Dollar To Naira Black Market Exchange Rates Today – 12 October 2023
Stay updated with the latest Dollar to Naira black market exchange rates on Jobmulla.com. Discover the current rates, market insights, and factors affecting Nigeria’s currency situation.
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Dollar to Naira Black Market Rate – 12 October 2023
In the Lagos Parallel Market, often referred to as the Black Market, the US dollar exchange rates are as follows:
- Buying Rate: N1020
- Selling Rate: N1030
These rates signify that you can buy a US dollar for N1005 and sell it for N1010.
Dollars to Naira Black Market 2023 – Handy Conversion Data Table
|Dollar ($)||Buying (₦)||Selling (₦)|
Dollar to Naira Rates News – 12 October 2023
Intensifying Currency Crisis in Nigeria as Naira Dips to N1,040/$1 in Parallel Market
Nigeria’s currency crisis is deepening, with the Naira now trading at N1,040 per US dollar in the parallel market due to demand exceeding supply.
According to a report by Nairametrics, a prominent Nigerian business news outlet, currency inflow rates fluctuate between N1,035 and N1,045 per dollar, indicating a growing scarcity of dollars. Forex traders conveyed this message to the publication.
A significant disparity exists when comparing this rate to the official exchange rate of N776.8/$1. This highlights the discrepancy between the rates in official and unofficial trading channels.
In the previous month, the parallel market saw the Naira cross the N1,000 to $1 threshold. Although some experts initially believed it might be a temporary shift, the government’s challenges in attracting foreign exchange inflows have exacerbated the situation, leading to a weekly decline in the exchange rate.
Notably, peer-to-peer trading platforms, denominated in Bitcoin, have recorded rates near N1,040/$1. Meanwhile, international trading platforms like Bamboo and Trove have registered slightly lower rates at N1,022/$1 and N1,017/$1, respectively.
The difference between official and parallel market rates has expanded to approximately 26%, equivalent to a N265 per dollar deviation. Historically, prior to the exchange rate unification, this difference stood at around 38.6% or N290/$1. Given the widening gap and the ongoing Naira devaluation due to demand-supply imbalances, a further decline in the official rate seems plausible.
One regular foreign exchange buyer, speaking anonymously to Nairametrics, expressed increasing difficulty in procuring foreign exchange, even through official channels.
The report by voiceofnigeria.org.ng further revealed that the central bank has nearly $20 billion in foreign currency swaps committed on behalf of banking institutions, aside from the estimated $8 billion believed to be stuck and yet to be cleared. The situation underscores the need for a comprehensive solution to address Nigeria’s currency challenges. Stay updated for more on this evolving situation.