The naira on Friday, 25th August, 2023 appreciated in value by 0.54 per cent against the United States dollar after gaining N5 at the black market to trade at N915/$ as against N920 it traded on Thursday. This is according to data obtained by VERY SERIAL from Bureau De Change (BDC) operators in Lagos and Abuja. This implies that 1 US Dollar is purchased at N907 at the black market (parallel market) and sold at N915, resulting to a profit of N8 per dollar.
The local currency, the naira strengthened against the United States dollar at the black market from 920/dollar on Thursday to 915/dollar on Friday. The recent free fall of the naira has been raising serious concerns about whether the pump price of petrol could be sold at the current price.
At the unofficial market (black market), where many willing buyers and sellers are either sourcing or selling dollars, FX dealers were buying the greenback N907 while selling at N915, according to data by AbokiFX, an online platform that tracks the exchange rate on the parallel market.
The exchange rate for a dollar to naira black market also called parallel market today at Lagos and Abuja, players buy a dollar for N907 and sell at N915 on Friday, 25th August 2023, according to data obtained by VERY SERIAL from Bureau De Change (BDC) operators.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 907 |
| Selling Rate | 915 |
Last week the Nigerian Naira witnessed a notable surge against the US Dollar on both the parallel market and the official Investors and Exporters (I&E) window exchanging at N830 against the US dollar in the black (parallel) market.
This upswing was accompanied by a substantial injection of supply into the forex market due to NNPC Limited securing a $3 billion facility from AfreximBank meant to stabilize the exchange rate.
Industry sources in the parallel market had attributed this Naira appreciation to recent statements by the Acting Governor of the Central Bank of Nigeria (CBN), Mr. Folashodun Shonubi.
His comments signaled forthcoming measures from the Central bank to boost forex supply and counter speculators, aiming to address the ongoing depreciation of the naira.
However the naira seem to be back on the slide as it as at the time of this report exchanging by N920/$
How much is 1 dollar to naira at the black market today?
1 USD is purchased at N907 at the black market and sold at N915, resulting to a profit of N8 per dollar.
How much is dollar to naira sold at the black unoffical market?
FX dealers sold dollars to willing buyers at N915/$ while they bought from willing sellers at N907/$, according to data by AbokiFX, an online platform that tracks the exchange rate on the parallel market.
