system.