Dollar to Black Market today 9th January 2023 | Aboki Fx Today, USD to Naira

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Black Market Dollar To Naira Exchange Rate Today 
Graphic of Dollars and Nairas
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Dollar to Naira Black Market Exchange rate today 9th January 2023 – Here is the current USD to naira rate today. See today’s CBN & Dollar to Naira Exchange rate at aboki fx and the black market. You can change your USD to naira at these rate or convert dollar to naira at the latest black market rate or parallel market.

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So many Nigerians prefer to exchange their foreign currencies especially the US Dollars to naira using the black market because the exchange rate is very high compared to what the bank offers. If you want to know the current black market rate, here is the page to find that.

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Aboki fx dollar to naira exchange rate has also been added here so you can easily verify each of the rate for the currencies you want to exchange in the parallel markets. Aboki fx is the most trusted source for black market dollar to naira rate today. You can find their exchange rate for today here.

Dollar to Naira Black Market Exchange rate Yesterday 8th January 2023

The exchange rate between the naira and the US dollar closed at an average of N735/$1 on Sunday 8th January 2023 at the black market, representing a 0.76% gain of  N743.6/$1 recorded in the last trading sessions.

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This is according to information obtained by Ejes Gist Dollar from black market traders and Aboki dollar to Naira exchange Operators.

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Also, naira weakened marginally against the US dollar on Monday at the cryptocurrency peer-to-peer market, closing at a minimum of N747.99/$1, representing a 0.13% depreciation from N750.5/$1 that was recorded in the previous trading session.

Dollar to Naira Black Market today 9th January 2023

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 740
Selling Rate 743

 

What is the current dollar to naira exchange rate in parallel market? Well, it may interest you to know that Dollar to Naira rate in the black market sometimes varies hugely from the rate in Central Bank of Nigeria website (www.cbn.gov.ng).

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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.

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How Much is 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 573 Naira Per Dollar. The Nigerian Economy is drastically affected by the Dollar to Naira exchange rate.

Dollar to Naira (USD to NGN) Official Dollar to Naira Exchange Rate Today
Buying Rate 452
Selling Rate 453

 

Dollar to Naira Bank rate today.

Banks in Nigeria sell dollars between 540 to 545 to a dollar.

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As Naira is falling, inflation takes over the economy which usually affects the citizens. Central Bank Governor, Godwin Emefiele has said that the Nigerian Economy needs a massive turnaround and has urged Nigerians to work towards it.

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Dollar to Naira Black Market today

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The black market commonly referred to as Aboki market rate for dollars is usually higher than the exchange rate at the banks which is usually regulated by the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate you can buy or sell dollars for naira listed on CBN dollar to naira website cbn.gov.ng.

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However, USD to Naira bank rate is the rate you use when purchasing something from foreign websites using your Naira Mastercard or Debit card from Nigerian Banks. These rate normally would always be lower than what is obtainable in the black market.

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World Bank asks CBN to end RT200 FX Programme.

Due to its impact on the country’s foreign exchange, the World Bank has advised the Central Bank of Nigeria (CBN) to review the “Race to US$200 Billion In FX Repatriation (RT200 FX) Programme.”

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The World Bank explained that beneficiaries of the RT200 FX Programme will utilise the incentive provided by the central bank through the rebate programme.

Ripples Nigeria learned from the World Bank’s ‘Nigeria Development Update (January 2023): Nigeria’s Choice.’ report that traders could purchase foreign currency on the official market and exchange it on the black market to profit from the premium rate difference between the two forex markets.

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Note that the CBN’s rebate scheme encourages exporters in the Non-Oil sector to repatriate foreign currency and sell export proceeds on the official foreign exchange market.

The rebate programme is designed to recapture the foreign exchange that the banking system is losing to the black market as a result of the premium rate on the parallel market.

Foreign Exchange Rate Influencing Factors

Here are some of the reasons for the dollar-to-naira exchange rate’s decline.

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Inflation Rates: It is common knowledge that inflation has a direct impact on black market exchange rates. The naira will benefit if the Nigerian economy can be stabilised and inflation is brought under control; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive on a daily basis.

Interest Rates: Interest rates are another tool to keep an eye on. If the interest rate at which banks lend money rises, the economy will contract, and the value of the naira will fall as a result.

Naira to dollar Gains Massively at Black Market Exchange Window

Government debt has the potential to affect investor confidence and, as a result, the flow of funds into the economy. If inflows are high, the naira exchange rate will rise in its favour.

Speculators: Speculators have a significant impact on the naira-to-dollar exchange rate. They hoard money in anticipation of a profit, causing the naira to fall even further.

Trade Conditions: Although Nigeria is currently running a trade deficit, favourable trade terms will lead to an increase in the value of the Nigerian currency to the dollar. China, India, and the majority of Asian countries supply everything.

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What’s your Opinion on Dollar to Naira Black Market today Monday 9th  January 2023, 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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