Discover the latest Black Market Dollar to Naira exchange rate on July 2nd, 2023.
Aboki Exchange reveals the rates, with a buying rate of ₦772 and a selling rate of ₦775.
Stay updated as the exchange rate fluctuates throughout the day.
The Enigma of the Black Market Exchange
It’s Sunday, 2nd July 2023, and as the sun rose in Lagos, Nigeria, the financial markets were already buzzing.
The black market, also known as the parallel market, is a fertile ground where currency changes hands at rates unregulated by official channels.
As we dive into today’s currency exchange rates, we discover that the local currency, fondly called ‘abokiFx’, opened trading at N772 per US dollar.
Today’s Exchange Rate Dynamics
In the hustle and bustle of the Abuja Zone 4 market, we’ve seen the dollar bought at a rate of ₦772, and sold at ₦775.
Yes, you read that right! That’s how it works here: trade is fast-paced, and rates change in the blink of an eye.
One moment, you can buy or sell a dollar at ₦772, and the next, the rate might swing high or low depending on the volume of dollars available and the demand.
It’s a dynamic playground of buying and selling, of profit and loss, dictated by market forces.
What’s Happening at the CBN?
While the street currency dealers battle for supremacy, the Central Bank of Nigeria (CBN) exchange rate also tells a story.
Today, 2nd July 2023, the dollar to Naira exchange rate stands at a buying rate of ₦760 and a selling rate of ₦765.
It appears to be a competitive race, doesn’t it?
Shift in Currency Valuation
In a rather dramatic development, the once overvalued Naira is now undervalued, says the Bank of America.
This shift is a fallout from President Bola Tinubu’s radical foreign exchange reform.
Since the CBN scrapped multiple exchange rates on June 14, 2023, the Naira has depreciated by over 60 per cent.
The Undervalued Naira and The Future
Currently trading at over ₦750 to one US dollar, the Naira is a shadow of its former self, which stood at ₦460 before the reform.
But there’s a silver lining to this cloud. Bank of America estimates the fair value of the Naira to be ₦680, indicating the currency is currently undervalued by 12 per cent.
Despite the challenges, analysts believe the Naira’s value should strengthen and appreciate in the future.
Hope on the Horizon
The bank also hints at potential improvements in Nigeria’s current account surplus, thanks to higher oil exports and a liberalized import regime.
With President Tinubu’s commitment to reducing oil theft by reforming the security sector and involving host communities, Nigeria could potentially increase its crude oil production from 1.2 million barrels per day (bpd) to 1.6 million bpd within the next 12 to 18 months.
As we conclude this in-depth analysis of the Black Market Dollar to Naira Today 2nd July 2023, it’s clear that the currency market is an intricate web of influences and outcomes.
The future may seem uncertain, but as always, the resilience of Nigerians, coupled with prudent policy implementation, will steer the economic ship towards prosperous shores.
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