Amidst the financial market’s fluctuations, the Dollar to Naira exchange rate on the black market, also referred to as the parallel market or Aboki FX, has been a topic of interest for many.
The black market rates provide insights into the value of the Naira against the US Dollar, and below we present the latest exchange rate information for August 7th.
Current Dollar to Naira Exchange Rate
For those curious about the present value of a dollar in Naira on the black market, the prevailing exchange rate is of utmost importance.
On the 7th of August, 2023, the exchange rate for purchasing a dollar in Lagos’ Parallel Market stood at N890, while the selling rate was N895.
These figures are derived from reliable sources within the Bureau De Change (BDC) sector.
Central Bank’s Position and Caution
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market or black market for foreign exchange transactions.
The CBN has issued directives urging individuals seeking foreign exchange services to approach their respective banks.
This directive underscores the CBN’s stance on regulated and authorized channels for forex transactions.
Discrepancies and Market Dynamics
It is vital to acknowledge that the rates presented in this article might differ from the actual rates individuals encounter when buying or selling forex.
This is due to the inherent variability of market dynamics, where rates can change rapidly based on supply, demand, and external factors.
NDDC’s Warning Against Scammers
Shifting focus from financial matters, the Niger Delta Development Commission (NDDC) has sounded the alarm regarding fraudulent activities targeting unsuspecting Nigerians.
Scammers have been operating under the guise of the NDDC, using counterfeit contracts and a fabricated website to deceive individuals.
Fake Contracts and Forged Website
The NDDC has unequivocally declared that all materials and content on the fraudulent website are spurious and have no connection with the commission or its present and past officials.
Ibitoye Abosede, the Director of Corporate Affairs at NDDC, has issued a statement emphasizing the emergence of a new scam involving fraudulent communication between scammers and a US-based entity.
The fraudulent communication falsely indicates the existence of a ‘Contract Award Committee’ within the Commission responsible for processing job tenders.
In summary, the Dollar to Naira exchange rate on the black market serves as a gauge for the currency’s value, although the CBN maintains its position against the parallel market.
It’s essential to stay cautious of scammers exploiting the NDDC’s identity and to remain vigilant in financial transactions amidst a dynamic market landscape.
