Dollar To Naira Black Market Rate Today – September 30, 2023

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Dollar To Naira Black Market Rate Today - September 30, 2023

As of September 30, 2023, the unofficial yet widely observed black market exchange rate for the US dollar to Nigerian Naira remains a subject of interest for many. According to sources within the Bureau De Change (BDC) network, the current exchange rates stand at N998 for buying and N1003 for selling. These rates reflect the ongoing dynamics in the foreign exchange market within Nigeria.

It’s essential to bear in mind that the Central Bank of Nigeria (CBN) does not officially recognize the black market as a legitimate platform for foreign exchange transactions. Instead, the CBN consistently urges individuals and businesses to conduct their foreign exchange dealings through authorized financial institutions to maintain regulatory oversight and ensure market stability.

Current Black Market Exchange Rates (USD to NGN):

  • Buying Rate: N998
  • Selling Rate: N1003

However, it’s crucial to acknowledge that the rates offered in the black market can slightly differ from those mentioned here. Various factors, including supply and demand dynamics, economic conditions, and external influences, can influence these rates.

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The appeal of the black market primarily lies in the potential for more favorable exchange rates compared to official channels. While this might be tempting, it’s equally important to consider the potential risks and consequences of engaging in unofficial forex trading.

For individuals and businesses seeking to exchange currency, staying well-informed about both official and unofficial exchange rates is advisable. Consulting with authorized financial institutions is encouraged to ensure the accuracy and security of foreign exchange transactions.

Source: Naija News.

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Nigeria’s Central Bank to Utilize $3 Billion Crude Oil Loan to Bolster National Currency, Assures Economic Stability

Nigeria's Central Bank to Utilize $3 Billion Crude Oil Loan to Bolster National Currency, Assures Economic Stability

In a bid to shore up the Nigerian naira and foster economic stability, the Nigerian National Petroleum Company (NNPC) Limited secured a crucial $3 billion crude oil repayment loan in August. The loan, which garnered attention as a vital step to stabilize the country’s exchange rates, is now set to be deployed for the intended purpose, according to recent statements from the Nasarawa State Governor, Abdullahi Sule.

The NNPC had initially announced the acquisition of this emergency loan, emphasizing that it stemmed from AFREXIM Bank, a prominent trade finance bank in Africa. The primary objective behind securing this substantial financial aid was to enhance the value of Nigeria’s currency, the naira, in the international market.

However, concerns had arisen regarding the timing and method of implementing this financial boost, especially in light of the naira’s fluctuating value in both the Investors & Exporters’ window and the parallel market.

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Governor Abdullahi Sule addressed these concerns at the conclusion of the 136th National Economic Council meeting held in Abuja, stating that the National Economic Council had given its approval for the $3 billion emergency loan to be utilized for stabilizing the naira.

“So, we are very confident and we still believe very strongly that with the plan that will come out and with all these items that have been listed on the improvement of revenue, the $3 billion shall be useful to us down the line,” Governor Sule affirmed.

Responding to inquiries about when the intervention would take effect and whether a supplementary budget would be required, Sule explained, “The $3 billion that was taken in order to stabilize the naira. As you have seen we have a new team at the CBN and the new team that is just coming in is asking for a little bit of time in order to work out the modalities.”

He further added, “It is one thing to take the loan, it is another to plan the process of the stabilization because it’s going to take a while. The CBN governor was just confirmed a few days back and he started rolling out his plans of what to do.”

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Regarding the possibility of a supplementary budget, Sule clarified, “Supplementary budget is a request that will come as a result of whatever is happening right now. I’m not sure there is a need for a supplementary budget immediately. So far, there have been no supplementary budget requests that were presented to NEC.”

The commitment to deploy the $3 billion loan towards stabilizing the naira is expected to provide a significant boost to Nigeria’s efforts to maintain economic stability and mitigate the currency’s volatility in both domestic and international markets.


Nigerian Equities Market Witnesses N91 Billion Decline in September, Raising Concerns Amidst Macroeconomic Uncertainty

Nigerian Equities Market Witnesses N91 Billion Decline in September, Raising Concerns Amidst Macroeconomic Uncertainty

Investors in Nigeria’s equities market faced a challenging month in September as the market experienced a decline of 0.25 percent, resulting in a loss of N91 billion in investment value. This downturn followed a profitable August rally and added to concerns about the nation’s economic stability.

At the beginning of September, the All-Share Index (ASI) stood at 66,548.99 points, with the equities market capitalization at N36.422 trillion. However, by the end of the month, on Friday, September 29, these figures had dropped to 66,382.14 points and N36.331 trillion, respectively.

This negative performance in September comes as a surprise to many, given the expectations that investors would strategically position themselves in value stocks, aiming for qualification for their half-year (H1) interim dividends. However, it appears that caution prevailed, driven by concerns about Nigeria’s macroeconomic outlook and events in the foreign exchange (FX) market, which have a direct impact on foreign investments in stocks.

Despite the anticipation of positive market drivers, September saw a loss of 0.25 percent, in stark contrast to the 3.44 percent return recorded in August. Analysts at Vetiva Research, a Lagos-based research firm, noted, “With no positive driver in the market, we anticipate similar mixed trading sessions next week, as investors begin to look forward to third-quarter (Q3) earnings reports.”

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The overall market performance in the nine months leading up to September showed a positive return of +29.52 percent. However, the recent decline raises questions about the sustainability of this trend, as investors closely monitor economic developments and the potential impact on their portfolios.

It is clear that the equities market in Nigeria remains sensitive to both domestic and international factors, with investors carefully assessing their investment strategies in response to changing economic conditions. The ongoing macroeconomic uncertainty, particularly in the foreign exchange market, will likely continue to influence investment decisions in the coming months.

Source: Business Day Nigeria

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