Naira To Dollar Black Market Abokifx Exchange Rate Today: 22 & 23 August 2023
The fluctuating global economy and the intricate web of international relations have always made the foreign exchange market an area of interest for many. The Dollar to Naira exchange rate, especially in the black market, remains a hot topic for businesses, travelers, and economists. If you’re wondering about the current rates and recent changes in policies, this article is for you.
About Black Market Exchange
Before diving into the numbers, it’s essential to comprehend what the black market (often referred to as the parallel market) means when discussing currency exchange. It operates outside the official channels and is often used due to various reasons, including avoiding high fees or circumventing strict government regulations.
Current Dollar to Naira Exchange Rate
Dollar to Naira Exchange Rate – 22 & 23 August 2023
- Buying Rate: N855
- Selling Rate: N860
These rates suggest that while black market players purchase a dollar for N845, they sell it at N855 during the specified dates. It’s vital to understand that these rates have been sourced from the Bureau De Change (BDC) and may differ from other sources.
It’s also worth noting that the Central Bank of Nigeria (CBN) does not acknowledge these black market rates. Instead, the CBN directs those interested in Forex dealings to approach their respective banks for official rates and transactions.
CBN’s Stance on Foreign Exchange
In recent news, the Central Bank of Nigeria made a significant announcement. As of Thursday, they introduced a Foreign Exchange Price Verification System Portal. This system’s primary purpose is to ensure importers have easy access to foreign exchange. The news, as reported by PiggyBank, highlights that the Trade and Exchange Department of CBN unveiled this new development.
A critical aspect of this system is that a price verification report from the portal will be mandatory for all Form M requests. This system takes effect from the 31st of August 2023, indicating the CBN’s ongoing efforts to streamline, control, and bring more transparency to foreign exchange dealings.
The foreign exchange market, especially the black market rates, is ever-evolving and can be influenced by numerous factors. It’s always a good idea to stay updated with the most recent rates and announcements, especially if you’re involved in business or planning to travel.
Please remember to engage in any Forex transactions through recognized and approved channels, adhering to the guidelines provided by the Central Bank of Nigeria.
Remember, while the rates and policies might change, being informed and taking calculated decisions will always be in your best interest.