Black Market Dollar to Naira Exchange Rate: August 11th, 2023
Navigating the ever-fluctuating exchange rates is a crucial aspect of international financial markets.
Particularly in the context of Nigeria, the black market exchange rate, commonly referred to as the parallel market rate, holds significance.
This informal market often referred to as “Aboki fx,” serves as a platform for individuals to buy and sell currency, primarily the Dollar to Naira exchange rate.
The exchange rates presented below for August 11th provide insights into the value of the Dollar in comparison to the Naira on the black market.
Dollar to Naira Exchange Rate at the Black Market: August 11th, 2023
For those seeking to comprehend the current Dollar to Naira exchange rate in the black market on August 11th, pertinent information follows.
The players within Lagos’ Parallel Market, often colloquially referred to as the Black Market, were reportedly buying a US Dollar at N940 and selling it at N950.
This data was sourced from the Bureau De Change (BDC), shedding light on the prevailing rates within this informal currency market.
It is essential to note that while these rates provide a snapshot of the market on the specified date, fluctuations in currency values are commonplace.
Therefore, rates may have shifted by the time of actual transactions.
Central Bank’s Stance on Parallel Market: Engaging with Banks for Forex Transactions
It is noteworthy that the Central Bank of Nigeria (CBN) maintains a stance of non-recognition towards the parallel market, also known as the black market.
Instead, the CBN directs individuals seeking foreign exchange transactions to approach their respective banks.
This approach is intended to regulate and streamline foreign exchange dealings, reducing the potential for speculative activities and maintaining a level of control over the currency market.
Legal Action Against Seplat Energy Co-Founder, ABC Orjiako
Transitioning to financial developments of another nature, a bankruptcy lawsuit has been initiated against the co-founder of Seplat Energy, ABC Orjiako, by Access Bank Plc.
The lawsuit was filed in response to an outstanding loan that is owed, a loan that has garnered legal recognition through a judgment from the High Court of the United Kingdom.
In this scenario, a Federal High Court in Lagos granted an ex-parte order, allowing the recovery of the said loan.
As a result, an Interim Order was issued, restricting Seplat Energy and related entities from engaging in transactions involving shares, investments, bonds, assets, and funds linked to ABC Orjiako, the co-founder in question.
This development underscores the legal intricacies and financial maneuvers that characterize the corporate landscape, demonstrating the complexities faced by entities in their interactions with financial institutions and legal systems.
