Dollar to Naira Black Market Today 20 October 2023 Rates

Dollar to Naira News 20 October 2023 (Thursday): The Voice of Nigeria website provides the most recent US dollar to Nigerian naira rates from the unofficial market. Rates change often, so our information is kept up-to-date. Save this page for accurate rates

Dollar to Naira Black Market Rate 20 October 2023

Today, in the Lagos Parallel Market (often called the Black Market), you can buy a US dollar for N1160 and sell it for N1170.

Dollars to Naira Black Market 2023 – Handy Conversion Data Table

Dollar to Naira Rates News 20 October 2023

Voice of Nigeria Report:

Naira Faces Further Decline in the Parallel Market, Reaching N1,160 to the Dollar

Nigeria Naira hit its lowest value ever on the unofficial market at 1,160 naira for one US dollar. This happened after its worth decreased on the official market because there weren’t enough US dollars available

Following the Central Bank of Nigeria (CBN)’s recent decision to lift forex restrictions on 43 items in the official market, the naira has experienced significant strain.

In the parallel market, the naira’s value has continued to plummet against the US dollar. The latest rate was recorded at N1,160 to the dollar, a decline from the N1,100 recorded the previous day.

In contrast, data from the official Investors and Exporters’ (I&E) FX window reveals a closing rate of N860.23 to the dollar on Thursday, showing a slight depreciation from N883.56 on the prior day, as per the figures provided by the CBN.

Further data insights from FMDQ highlight the fluctuations within the day. The highest exchange rate on record was N999 to the dollar, while the lowest stood at N701 to the dollar. A noteworthy detail from the official I&E window indicates a daily trading volume of $97.47 million, marking a 39.4% surge from the $69.88 million seen the day before.

The CBN’s decision to remove the forex restrictions on 43 items has placed additional pressure on the naira over the past week. This move was initiated after the bank communicated its intentions to sporadically intervene in the foreign exchange market to enhance liquidity. The CBN had instituted this ban eight years prior, restricting these 43 items from accessing dollars in the official market.

Initially, back in June 2015, the CBN had identified 41 items that weren’t eligible to buy foreign exchange from the market. This decision was grounded in the aim to preserve limited forex and foster domestic production for both self-sufficiency and export purposes. Later, the list expanded to include 43 items. Some of the items on this list included rice, cement, margarine, poultry, and even private airplanes, among many others.

Dr. Isa AbdulMumin, the CBN Director of Corporate Communications, emphasized in a recent statement that the central bank is committed to maintaining order and professionalism in the FX market. He assured that they would abide by a market-driven approach where exchange rates would be determined by willing buyers and sellers

Related