Today’s exchange rate between the US dollar and Nigerian naira in the black market is called the Aboki dollar rate.
How much is the value of the Black Market Dollar converted to Naira.
Some people who exchange money in a market in Lagos, Nigeria said that they bought one American dollar for ₦750 and sold it for ₦760 today.
What is the current exchange rate between the dollar and naira.
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
Today, on Friday 17th June 2023, the local currency known as abokiFx opened at N750. 00 per $1 in Lagos Nigeria. This happened at the black market, which is a place where people exchange money unofficially. The previous day, the currency closed at N760. 00
Please remember that the exchange rate changes every hour. This happens because of how many dollars are available and how many people want them. This means that you can trade 1 dollar for ₦790, but the price can go up or down quickly.
The buying and selling worth of one US Dollar in a black market
Rephrase in Lagos or Abuja is indicated. This market is called the black market. It is for people who change money as a business.
Black Market Exchange Rate for Most Used Currency in Nigeria
|Currency||Buying Rate||Selling Rate|
|USD to NGN||₦750||₦760|
|GBP to NGN||₦900||₦920|
|EUR to NGN||₦750||₦800|
|CAD to NGN||₦560||₦600|
|ZAR to NGN||₦31||₦38|
|AED to NGN||₦180||₦200|
|CNY to NGN||₦80||₦90|
|GHS to NGN||₦40||₦55|
|XOF to NGN||₦1050||₦1100|
|XAF to NGN||₦920||₦950|
CBN Finally Devalues Naira – See New Exchange Rate
The Central Bank of Nigeria (CBN) in charge of money in Nigeria said they wouldn’t decrease the value of their currency, but now they have made big changes to how they exchange it with other countries. This happened only two weeks later. This means that the Investors and Exporters Window will include all parts, which is what the CBN had previously questioned.
The naira currency lost a lot of its value recently. It went down by 29% and now it costs N664 to buy one US dollar in Lagos. This drop is the biggest it has been since it went down in 2016.
A note from the CBN said that people should still apply for help with things like medical bills, school fees, travel expenses, and small businesses through their bank. Also, a new rule called “Willing Buyer, Willing Seller” was brought back at a place called the I&E Window. This rule allows all eligible transactions to use foreign exchange through that window.
The CBN made rules to limit how much people can trade when they have too much foreign currency. This includes allowing people to protect themselves from losing money on these trades by using other financial agreements called OTC futures. There were no more positions left to buy. The circular made a new rule for buying and selling that had a difference between the price people wanted to pay (bid) and the price people wanted to sell (ask), and all trades had to be cleared by a middleman.
Starting from June 30, 2023, there will be no more RT200 Rebate Scheme and Naira4Dollar Scheme.
Before, the CBN sold the naira for more than N630 per dollar at the SMIS window. The CBN told banks they could trade the dollar more easily, which made the price go up to N750/$.
People who invest their money were happy with the changes, shown by how much the stock market and government bonds went up in value. When it became easier to trade things on the official market, the Nigerian naira currency went down a lot and it took 750 naira to equal one US dollar. This is the biggest decrease in the exchange rate since it was managed in 2017, after the reduction in 2016.