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Black market Dollar to Naira exchange rate today April 28, 2024: GBP, EUR to Naira

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Dollar to Naira black market exchange rate today
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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, Euro to Naira black market, Pounds to Naira black market for April 28, 2024, 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 at Lagos, Abuja and Port Harcourt  Parallel Market (Black Market) yesterday closed at an average N1,405 per dollar according to data obtained from Bureau De Change (BDC) operators. 

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Dollar to Naira Black Market Rate Today.

How much is $1 in Nigeria black market today?

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Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1,390
Selling Rate N1,410

CBN exchange rate dollar to Naira today

The CBN exchange rate dollar to Naira today is:

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate 1,300
Selling Rate 1,302

 

 

The Dollar to Naira Bank rate today is also the same as the CBN official rate. The only difference is just one to two naira difference from one bank to another.

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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.

 

The rates you buy or sell forex at Aboki exchange rate today in Lagos and other Aboki Forex rates may be different from what is captured in this article because prices vary.

Pounds to Naira Today

Pounds to NGN CBN Rate Today

  • Buying Rate: N1,565
  • Selling Rate: N1,580

Euro to Naira black market Today

Euro to Naira exchange rate Today

  • Buying Rate: N1,350
  • Selling Rate: N1,355

 

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Meanwhile, at the Lagos Parallel Market, popularly referred to as the Black Market, the exchange rate between the US dollars and the Naira concluded at 1650 per dollar yesterday, as reported by sources in the Bureau De Change (BDC).

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Dollar Wrecking Ball Forces Investors to Seek Cover in Exporters

The soaring dollar is causing turmoil for investors globally, but amidst the chaos, exporters are emerging as potential winners. Companies that export to the United States, the world’s largest economy, are poised to benefit from the currency’s strength.

Exporters with significant dollar earnings, particularly Asian chipmakers and European industrial and pharmaceutical firms, are expected to reap rewards. According to Goldman Sachs Group Inc. indexes, shares of exporters to the US have outperformed a broader range of non-American companies this year.

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George Maris, Chief Investment Officer for Global Equities at Principal Asset Management, noted that exporters to the US stand to gain not only from currency translation but also from trade advantages. He emphasized potential margin improvements for European, Japanese, and Chinese exporters.

The recent surge in the dollar, driven by a robust US economy and reduced expectations of Federal Reserve interest rate cuts, has triggered a sell-off in global markets. However, exporters could lead any market rebound, given the historical correlation between their earnings per share and the strength of the dollar.

Asian companies, especially in Taiwan, are expected to see significant gains. Taiwan Semiconductor Manufacturing Co., heavily reliant on US revenue, reported its first profit increase in a year despite revising future expansion plans. Japanese and Taiwanese equities, with substantial offshore revenues, are also likely to benefit from the stronger dollar, according to Morgan Stanley.

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European pharmaceutical and luxury firms are anticipated to profit from the dollar rally due to their strong correlation with a robust US currency, as highlighted by Bloomberg Intelligence. Novo Nordisk A/S, a Danish pharmaceutical company, stands out as its production is centered in Europe while its primary sales market is in the US.

However, while exporters thrive, others may suffer. The appreciating dollar poses challenges for companies with non-US holdings, such as Blackstone Inc., which reported lower returns on real estate funds. Akamai Technologies Inc., heavily reliant on foreign revenue, cited the greenback as a headwind.

Overall, the strengthening dollar is expected to trigger sectoral shifts, with cyclical sectors like basic resources, consumer discretionary firms, and financials likely to underperform, according to David Chao, a strategist at Invesco Asset Management in Singapore.

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As market dynamics evolve amid the dollar’s ascent, investors navigate a landscape where exporters find shelter amidst uncertainty.

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Disclaimer: The opinions expressed in this article are solely those of the author and do not reflect the views of Ejes Gist Media Limited. For any rights infringements or takedown requests, please contact us at [email protected].
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