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 17th March, 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 Parallel Market (Black Market) players buy a dollar for N1600 and sell at N1605 on Friday 16th March 2024, 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.
Dollar to Naira Black Market Rate Today.
How much is $1 in Nigeria black market today?
CBN exchange rate dollar to Naira today
The CBN exchange rate dollar to Naira today is:
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.
Please note that 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: N1,886
- Selling Rate: N1,887
Euro to Naira black market Today
Euro to Naira exchange rate Today
- Buying Rate: N1,612
- Selling Rate: N1,613
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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Naira Records 0.58% Gain Despite Dollar Supply Decline.
Despite a decline in the supply of the dollar at the official foreign exchange (FX) market on Monday, Nigeria’s currency, the Naira, saw a notable 0.58 percent gain against the US dollar.
According to data from the FMDQ Securities, after trading on Monday, the dollar was quoted at N1,617.96, strengthening from N1,627.40 quoted on Friday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
This gain was attributed to increased demand for the Naira, a trend that analysts had predicted after the Central Bank of Nigeria raised the Monetary Policy Rate (MPR) by 400 basis points to 22.75 percent from 18.75 percent.
During the Monetary Policy Committee (MPC) meeting held last week, the MPR was increased to 22.75 percent from 18.75 percent. Additionally, adjustments were made to the asymmetric corridor around the MPR and the Cash Reserve Ratio, while the Liquidity Ratio was retained at 30 percent.
In the FX market, the intraday high on Monday was N1,650 per dollar, slightly weaker than the N1,640/$1 quoted on Friday. The intraday low also depreciated to N1,511 per dollar compared to N1,413/$1 on Friday at NAFEM.
The dollar supply by willing buyers and sellers decreased by 67.56 percent to $96.13 million on Monday from $296.35 million recorded on Friday.
At the parallel market, the Naira traded around N1,610 to N1,620 on Monday, in contrast to N1,620 on Friday.
The gap between the official and parallel market rates narrowed to just N1, with the official rate at N1,617 and the average black market rate at N1,618.
Nigeria’s external reserves, which provide the Central Bank of Nigeria (CBN) with the means to defend the Naira, have seen a 2.83 percent year-to-date accretion due to inflows from foreign capital and remittances.
Data from the Central Bank of Nigeria (CBN) showed that foreign currency reserves increased to $34.11 billion as of March 7, 2024, from $33.17 billion at the beginning of the year.
External reserves consist of foreign currency and other assets held by a country’s Central Bank, typically including foreign currencies, gold, and other international assets.
That is all for today on Dollar To Naira today Black Market nairaland, Aboki Forex, CBN exchange rate dollar to Naira today and Dollar to Naira Bank rate today.
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