Today Black Market Exchange Rate Of Dollar To Naira – July 17, 2023

Delve into the intriguing black market currency exchange sphere, where secrets whisper, and transactions veiled in mystery unfold. Welcome to the parallel market, known as Aboki FX, where the Dollar to Naira exchange rate takes on an enigmatic allure. Today, we unveil the July 17th, 2023, figures, inviting you to embark on this captivating journey.

Prepare to be entranced as we navigate the clandestine corridors of covert transactions. Behold the alluring rates that beckon, tempting you to exchange your cherished dollars for the enchanting Naira.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate)

On Monday, 17th July 2023, at the bustling Lagos Parallel Market, where whispers of clandestine transactions echo through the air, Bureau De Change (BDC) sources reveal the intriguing exchange rate for a dollar to Naira. In this enigmatic market, where financial dealings sway outside the bounds of official recognition, a dollar is procured for ₦810 while it fetches ₦825 when sold.

However, it is crucial to acknowledge that the Central Bank of Nigeria (CBN), the authoritative body overseeing the nation’s monetary affairs, does not endorse or legitimize the parallel market (affectionately dubbed the “black market”). In its stance, the CBN directs individuals seeking foreign exchange transactions to engage with their respective banks, establishing a firm grip on the financial landscape.

Amidst the swirling currents of the unofficial market, players navigate the intricate dance of supply and demand, making decisions with a delicate balance of risk and opportunity. Within this arena, the exchange rate for the dollar to Naira fluctuates, driven by the forces of market dynamics and speculation.

Dollar to Naira Black Market Rate Today

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Report surfaces revealing a sharp decline in Nigerian foreign investments.

The manufacturing sector in Nigeria has recently been hit with disconcerting news, as a report surfaces revealing a sharp decline in foreign investments.

According to the esteemed 2023 Q1 capital importation report by the National Bureau of Statistics, foreign investments in Nigeria’s manufacturing industry witnessed a significant drop of 35%, plummeting from $392.5 million in the final quarter of 2022 to $256 million in the initial quarter of 2022.

This revelation comes against the backdrop of a broader decline in capital importation across Nigeria in Q1 2023, totaling $1.1 billion. This represents a concerning 28% decrease compared to the $1.5 billion recorded in the same period of the previous year.

Amidst this gloomy scenario, it is worth noting that the manufacturing sector managed to secure the second-highest share of total investments, capturing a noteworthy 22%. However, the banking sector takes the lead, commanding the lion’s share of the inflow with a substantial $304.5 million. This accounts for nearly 27% of the overall capital imported in Q1 2023.

The Manufacturers Association of Nigeria had previously sounded the alarm, expressing deep concerns regarding the declining investments in the sector. The challenging business environment, marked by soaring energy costs, limited access to funding, and the burden of multiple taxation, has posed significant obstacles to attracting foreign investments.