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Black Market Dollar To Naira Exchange Rate Today 25th August 2023

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Black market dollar to naira rate today 25th August 2023- Abokifx can be accessed below.

News Rain Nigeria has obtained the official dollar to the naira exchange rate in Nigeria today, including the Bureau De Change (BDC) rate and CBN rates.

How much is Black market dollar to naira rate today?

Dollar to naira exchange rate today black market (Aboki dollar rate): The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N900 and sell at N915 on Friday, 25th August 2023, according to sources at Bureau De Change (BDC).

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦900
Selling Rate ₦915

What Is The Official Exchange Rate For Dollar To Naira Today?

The exchange rate between the Naira and the US dollar according to the data released on the FMDQ Security Exchange the official forex trading portal showed that the Naira opened at ₦755.8 per dollar on Friday, August 25, 2023, and closed at ₦755.8 per $1 on Thursday, August 24, 2023.

The Central Bank of Nigeria (CBN) on Wednesday 14th June 2023 announced the unification of all segments of the forex exchange (FX) market. In a circular, the CBN said all FX windows are now collapsed into the investors & exporters (I&E) window. According to the apex bank, the move is part of a series of immediate changes to operations in the Nigerian FX market.

The statement read, “Abolishment of segmentation. All segments are now collapsed into the Investors and Exporters (I&E) window. Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks.

“Re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window. Operations in this window shall be guided by the extant circular on the establishment of the window, dated 21 April 2017, and referenced FM/DIR/CIR/GEN/08/007. All eligible transactions are permitted to access foreign exchange at this window.

“The operational rate for all government-related transactions shall be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two (2) decimal places.

“Proscription of trading limits on oversold FX positions with permission to hedge short positions with OTC futures. Limits on overbought positions shall be zero.

“Re-introduction of order-based two-way quotes, with bid-ask spread of N1. All transactions shall be cleared by a Central Counter Party (CCP).

“Reintroduction of Order Book to ensure transparency of orders and seamless execution of trades.

“The operational hours of trades shall be from 9 a.m to 4 p.m, Nigeria time.”

The apex noted that further guidance on the operational changes would be communicated to authorised dealers and the general public in due course. The changes to operations in the country’s FX market imply that Nigeria has eased its control of the naira, allowing the local currency to float freely.

Meanwhile, News Rain Nigeria reports that a free-floating exchange rate occurs when a government allows the exchange rate to be determined purely by market forces and there is no attempt to ask the central bank to influence the external value of the exchange rate.

Disclaimer: News Rain Nigeria does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.