What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
Find below the Dollar to Naira Black Market exchange rate today for 6th January, 2024. You can easily swap your dollar for Naira at these rates.
How much is dollar to naira today in 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 N1235 and sell at N1245 on Saturday 6th January 2024, according to sources at Bureau De Change (BDC).
Nigerian Newspapers Digest: 10 things to know today, January 6, 2024
It’s important to highlight that the Central Bank of Nigeria (CBN) does not acknowledge the Dollar to Naira Black Market (parallel market). The CBN directs individuals interested in engaging in Forex to contact their respective banks for currency transactions.
Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Dollar to Naira Black Market Exchange Rate Today |
| Buying Rate | N1235 |
| Selling Rate | N1245 |
Dollar to Naira CBN Rate Today
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | 889.16 |
| Selling Rate | 902.56 |
Kindly be aware that the rates at which you buy or sell forex may differ from the values presented in this article as prices can vary.
- BUY: naira to pound 1550
- SELL: naira to pound 1556
- BUY: naira to euro 1355
- SELL: naira to euro 1375
Canadian Dollar to Naira rate
- BUY: naira to canadian dollar 950
- SELL: naira to rand 955
South African Rand to Naira rate
- BUY: zar to naira 53
- SELL: yuan to naira 65
UAE Dirham to Naira rate
- BUY: naira to Dirham 293
- SELL: naira to Dirham 310
Chinese Yuan to Naira rate
- BUY: naira to Yuan 130
- SELL: Yuan to naira 135
Ghanaian Cedi to Naira rate
- BUY: naira to cedi 95
- SELL: naira to cedi 105
West African CFA franc to Naira rate
- BUY: naira to xof1735
- SELL: naira to xaf1750
Central African CFA franc to Naira rate
- BUY: naira to xaf 1650
- SELL: naira to xaf 1700
Australian Dollar (Aussie) to Naira rate
- BUY: aussie to naira 600
- SELL: australian dollar to naira 650
Dollar to Naira Black Market Exchange Rates Yesterday:
For reference, the black market closed at ₦1197/$1, determined by the average dollar to naira rates traded at various platforms.
FG Denies Having A Hand In Wike And Fubara’s Rift
Official Bank Rates (CBN):
The Central Bank of Nigeria (CBN) sets the official exchange rate:
- Buying: ₦831.47 for $1
- Selling: ₦833.48 for $1
Under these official rates, the CBN acquires one US dollar for ₦831.47 and sells it for ₦833.48 through authorized dealers.
Dollar to Naira Bank Rates Today:
Data from various banks indicates the average Dollar to Naira Exchange Rate Today:
GTBank:
- Buying: ₦889.16 for $1
- Selling: ₦990 for $1
Access Bank:
- Buying: ₦993/USD
- Selling: ₦990/USD
Zenith Bank:
- Buying: ₦993/USD
- Selling: ₦997/USD
Guaranty Trust Bank (GTBank):
- Buying: ₦997.83/USD
- Selling: ₦990/USD
First Bank of Nigeria fx rate:
- Buying: ₦889.16/USD
- Selling: ₦975/USD
United Bank for Africa (UBA) Exchange rate:
- Buying: ₦991.83/USD
- Selling: ₦997.83/USD
Where to buy black market dollars in Nigeria?
Authorized Bureau de Change (BDC): These licensed exchange houses offer legal and secure currency exchange services, although rates may be less favorable than those offered on the black market.
Peer-to-peer (P2P) platforms:Â Some regulated P2P platforms allow individuals to connect and exchange currencies safely and transparently.
Official bank channels: While subject to current policies and controls, banks can sometimes facilitate dollar purchases for approved purposes such as travel or medical bills.
Is it safe to buy black market dollars?
Yes it is safe, if you meet the right people.
What are the risks of using the black market for dollars?
It exposes you to fraud and scams: Black market transactions are often rife with scams and fraud, putting you at risk of losing your money or valuables.
Aboki Dollar to Naira Black Market Exchange Rate Inquiries:
Does Aboki Forex Engage in Currency Trading or Exchange?
No, Aboki Forex operates solely as an informational platform and is not involved in the trading or exchange of currencies. It serves as a reliable source for details on currency exchange rates across various markets.
How Can I Exchange Currency?
To exchange currency, it is recommended to contact your local currency exchange market or approach a bank. These institutions will provide you with the latest exchange rates and guide you through the currency exchange process.
Is the Accuracy of Black Market Exchange Rates Consistent Across All Markets?
No, the accuracy of Black Market Rates provided by Aboki Forex may vary across different markets. These rates represent average values in local markets and can fluctuate between locations due to the absence of regulatory oversight.
What Sets Apart CBN, I&E, and Dollar to Naira Today Black Market Exchange Rates?
- CBN Rates:
- Established by the Nigerian central bank for official purposes.
- I&E Rates (Investors’ and Exporters’):
- Regulated for investment and foreign exchange transactions.
- Black Market Rates:
- Represent unofficial rates in the unregulated market, substantially differing from CBN and I&E rates.
Global Banking Giants Announce Unprecedented Job Cuts in 2024″
In an unforeseen development, major global banks, including UBS, Wells Fargo, and others, have collectively initiated substantial job cuts, surpassing 60,000 in the year 2024. This represents one of the most significant workforce reductions since the 2008 global financial crisis.
Several factors contribute to the rationale behind this extensive transformation. Notably, the integration of Credit Suisse into UBS has played a pivotal role in this industry-wide shake-up. Furthermore, the repercussions of declining fees have profoundly impacted Wall Street’s revenue streams, triggering a strategic reassessment of human resources within these financial institutions.
As the financial sector grapples with heightened instability and uncertainty, the aftermath of these extensive job cuts is poised to send shockwaves across industries and global economies. The implications of this major restructuring are likely to extend far beyond the confines of the banking sector, influencing the broader economic landscape.
What are the factors that influence the black market dollar rate?
Factors Influencing the Black Market Dollar Rate:
Supply and Demand Dynamics:
-
- The fundamental economic principle of supply and demand plays a significant role. If demand for the dollar is high relative to its supply, the exchange rate tends to rise, and vice versa.
Economic Indicators:
-
- Economic indicators such as inflation rates, GDP growth, and employment figures can influence the black market dollar rate. A robust economy generally attracts foreign investors, increasing demand for the local currency.
Political Stability and Governance:
-
- Political stability fosters confidence among investors, positively impacting the exchange rate. Political uncertainty or instability can lead to a lack of confidence and a depreciation of the local currency.
Government Policies:
-
- Monetary and fiscal policies implemented by the government can affect the exchange rate. Policies that promote economic stability and growth tend to have a positive impact, while inconsistent or unfavorable policies can lead to currency depreciation.
Foreign Exchange Reserves:
-
- The level of a country’s foreign exchange reserves can influence its ability to stabilize its currency. Higher reserves provide a cushion against market pressures, while lower reserves may lead to a weaker currency.
Trade Balances:
-
- A country with a trade surplus (exports exceeding imports) is likely to have a stronger currency. Conversely, a trade deficit may lead to a weaker currency.
Global Economic Conditions:
-
- The overall health of the global economy can impact the black market dollar rate. Economic crises or uncertainties in major economies can lead to shifts in currency values.
Interest Rates:
-
- Interest rates set by the central bank influence the attractiveness of a currency. Higher interest rates may attract foreign investors seeking better returns, increasing demand for the local currency.
Speculation:
-
- Speculative activities in the foreign exchange market can lead to short-term fluctuations in the black market dollar rate. Traders’ perceptions of future economic conditions can drive speculative buying or selling.
Legal and Regulatory Environment:
-
- The regulatory environment, including restrictions on currency trading and foreign exchange policies, can impact the black market dollar rate.
Inflation Rates:
-
- High inflation rates erode the purchasing power of a currency, making it less attractive to investors. Countries with lower inflation rates may experience a more favorable exchange rate.
Market Sentiment:
-
- Perceptions and sentiments in the market, influenced by news, geopolitical events, or other external factors, can have a short-term impact on the black market dollar rate.
Recommended Links.
- Latest Recruitment in Nigeria
- Scholarship News
- Health Tips
- Career Tips
- Nigerian Idol
- Google AdSense know how
- Metro News
- My School Gist
- lifestyle
