What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)? See the black market Dollar to Naira exchange rate for 22nd April, below. You can swap your dollar for Naira at these rates.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira yesterday Friday 21st April 2023 at Parallel Market (Black Market) players buy a dollar for N744 and sell at N750 , according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
1 Dollar To Naira Black Market Exchange Rate Today April 22nd, 2023.
| how much is dollar to naira black market (USD to NGN rate) | USD to naira black market today |
| Buying Rate | ₦ 744 |
| Selling Rate | ₦ 750 |
Therefore, 1000 Naira to dollar conversion rate will give you N750,000.
How much is $100 in black market today?.
How much is $100 US in Nigeria?
$100 USD in black market today will give you ₦75,00.
How much is Euro to naira today in black market.
| Euro to naira today (€) | Euro to naira today black market exchange rate. |
| Buying | ₦ 798 |
| Selling | ₦ 802 |
How much is Pound to naira today in black market.
| Pound to naira today (£) | pound to naira today black market exchange rate. |
| Buying | ₦ 906 |
| Selling | ₦ 910 |
The Canadian Dollar to Naira black market exchange rate today is N688/1c$
Rand to Naira
Today’s Rand to Naira black market rate is the rate Aboki/Bureau De Change (BDC) are selling and buying. The Rand is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.
| Rand to Naira (ZAR to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦35 |
| Selling Rate | ₦39 |
Dirham to Naira
Today’s Dirham to Naira black market rate is the rate Aboki/Bureau De Change (BDC) are selling and buying. The Dirham is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.
| Dirham to Naira (AED to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦188 |
| Selling Rate | ₦167 |
Yuan to Naira
Today’s Yuan to Naira black market rate is the rate Aboki/Bureau De Change (BDC) are selling and buying. The Chinese Yuan is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.
| Yuan to Naira (CNY to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦88 |
| Selling Rate | ₦91 |
Ghanaian Cedi to Naira
Today’s Ghanaian Cedis to Naira black market rate is the rate Aboki/Bureau De Change (BDC) are selling and buying. The Ghanaian Cedis is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.
| Cedi to Naira (GHS to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦68 |
| Selling Rate | ₦75 |
CAD to Naira Black Market
What is the current Black Market Dollar To Naira Exchange Rate Today or the parallel market? Well, it may interest you, how much is dollar to naira Black Market Exchange rate for today sometimes varies hugely from the rate in Central Bank of Nigeria website (www.cbn.gov.ng).
The price listed above is the current USD to Naira exchange rate. We will always update the latest rate on a daily basis to keep you informed. Dollar to Naira Exchange Rate is the current exchange equivalent of the United States Dollar. Rate varies for various banks and parallel markets.
How Much is 1 dollar to naira Official Exchange Rate Today
Parallel exchange rate (black market) exchange rate is always different from CBN rate. Currently, Naira is trading at average of 461 naira per dollar. The Nigerian Economy is drastically affected by the Dollar to Naira Black Market Exchange rate.
The following is Interbank dollar to naira rate
| 1 Dollar to Naira Today (USD to NGN rate) | Official dollar to naira rate |
| Buying Rate | 462 |
| Selling Rate | 465 |
- 1 Euro to naira today official rate is 486 per €1
- 1 Pounds to naira today official rate is N546 per 1£
Dollar to Naira Bank rate today.
Banks in Nigeria sell dollars between 545 to 569 to a dollar.
Currency in circulation hits 3-month high, as CBN reportedly pushes N701.4bn into economy.
The total currency in circulation in Nigeria has increased to N1.6tn in March 2023, according to the Central Bank of Nigeria (CBN).
In just one month, there has been a significant increase of N701.4 billion, bringing the total to N982.09bn at the end of March.
According to the money and credit statistics published on its website on Tuesday, the Central Bank of Nigeria (CBN) made this declaration.
The recent increase in CIC (currency in circulation) can be traced back to a significant decision made by the Supreme Court. The court reversed the CBN (Central Bank of Nigeria) redesign policy, which has led to the extension of the use of old notes until December 31, 2023.
The Central Bank of Nigeria’s introduction of new naira notes has reportedly caused a dip in the country’s Currency in Circulation (CIC), which fell from N3.29tn at the end of October 2022.
As per the Central Bank of Nigeria (CBN), the term “currency-in-circulation” refers to the legal tender currencies that are in the possession of the public and the Deposit Money Banks, excluding those stored in the central bank’s vaults.
The statement signifies the amount of money released by the CBN that has subsequently been withdrawn. The amount mentioned encompasses the funds held in commercial bank vaults that are readily available for customers who wish to make withdrawals.
According to the Central Bank of Nigeria’s report on currency operations, it has been revealed that the increase in Currency in Circulation (CIC) is a result of the persistent use of cash in the country’s economy.
Upon analysing the CIC, it was found that a significant portion of the currency was comprised of higher denomination banknotes such as N100, N200, N500, and N1000.
According to recent data, the majority of the total currency in circulation (CIC) is made up of higher denomination banknotes, accounting for 63.47 percent in terms of volume and 98.08 percent in terms of value.
According to the latest data available, as of the end of December 2020, lower denomination banknotes (N5, N10, N20, N50) made up 28.43 percent of the total currency in circulation (CIC). However, in terms of value, they only accounted for 1.92 percent.
Dollar To Naira Black Market Exchange Rate Today April 22nd, 2023
Dollar to Naira Quagmire.
For both Nigerians and foreign investors, the black market exchange rate between the US dollar and the Nigerian naira has been a constant source of worry.
Nigeria, which has a population of over 200 million people and an economy that is dependent on oil to maintain its economic stability. However, a number of factors, including inflation, a dearth of foreign investment, and a lack of foreign exchange reserves, have had an impact on the value of the naira.
As a result, many Nigerian citizens and companies are now forced to turn to the black market in order to obtain foreign currency. The difference between the official exchange rate and the actual value of the naira on the international market is frequently reflected in the black market exchange rate, which is determined by market forces.
The price of goods and services in Nigeria, business profitability, and the nation’s overall economic stability can all be significantly impacted by this rate. Therefore, anyone looking to operate in Nigeria’s financial sector must understand the dynamics of the dollar to naira black market exchange rate.
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Naira redesign: Poultry farmers beg Nigerian govt for debt cancellation.
Poultry farmers in Nigeria have made an appeal to the Federal Government to cancel their debt, citing the challenges they are facing in recovering from the impact of the naira redesign introduced by the Central Bank of Nigeria (CBN).
In response to the recent policy on egg production, industry leaders have called on the federal government to purchase the remaining 20 million crates of unsold eggs. This move is seen as a necessary step to mitigate the negative impact of the policy on their businesses.
The South-West branch of the Poultry Farmers Association, headed by Oluleye Gideon, recently held a press conference in Ibadan, Oyo State, where they made a call for action.
According to Gideon, the survival of the industry hinges on the intervention of the Federal Government.
According to him, the redesign of the Naira and several other government policies were the reasons behind their current predicament.
In a statement, he expressed his disappointment with the naira redesign, citing the timing and implementation as factors that resulted in the loss of billions of Naira.
According to Gideon, the farmers are not opposed to the policy, however, its timing and implementation strategy have caused significant difficulties for them.
Numerous farms have reportedly collapsed, while others are said to be operating at only 50% capacity. Poultry farmers are in dire need of urgent government assistance, otherwise, many of them will be forced to shut down in the near future.
Farmers are currently facing significant losses due to the unsold inventory of eggs and chicken, estimated to be around 15 to 20 million crates. It is suggested that measures be taken to assist in the removal of this surplus stock to alleviate the financial burden on these farmers.
According to the speaker, the aforementioned products are suitable for feeding individuals in internally displaced persons (IDP) camps and correctional facilities across the nation.
Eggs have been found to aid in the speedy recovery and bolstering of the immune systems of patients in government hospitals, making them a potentially valuable addition to meal plans.
According to the chairman, the cancellation of the debt would aid members in recovering from the impact of the naira redesign.
Citizens are calling on the Central Bank of Nigeria and the Federal Government to assist in alleviating the burden of loans by partially defraying them or even cancelling them in some instances.
The implementation of this measure is expected to provide a much-needed lifeline to the struggling agricultural sector, allowing farmers to regain their footing and prevent a potential collapse. The speaker suggested that the government establish a committee to initiate the process of collecting all unsold eggs and chicken.
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Facts influencing exchange rate.
The following are some of the factors that can influence exchange rate in Nigeria.
Political Stability: Any insecurity or uncertainty in a country’s political climate can have an impact on its currency. If there is political unrest or uncertainty in Nigeria, for example, the Naira may weaken.
Economic Performance: A country’s currency can be influenced by the strength of its economy, which includes factors such as inflation, interest rates, and economic growth. If the Nigerian economy performs well, the Naira will likely strengthen.
Foreign Investment: Foreign investment in a country can have an effect on its currency. If foreign investors have faith in the Nigerian economy, they may invest more, causing the Naira to strengthen.
International Trade: Nigeria’s international trade activities, such as the export and import of goods and services, can also have an impact on the country’s currency. A high volume of exports may increase demand for the Naira, thereby strengthening its value.
What’s your Opinion on Dollar to Naira Black Market today April 5, 2023, let us know what you think and how the Government can work with the CBN to provide reasonable USD to naira rates in the future.
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