Dollar to Naira exchange rates in black market today – January 14, 2024
Curious about the Dollar to Naira exchange rate at the black market, also referred to as the parallel market or Aboki FX? Check out the latest rates for the 13th of January below. Secure your Naira by swapping your dollars at these rates.
As of Saturday, 13th January 2024, the black market exchange rate in Lagos reveals players buying a dollar for N1265 and selling at N1275, as reported by sources at Bureau De Change (BDC). Keep in mind that the Central Bank of Nigeria (CBN) doesn’t officially recognize the parallel market, directing forex participants to approach their respective banks.
Dollar to Naira Black Market Rates Today:
| Date | Market | Buying Rate (N) | Selling Rate (N) |
|---|---|---|---|
| 13th January 2024 | Black Market | N1265 | N1275 |
| CBN Official Rate | 864 | 865 |
- Buying Rate: N1265
- Selling Rate: N1275
Please note that forex rates may vary, and the rates presented here may not reflect real-time prices.
Impact of Dollar to Naira Black Market Exchange Rate on the Nigerian Economy:
The implications of the dollar to naira exchange rate in the black market on the Nigerian economy are intricate and diverse. Some potential effects include:
- Inflation: A high black market rate can escalate inflation by increasing the cost of imported goods, impacting the purchasing power of Nigerians.
- Trade Balance: The black market rate can influence the trade balance, affecting exports and imports. A weaker naira can enhance export competitiveness but may reduce demand for imports, impacting domestic industries reliant on foreign inputs.
- Economic Growth: The impact on economic growth varies based on the responsiveness of exports and imports to exchange rate changes. Exchange rate volatility can either positively or negatively affect economic growth.
Despite government efforts to stabilize exchange rates, concerns persist. The gap between official and black market rates remains, influenced by factors like low oil prices, weak foreign reserves, capital flight, and corruption.
Investor Concerns as NGX Commences 2024 with N638 Billion Loss:
The Nigerian Exchange Limited (NGX) faced a setback at the beginning of 2024, experiencing a market capitalization decline of approximately N638 billion. Despite the All-Share Index staying above 80,000 points, it decreased by 1,167.46 points (1.40%) to close at 82,024.38 on Wednesday.
This depreciation affected banking stocks, with most seeing losses. Notably, Jaiz Bank defied the trend, appreciating by 5.40% to N2.93, while Stanbic IBTC Holdings remained unchanged. Investors are closely monitoring these shifts in the market.
