What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
Find below the black market Dollar to Naira exchange rate for 11th December. 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 N1185 and sell at N1195 on Monday 11th December 2023, 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
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1185 |
| Selling Rate | N1195 |
Dollar to Naira CBN Rate Today
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | 980 |
| Selling Rate | 981 |
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Pound to Naira rate
-
- BUY: naira to pound 1460
- SELL: naira to pound 1470
Euro to Naira rate
-
- BUY: naira to euro 1255
- SELL: naira to euro 1275
Canadian Dollar to Naira rate
-
- BUY: naira to canadian dollar 900
- SELL: naira to rand 950
South African Rand to Naira rate
-
- BUY: zar to naira 50
- SELL: yuan to naira 65
UAE Dirham to Naira rate
-
- BUY: naira to Dirham 290
- SELL: naira to Dirham 310
Chinese Yuan to Naira rate
-
- BUY: naira to Yuan 125
- SELL: Yuan to naira 135
Ghanaian Cedi to Naira rate
-
- BUY: naira to cedi 85
- SELL: naira to cedi 100
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.
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: ₦980 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: ₦980/USD
- Selling: ₦975/USD
United Bank for Africa (UBA) Exchange rate:
-
- Buying: ₦991.83/USD
- Selling: ₦997.83/USD
Inquiries Regarding Aboki Dollar to Naira Black Market Exchange Rate Today:
Does Aboki Forex Engage in Currency Trading or Exchange?
Answer: No, Aboki Forex is not involved in the trading or exchange of currencies. It serves as an informational platform, providing details on currency exchange rates across different markets.
How Can I Exchange Currency?
Answer: To exchange currency, contact your local currency exchange market or a bank. They will provide current exchange rates and assist in the exchange process.
Is the Accuracy of Black Market Exchange Rates Consistent Across All Markets?
Answer: No, Black Market Rates provided by Aboki Forex may not exhibit uniform accuracy across all markets. These rates serve as representative averages in local markets and can fluctuate between different locations due to the lack of regulation.
What Sets Apart CBN, I&E, and Dollar to naira today black market exchange rates.
Answer: CBN rates are established by the Nigerian central bank for official purposes. Investors’ and Exporters’ (I&E) rates are regulated for investment and foreign exchange transactions. Black Market Rates represent unofficial rates in the unregulated market, differing substantially from CBN and I&E rates.
Influential Factors in Dollar to naira today parallel market exchange rates depreciation:
The fluctuation of the naira against the USD is shaped by a multitude of factors. These encompass volatile oil prices, foreign exchange reserves, exchange rate policies, inflation, economic uncertainty, global economic conditions, market speculation, balance of trade, government policies, and overall economic performance.
Understanding the intricacies of these components provides insight into the complex dynamics that shape the exchange rate landscape in Nigeria.
The current exchange rates between the Dollar and Naira in the black market play a pivotal role as an economic indicator, showcasing fluctuations across various markets. Stay well-informed by regularly checking this website for daily updates on dollar to naira rates and the latest news in Nigeria.
Since the appointment of Dr. Olayemi Michael Cardoso as the Governor of the Central Bank of Nigeria by President Bola Ahmed Tinubu, the nation’s currency has encountered ongoing instability, characterized by consistent depreciation..
CBN Adjusts Cargo Clearance Exchange Rate to N981/$ Amidst Ongoing Forex Challenges
The persistent foreign exchange crisis, the Central Bank of Nigeria (CBN) has raised the exchange rate for cargo clearance from N783/$ to N981/$. This move reflects the latest effort to navigate the challenges posed by the fluctuating forex landscape.
The adjustment follows a prior review in November when the government increased the exchange rate for cargo clearance to N783 per dollar, marking a 3.4 per cent increment from the previous rate of N757 per dollar.
The decision comes against the backdrop of the ongoing forex crisis that has gripped the nation since the CBN floated the Naira in June. The volatility in exchange rates has prompted authorities to take measures to stabilize the economy and address the challenges faced by businesses involved in international trade.
As of Wednesday, the Naira witnessed a further depreciation against the US dollar, with the exchange rate reaching N980.22/$1. This marks a notable decline from the previous rate of N806.73/$1 recorded on Tuesday.
The adjustment in the cargo clearance exchange rate underscores the complexities and uncertainties inherent in the current forex environment. The CBN’s decision seeks to strike a balance between promoting economic stability and addressing the challenges posed by external factors influencing the Naira’s value.
As stakeholders monitor these developments closely, the impact of these adjustments on businesses, particularly those engaged in international trade, remains a critical aspect to watch. The evolving forex situation continues to shape economic dynamics, emphasizing the need for adaptive and responsive measures to safeguard the nation’s financial stability.
