The dollar to naira black market exchange rate today and Aboki exchange rate for today Saturday June 17, 2023.
Ejes Gist News Nigeria bring to you USD/NGN (Dollar to Naira) exchange rate today based on Black Market rate, Lagos, Nigeria today
The value of Naira to Dollar exchange rate at black market is influenced by various economic. The an unofficial exchange rate is known as the dollar to naira black market exchange rate, which is often higher than the official rate.
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Have you ever asked “how much is Dollar to Naira exchange rate?” in this article you will learn the latest value for the Dollar to Naira exchange rate in black market today.
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Having the full knowledge on how much USD to NGN black market exchange rate today, will give you a better opportunity to plan and make the right decisions.”
Dollar to naira exchange rate today black market | Aboki Exchange Rate Today dollar to naira
On Friday, June 16, 2023, industry experts in the Bureau de Change (BDC) sector disclosed that the prevailing exchange rate for the US dollar to the Nigerian naira on the Parallel Market was ₦750 per dollar, according to reports
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1 Dollar To Naira Black Market Exchange Rate Today June 17, 2023.
| how much is dollar to naira black market (USD to NGN rate) | USD to naira black market today |
| Buying Rate | ₦ 750 |
| Selling Rate | ₦ 755 |
Therefore, 1000 Naira to dollar conversion rate will give you N755,000.
How much is $100 in black market today?.
Now, How much is $100 US in Nigeria?
- $100 USD in black market today will give you ₦75,500.
How Much is 1 dollar to naira Official Exchange Rate Today.
Parallel exchange rate (black market) exchange rate is always different from official market. At official Investor and Exporter window ( I&E), the Naira to dollar closed at an average of 703 naira per dollar. The Nigerian Economy is drastically affected by the Dollar to Naira Black Market Exchange rate.
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The following is Interbank dollar to naira rate
| 1 Dollar to Naira Today (USD to NGN rate) | Official dollar to naira rate |
| Buying Rate | 703 |
| Selling Rate | Â 704 |
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Please note that the Central Bank of Nigeria (CBN), as the apex bank, does not acknowledge the parallel market (black market) and has directed Nigerians seeking to engage in Forex to approach their respective banks. Regrettably, due to the corrupt nature of Nigerian banks, it may take up to 70 days to obtain dollars through official channels. As a result, the black market remains the most dependable means of accessing dollars.
How much is Euro to naira today in black market.
| Euro to naira today (€) | Euro to naira today black market exchange rate. |
| Buying | ₦ 797 |
| Selling | ₦ 903 |
How much is Pound to naira today in black market.
| Pound to naira today (£) | pound to naira today black market exchange rate. |
| Buying | ₦ 909 |
| Selling | ₦ 917 |
The Canadian Dollar to Naira black market exchange rate today is N799/1c$
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 | ₦39 |
| Selling Rate | ₦72 |
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 | ₦177 |
| Selling Rate | ₦179 |
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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 | ₦97 |
| Selling Rate | ₦90 |
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 | ₦79 |
| Selling Rate | ₦73 |
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.
- 1 Euro to naira today official rate is 797 per €1
- 1 Pounds to naira today official rate is N777 per 1£
Dollar to Naira Bank rate today.
Banks in Nigeria sell dollars between 777 to 779 to a dollar.
Naira will appreciate at parallel market – Morgan Stanley.
Morgan Stanley, a global investment bank, has recently projected that the Nigerian naira is poised to appreciate at the parallel market rate. This statement was made in their publication titled “Nigeria Sovereign Credit Strategy ‘No Longer Pumped.'”
According to the report, the bank suggests that as a greater volume of capital flows is redirected through formal banking channels, the value of the naira will experience appreciation in the near future. This appreciation is expected to lead to a convergence between the Investors and Exporters (I&E) rate and the parallel market rate.
Dollar To Naira Black Market Exchange Rate Today June 17 , 2023
Prior to the recent foreign exchange (FX) adjustment that occurred on Wednesday, the parallel market rate stood at N759 to the US dollar, indicating that this rate ideally reflects the currency’s value in the interbank market.
At present, the one-month non-deliverable forward (NDF) contract is trading at N738 against the spot rate of N664. This suggests that the clearing level is expected to be higher than the current spot level.
Morgan Stanley acknowledges the challenges in accurately predicting the exact settling point for a managed currency like the naira. However, they anticipate that the currency will appreciate in the parallel market as more capital flows are directed through formal banking channels. This convergence between the I&E rate and the parallel market is anticipated to be below the current unofficial level but higher than the current spot rate.
Dollar To Naira Black Market Exchange Rate Today June 17 , 2023
Dollar to Naira Exchange Crisis.
The dollar to naira exchange crisis has been a major concern for Nigerians for many years. The Nigerian currency has been losing value against the dollar, causing inflation and economic instability in the country. The shortage of foreign exchange and the devaluation of the naira have made it difficult for individuals and businesses to access foreign currency. This has led to a rise in the cost of goods and services, making life difficult for the average Nigerian. Despite efforts by the government to stabilize the exchange rate, the crisis has persisted, and many Nigerians are still struggling to cope with the economic realities caused by the devaluation of the naira.
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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 Exchange Rate Today June 17 , 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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Thank you for using our platform to stay up-to-date on the latest news in Nigeria, specifically regarding the CBN’s dollar to naira exchange rate, Aboki Exchange Rate Today dollar to naira and the Black Market exchange rate for June 17 , 2023.
