Latest Black Market Dollar to Naira Exchange Rate – January 23, 2024
Wondering about the current Dollar to Naira exchange rate on the black market (also known as the parallel market or Aboki fx)? Check out the rates for January 23nd below and find out how much you can swap your dollar for Naira.
Dollar to Naira Exchange Rate – Black Market (Aboki Dollar Rate): As of Monday, January 21, 2024, in Lagos Parallel Market (Black Market), players were buying a dollar for N1350 and selling it at N1355, according to sources at Bureau De Change (BDC).
Please be aware that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and advises individuals engaging in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today January 23, 2024.
- Buying Rate: N1350
- Selling Rate: N1360
Dollar to Naira CBN Rate Today:
- Buying Rate: 890
- Selling Rate: 891
Keep in mind that the forex rates for buying or selling may differ from the rates mentioned in this article due to market fluctuations.
Swapping Dollars Safely: Beyond the Shadowy Streets
If the official channels don’t quench your thirst for the best rate, consider these safer alternatives:
- Authorized Bureau de Change (BDC): Licensed and reliable, but rates might be less appealing than the black market.
- Peer-to-peer (P2P) platforms: Regulated platforms like Paxful connect you with individuals for secure currency exchange.
- Official bank channels: Under specific circumstances and bank approval, currency exchange might be possible through your bank.
Dollar to Naira Black Market Exchange rate: Friend or Foe? Tread with Caution
While the black market offers higher rates, remember:
- Safety First: Meet trustworthy individuals and avoid obvious scams.
- Legal Concerns: Operating outside official channels carries legal risks.
- Uncertainty Abounds: Black market rates are volatile and heavily influenced by external factors.
Stay Informed with Ejes Gist News Aboki FX:
We provide accurate black market rate information, not actual currency exchange. Always double-check rates at local markets or banks before making any transactions.
Understanding the Dollar to Naira Black Market Exchange rate: Why Rates Fluctuate
Knowing the forces that influence black market rates is crucial for informed decisions:
- Supply and Demand: The availability of both currencies plays a major role.
- Economic Indicators: Inflation, oil prices, and overall economic stability impact the exchange rate.
- Political Climate: Government policies and political uncertainty can cause fluctuations.
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The market witnessed an appreciation of 20.45%, which solidifies its position as the fastest-growing equities market globally, surpassing the Argentine Stock Market..
