This online brings to you the Black Market, Bureau De Change (BDC), and Central Bank of Nigeria (CBN) rates in addition to the current official dollar to naira exchange rates in Nigeria.
What Is the Official Exchange Rate for Dollars to Naira as of Today, August 8th, 2023?
The Naira’s exchange rate to the US dollar opened on August), 2023, at 780.96 NGN per dollar after closing on August 8th, 2023, at N780.96.
This information is kept on the FMDQ Security Exchange, where foreign exchange is officially exchanged. This change is 0.2%.
The following is a list of June’s Naira exchange rates:
| 8 August 2023 | 1 USD = 780.096 NGN | |
| 7 August 2023 | 1 USD = 786.022 NGN | |
| 6 August 2023 | 1 USD = 785.953 NGN | |
| 5 August 2023 | 1 USD = 680.237 NGN | |
| 4 August 2023 | 1 USD = 680.317 NGN | |
| 3 August 2023 | 1 USD = 685.221 NGN | |
| 2 August 2023 | 1 USD = 689.101 NGN |
Naira to Dollar Exchange Rate on the Black Market as of August 8, 2023
A few dollar dealers in Nigeria have verified the rates listed below.
| Currency | Rate | Date | User Nick |
|---|---|---|---|
| 1 USD | ₦ 871 | 8/8/2023 | Alj. Kabiru > |
| 1 USD | ₦ 870 | 7/8/2023 | Musa > |
| 1 USD | ₦ 870 | 6/8/2023 | Mr Hamza > |
| 1 USD | ₦ 870 | 5/8/2022 | Alhj Bello.. > |
| 1 USD | ₦ 867 | 4/8/2022 | Mr Abbas > |
| 1 USD | ₦ 880 | 3/8/2022 | Hassan > |
According to abokiFX.com, the local currency, also referred to as the black market, opened at N871.00 per $1 today, August 8, 2023, in Lagos, Nigeria, after closing at the same rate the day before. This is a $0.05 adjustment from the previous day.
The “official black market rate,” which was published on abokiFX.com, states that players in the black market bought a dollar for N800 this morning, August 8, 2023, and sold it for N871.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 871 |
| Selling Rate | 890 |
The USD started trading at 871 on August 8th, according to platinum times Nigeria in the Parallel Market, also referred to as the Black Market. Monday’s opening price was $871 per dollar, thus there has been a change of $0.5 since then.
Platinum Times Nigeria disclaims all responsibility for choosing or setting foreign exchange rates. The official NAFEX rates can be seen on the FMDQOTC website.
Rates on the black market, often referred to as the parallel market, are collected from a number of sources, including online media sites. The exchange rates you use to buy or sell money could be different from those mentioned in this article.
There are several factors that influence currency rates.
The following list includes some of the factors influencing the dollar to naira exchange rate:
Prices of Inflation: It is well knowledge that inflation has a direct impact on black market currency exchange rates. The naira will gain if the Nigerian economy can be stabilized and inflation is kept under control, but if it keeps falling, it might mean that food and other needs are getting more expensive on a daily basis.
Interest Rates: Interest rates are a further element to monitor. If interest rates on bank loans increased, the economy would suffer, would shrank, and as a result, the value of the naira would decline.
Government Debt: A country’s level of debt affects investor confidence and, consequently, the amount of money that enters the economy. The currency rate for the naira will change in favor of the inflows if they are sizable.
Speculators: Speculators frequently influence the dollar-to-naira exchange rate. They save money in the hope of making a profit, which lowers the value of the naira even further.
Trade circumstances: Despite the fact that Nigeria currently has a trade deficit, if trade circumstances are favorable, the naira will appreciate against the dollar. China, India, and the majority of Asian nations are the source of everything.
Source: Platinum Times Nigeria
