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Dollar to Naira Black Market Today, Dec 16, 2023: Convert USD to NGN Here, Aboki Forex News

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Dollar to Naira black market exchange rate today
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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 16th 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 N1230 and sell at N1235 on Saturday 16th December 2023, according to sources at Bureau De Change (BDC).

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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.

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Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1230
Selling Rate N1235

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

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    • 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

South African Rand to Naira rate

    • BUY: zar to naira 50
    • SELL: yuan to naira 65

UAE Dirham to Naira rate

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    • 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

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    • 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.

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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.

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Dollar to Naira Bank Rates Today:

Data from various banks indicates the average Dollar to Naira Exchange Rate Today:

GTBank:

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    • 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):

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    • 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.

Dollar to naira today black market exchange rates

NGX’s Market Skyrockets as Newly Listed Equities Inject N179 Billion in 2023

In a remarkable turn of events, the Nigerian Exchange Limited (NGX) has experienced a substantial boost, with newly listed equities contributing a staggering N179 billion to the market cap in 2023. This surge marks the exchange’s best performance since 2020, achieving a remarkable 41% year-to-date return.

The three new entrants to the NGX in 2023, namely Chapel Hill Denham’s Nigerian Infrastructure Debt Fund, Mecure Industries Plc, and VFD Group Plc, have played a pivotal role in this financial upswing. As the all-share index surpasses the 72,000 mark and the market cap soars above N39 trillion, NGX reaches unprecedented heights in 2023.

New Listings and Delistings: Despite a positive trend, the NGX witnessed only three new listings in 2023, juxtaposed against the delisting of Ardova Petroleum in July. However, the landscape is expected to shift in early 2024, with GSK Consumer Nigeria Plc and PZ Cussons Nigeria on the brink of delisting from the NGX.

On October 5, 2023, Chapel Hill Denham introduced its N200 billion Nigeria Infrastructure Debt Fund (NIDF), contributing a market cap of N92.54 billion. While there has been a slight decline to N92.46 billion as of December 14, the impact is still significant.

VFD Group Plc joined the NGX on October 6 with a market cap of N51.17 billion, though it has experienced depreciation, currently standing at N38.56 billion. Mercure Industries Plc, listed on November 7 with a market cap of N11.84 billion, has shown impressive growth, appreciating to N48 billion.

Market Insights from NGX CEO: During the MTN Capital Markets Day in November 2023, NGX CEO Temi Popoola highlighted the substantial contribution of new listings to the exchange’s market capitalization. He noted, “Nigerian Exchange Limited experienced a remarkable surge in market capitalization, with new listings contributing over 10% in the past two years, according to data released by the Exchange.”

Over the past two years, NGX has welcomed notable additions such as BUA Foods Plc, Geregu Power Plc, VFD Group Plc, Mecure Industries Plc, and NIDF. However, this period also saw the delisting of Ardova Petroleum, Studio Press Petroleum, and Union Diagnostic & Clinical Services.

As NGX continues to navigate the dynamics of new listings and delistings, the financial landscape remains dynamic, reflecting both challenges and opportunities for investors in the Nigerian capital market.

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Disclaimer: The opinions expressed in this article are solely those of the author and do not reflect the views of Ejes Gist Media Limited. For any rights infringements or takedown requests, please contact us at [email protected].
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