Black Market Exchange Rates: Dollar to Naira Update for May 3, 2023

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Dollar to Naira black market exchange rate today
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If you want to know what the dollar to naira black market exchange rate is today, May 3, 2023, then you are at the right place.

 

The black market dollar-to-naira exchange is also known as the parallel market (Aboki fx). You can find the latest black market dollar-to-naira exchange rate below.

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Knowing today’s current dollar-to-naira exchange rate is crucial in order to exchange your dollars for the most favorable rates available.

 

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What is the current exchange rate of USD to NGN in the black market?

 

Dollar to naira exchange rate today black market (Aboki dollar rate):

 

Sources at Bureau de Change (BDC) operators reported that the average closing exchange rate for a dollar to naira at the Parallel Market (Black Market) yesterday, Tuesday, May 2nd, 2023, was ₦750 per dollar

 

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1 Dollar To Naira Black Market Exchange Rate Today May 3, 2023.

how much is dollar to naira black market (USD to NGN rate) USD to naira black market today 
Buying Rate ₦ 747
Selling Rate ₦ 749

 

Therefore, 1000 Naira to dollar conversion rate will give you N749,000.

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 ₦74,900

 

It is very important to note that the Central Bank of Nigeria (CBN), which is the apex bank, does not recognise the parallel market (black market), as it has instructed Nigerians who want to engage in Forex to approach their respective banks. However, it will take you 60 days to get dollars from any Nigerian bank due to their corruption nature, as the black market is the only reliable option to get dollars.

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The exchange rate of the Nigerian naira to the dollar has been a great concern for many Nigerians.

 

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How much is Euro to naira today in black market.

Euro to naira today (€) Euro to naira today black market exchange rate.
Buying ₦ 800
Selling ₦ 805

 

How much is Pound to naira today in black market.

Pound to naira today (£) pound to naira today black market exchange rate.
Buying ₦ 910
Selling ₦ 915

 

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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 ₦38
Selling Rate ₦36

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.

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Dirham to Naira (AED to NGN) Black Market Exchange Rate Today
Buying Rate ₦163
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 ₦87
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 ₦67
Selling Rate ₦74

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).

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Dollar to Naira Black Market Exchange rate

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 464
Selling Rate 467

 

  • 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.

MTN Nigeria faces N1.48bn lawsuits over electrocution, others.

 

According to the Q1 financial report for 2023, MTN Nigeria is currently facing multiple lawsuits that have resulted in legal claims totaling over N1.48 billion.

Included in the N1.48 billion legal action is a N200 million claim brought against MTN Nigeria in relation to an incident where the company’s cable purportedly caused the electrocution of a 12-year-old girl named Hamsatu Abdullahi in Yobe State.

A sum of N200 million was granted to a 12-year-old female by a high court in Damaturu, the capital of Yobe State. This was in recognition of the injuries she sustained from electrocution, which necessitated the amputation of both her hands and one of her legs.

 

Dollar To Naira Black Market Exchange Rate Today May 3, 2023.

 

MTN Nigeria is currently engaged in a legal dispute with Abdullahi, which is still ongoing. Additionally, the company is facing litigation from both the Benue State Internal Revenue Services and Corporate Communications Ltd.

 

As per the financial statement, the network provider has reported that the Group is currently facing contingent liabilities amounting to N1.48 billion (December 2022: N1.48 billion) due to claims and litigations arising in the ordinary course of business. The Group is actively defending these actions.

Throughout the quarter, a reassessment was conducted on the facts and evidence presented to the court in relation to said cases. Based on the most accurate estimations available, the potential obligation value for these cases amounted to N1.48 billion.

MTN Nigeria has stated that the ongoing litigations are presently under consideration by multiple courts, and the timing of the judgements remains uncertain.

The company stated that, based on advice from legal counsel, the directors are of the opinion that no significant losses are anticipated to result from the aforementioned claims and litigations.

 

Dollar To Naira Black Market Exchange Rate Today May 3, 2023

Dollar To Naira Black Market Exchange Rate Today
Graphic of Dollars and Nairas

 

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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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.

Naira today

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 May 3, 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.Dollar To Naira today

 

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We appreciate your utilization of our platform to stay informed on the current news in Nigeria, particularly regarding the CBN exchange rate of the dollar to the naira and the Black Market exchange rate for May 3, 2023.

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