Connect with us

Naira

Dollar to Naira Black Market Today, August 17, 2023: Insights and Analysis

Published

on

New Naira Notes

The Dollar to Naira exchange rate today, August 17, 2023, at the parallel market popularly known as the black market is N860. This means that currency traders can buy US$1 for N860 from most black market operators, News About Nigeria reports.

This Nigeria’s fastest-growing digital media has curated Dollar to Naira exchange rates across various foreign exchange segments, the black market, the Central Bank of Nigeria (CBN) and the Bureau de Change for your convenience.

How Much is $1 to Naira in Black Market Today?

Morning * Midday** Evening ***

NGN

USD

BUY / SELL

GBP

BUY / SELL

EUR

BUY / SELL

17/08/2023 840 / 860** 1150 / 1180** 900 / 950**
17/08/2023 835 / 860* 1000 / 1100* 900 / 980*
16/08/2023 870 / 900 1150 / 1180 970 / 990
15/08/2023 932 / 942 1178 / 1185 1000 / 1010
14/08/2023 935 / 945 1180 / 1190 1000 / 1012

Please note that this dollar to naira exchange rate at the black market is subject to change depending on economic policies, political happenings and fluctuations in global oil prices, Nigeria’s main source of foreign revenue. However, in the above table is how much $1 is to a Naira today. It means you can buy and sell $1 USD at N860 and N840, respectively.

What is the rate of Naira to USD? Bureau de Change

NGN

USD

BUY / SELL

GBP

BUY / SELL

EUR

BUY / SELL

17/08/23 835 / 900 1100 / 1180 960 / 1000
16/08/23 850 / 900 1000 / 1185 900 / 1010
15/08/23 920 / 950 1175 / 1190 1000 / 1015
14/08/23 930 / 950 1170 / 1190 1000 / 1015
11/08/23 930 / 955 1160 / 1180 985 / 1000
10/08/23 935 / 960 1160 / 1180 970 / 995
09/08/23 905 / 925 1155 / 1175 960 / 985
08/08/23 895 / 905 1160 / 1175 960 / 975
07/08/23 885 / 895 1150 / 1170 955 / 965
04/08/23 880 / 895 1150 / 1175 950 / 965

Central Bank of Nigeria (CBN) Official Naira Exchange Rates

The Black Market Exchange Rate Explained

The black market exchange rate refers to the unofficial, often illegal, market where foreign currencies are traded outside the regulated channels. In the case of the Dollar to Naira exchange rate, this rate is determined by supply and demand dynamics, as well as various economic and geopolitical factors. Unlike the official exchange rate set by the Central Bank of Nigeria, the black market rate can offer a more accurate reflection of the true value of a currency in the open market.

Factors Influencing Today’s Dollar to Naira Black Market Rate

  1. Economic Indicators: Economic indicators such as GDP growth, inflation rates, and unemployment play a significant role in determining exchange rates. A strong economy typically leads to a stronger currency, while a weak economy can lead to currency depreciation.
  2. Political Stability: Political stability and investor confidence can impact currency values. A country with a stable political environment often attracts foreign investment, leading to an appreciation of its currency.
  3. Global Events: Geopolitical events, such as trade agreements, conflicts, and international relations, can create volatility in currency markets. Events like these can lead to sudden shifts in exchange rates.
  4. Supply and Demand: The basic principle of supply and demand holds true for currency markets. If the demand for a currency like the Dollar outweighs its supply, its value may increase against the Naira.
  5. Monetary Policy: The actions and decisions of a country’s central bank can greatly influence its currency’s value. Interest rate changes and monetary policy adjustments can impact investor sentiment and thus affect the exchange rate.

Advertisement