“What is the US Dollar to Naira Exchange rate at the black market today July 25, 2023, which is also known as the parallel market (Aboki fx or Aboki exchange rate)?
Find below the black market Dollar to Naira exchange rate for today.
Selling Rate: N805
Buying Rate: N802
You can easily swap your dollar for Naira at these rates. The black market, or parallel market, often referred to as Aboki fx or Aboki exchange rate, is an informal and unofficial market where foreign currencies, such as the US Dollar, are traded outside the official exchange rate system. It operates alongside the official banking system and is commonly used in countries where there are restrictions on currency exchange or when individuals prefer better rates than those offered by official channels.
Please note that while the black market may offer more favorable rates, it also carries higher risks, and transactions are not protected by the same regulations and safeguards as official banking channels. It’s essential to exercise caution and only engage in transactions with reputable and trustworthy parties when dealing with the black market.
For the most up-to-date and accurate rates
The exchange rates in the black market can fluctuate frequently due to various economic factors and market conditions.”
How much is dollar to naira black market today?
Dollar to naira exchange rate today black market yesterday (Aboki dollar rate):
Insiders from the Bureau De Change (BDC) reported fluctuating exchange rates between the US dollar and the Nigerian naira on Monday, July 24, 2023, across various markets. In the Lagos Parallel Market, popularly referred to as the Black Market, the buying rate for a dollar was N788, with the selling rate at N790. On the other hand, at the Investors and Exporters (I&E) window, the dollar to naira exchange rate experienced initial highs, peaking at N787, but eventually settled at N778 by the close of the day.
Please note that the Central Bank of Nigeria (CBN) does not officially recognize or endorse the activities of the parallel market, commonly known as the black market, for foreign exchange. The CBN has directed individuals seeking foreign exchange to approach authorized banks for their foreign currency needs.
The dollar to naira black market exchange rate today Monday, July 25, 2023 is as follows:
Dollar to Naira Black Market Today
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
This means that you can buy 1 dollar for 802 naira, and you can sell 1 dollar for 805 naira at Aboki exchange rate.
Aliexpress dollar to naira exchange rate today
As of today, the exchange rate for the dollar to the Nigerian naira on AliExpress is 792.80 Naira per dollar. If you have a domiciliary account, you have the option to purchase directly from your account. Additionally, AliExpress now allows users to make purchases in Nigerian naira instead of requiring payments in foreign currency.
1000 Naira to dollar conversion rate will give you N805,000.
How much is $100 in black market today?.
Now, How much is $100 US in Nigeria?
- $100 USD in black market today will give you ₦80,500.
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How Much is 1 dollar to naira official exchange rate today.
The dollar to naira exchange rate at the Investors and Exporters (I&E) window on July 25, 2023, is as follows:
- Buying rate: N792.80/$
- Selling rate: N793.80/$
This means that you can buy 1 US dollar for N792.80, and you can sell 1 US dollar for N793.80.
Euro To Naira Black market exchange rate ngnrates.com
The euro to naira exchange rate on July 25, 2023, is as follows:
- Buying rate: N805.72/€
- Selling rate: 862.72/€
This means that you can buy 1 euro for 805.72 naira, and you can sell 1 euro for 862.72 naira.
Pound To Naira Black market exchange rate ngnrates.com.
Pound to naira exchange rate at the Investors and Exporters (I&E) window on July 25, 2023:
- Buying rate: 1,048.30 naira
- Selling rate: 1,048.60 naira
This means that you can buy 1 pound for 1,048.30 naira, and you can sell 1 pound for 1,048.60 naira.
The I&E window is the official exchange rate window in Nigeria. It is a platform where authorized dealers can trade foreign exchange. The exchange rate at the I&E window is determined by supply and demand.
Please note that the exchange rate can change at any time, so it is always best to check the latest rates before you make a transaction. You can do this by visiting the website of a reputable currency exchange bureau or by using a currency converter online.
Nigeria’s External Reserves Decline to Two-Year Low at $33.9 Billion
As of July 19th, 2023, Nigeria’s external reserves have fallen to $33.9 billion, marking its lowest level in two years. Data obtained from the central bank’s website indicates a consistent downward trend in the country’s external reserve position, with the last time it reached this level recorded in July/August 2021.
Despite the introduction of the revised I&E Window on July 14th, 2023, demand pressure for forex has surged, while forex earnings have seen a decline, contributing to the reduction in external reserves. The situation has been compounded by a lack of forex supply and a growing sense of foreign investment apathy.
Notably, when Tinubu assumed the presidency, the external reserves stood at $35 billion. However, just before the recent changes to the forex policy on July 13th, the reserves had dropped to $34.6 billion.
The primary reason behind the drop in Nigeria’s foreign exchange earnings can be attributed to the decrease in crude oil revenues. The country has been grappling with the impact of crude oil theft, which has negatively affected its overall oil revenues.
The decline in external reserves raises concerns about the country’s financial stability and ability to cope with economic challenges. Authorities may need to adopt measures to boost forex earnings and attract foreign investments to mitigate the ongoing downward trend in external reserves and foster economic growth in the nation.
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