UPDATE: Dollar To Naira Black Market Exchange Rate Today 26th August 2023- BZ NEWS 24/7

UPDATE: Dollar To Naira Black Market Exchange Rate Today 26th August 2023- BZ NEWS 24/7

The rate below shows the current Dollar to Naira Price on 26/08/2023 in the Black Market. Keep in mind, this rate can change hourly depending on the dollar availability in the market

On 26nd August 2023, Bureau De Change (BDC) sources confirmed that the current exchange rate for dollar to naira at the Lagos Parallel Market, also known as the Black Market, is set at N907 for buying and N915 for selling. 

Dollars to Naira Black Market 26 August 2023 – Handy Conversion Data Table

Dollar ($)	Buying (₦)	Selling (₦)
1 USD	907	915
2 USD	1814	1830
5 USD	4535	4575
10 USD	9070	9150
15 USD	13605	13725
20 USD	18140	18300
25 USD	22675	22875
50 USD	45350	45750
100 USD	90700	91500
500 USD	453500	457500
1000 USD	907000	915000
2500 USD	2267500	2287500
5000 USD	4535000	4575000
10000 USD	9070000	9150000

Naira to Dollar Black Market 26 August 2023 – Handy Conversion Data Table

Dollar (₦)	Buying ($)	Selling ($)
1 NGN	0.0011	0.0011
2 NGN	0.0022	0.0022
5 NGN	0.0055	0.0055
10 NGN	0.0110	0.0110
15 NGN	0.0165	0.0165
20 NGN	0.0221	0.0220
25 NGN	0.0276	0.0275
50 NGN	0.0551	0.0549
100 NGN	0.1103	0.1099
500 NGN	0.5513	0.5495
1000 NGN	1.1025	1.0989
2500 NGN	2.7563	2.7473
5000 NGN	5.5127	5.4945
10000 NGN	11.0254	10.9890

Naira’s Exchange Rate Declines to 905/$ due to Renewed Pressure in Parallel Market

The naira’s decline continued on Thursday, reaching an exchange rate of 905 to a dollar in the parallel segment of the foreign exchange market.

This drop in the local currency against the dollar is attributed to renewed demand pressure, despite the Central Bank of Nigeria (CBN) announcing an operational mechanism for Bureau De Change (BDC) operations.

According to AbokiFX, an online platform tracking exchange rates, FX dealers in the parallel market were buying dollars at N895 and selling at N905. Previously, the naira had remained steady at 900/$ in the parallel market, while it fell to N773.42/$ at the Investors & Exporters window.

Vetiva analysts based in Lagos noted, “Investors remain bearish, especially in the mid-long ends of the bond market, due to rising uncertainties about the country’s FX situation and the recent pause in fiscal reform direction.” They added that the temporary relief the naira experienced following the announcement of the $3 billion Afreximbank loan seems to be fading.

The CBN recently stated that the buying and selling spread for BDC operators should be within a range of -2.5 percent to +2.5 percent of the foreign exchange market window’s weighted average rate from the previous day.

Source: Voice Of Nigeria