“What is the US Dollar to Naira Exchange rate at the black market today July 28, 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 Friday, July 28.
- Selling Rate: N855
- Buying Rate: N853
You can easily exchange your dollar for Naira at the black market, also known as the parallel market, where foreign currencies like the US Dollar are traded outside the official exchange rate system. This informal market, sometimes referred to as Aboki fx or Aboki exchange rate, operates alongside the official banking system and is commonly used in countries with currency exchange restrictions or when individuals seek better rates than those provided by official channels.
However, it’s important to be aware that the black market carries higher risks, as transactions are not protected by the same regulations and safeguards as official banking channels. To avoid any issues, exercise caution and only engage in transactions with reputable and trustworthy parties.
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Keep in mind that exchange rates in the black market can fluctuate frequently due to various economic factors and market conditions. For the most current and accurate rates, it’s advisable to stay updated with reliable sources.
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 Thursday, July 27, 2023, across various markets. In the Lagos Parallel Market, popularly referred to as the Black Market, the buying rate for a dollar was N855, with the selling rate at N853. 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.
- CBN Official Naira to Dollar exchange rate today July 27 2023
- CBN Official Naira to Dollar exchange rate today July 28 2023
- CBN Official Naira to Dollar exchange rate today July 23 2023
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 28, 2023 is as follows:
Dollar to Naira Black Market Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N853 |
| Selling Rate | N855 |
This means that you can buy 1 dollar for 853 naira, and you can sell 1 dollar for 855 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 784.84 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 N855,000.
How much is $100 in black market today?.
Now, How much is $100 US in Nigeria?
- $100 USD in black market today will give you ₦85,500.
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How Much is 1 dollar to naira official exchange rate today.
The dollar to naira exchange rate at the Investors and Exporters (I&E) window on July 28, 2023, is as follows:
- Buying rate: N784.84/$
- Selling rate: N785.84/$
This means that you can buy 1 US dollar for N784.84, and you can sell 1 US dollar for N785.84.
CBN Official Naira to Dollar exchange rate today July 28 2023
Euro To Naira Black market exchange rate ngnrates.com
The euro to naira exchange rate on July 28, 2023, is as follows:
- Buying rate: N855.72/€
- Selling rate: 862.72/€
This means that you can buy 1 euro for 855.72 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 28, 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.
Nigerian Lawmaker Warns of Potential Naira Crisis: Dollar Rate Could Reach N1000 by December 2023.
Beni Lar, a member of the House of Representatives representing Langtang North/Lantang South Federal Constituency of Plateau State, has issued a grave warning regarding Nigeria’s foreign exchange market. Lar expressed concerns that without government intervention, the value of the Nigerian currency, the naira, may plummet further, causing the dollar rate to soar to N1000 by December 2023.
During a plenary session, Lar brought forward a motion titled “Need to Stabilize Nigeria’s Foreign Exchange Rate” to draw attention to the distressing situation. She emphasized that the persistent depreciation of the naira has severely impacted the lives of Nigerians, including hindering their ability to afford education abroad.
Lar pointed out that despite promises from President Bola Tinubu to ensure that the US dollar and the naira would trade at N200/$1, the naira’s value has continued to slide against major currencies such as the US dollar, euro, and pounds sterling. In July 2022, the exchange rate was $1 to 670 naira, and in July 2023, it further worsened to $1 to 815 naira.
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The lawmaker highlighted the shift in Nigeria’s economic landscape from a time when most goods and products consumed were locally produced to a heavy dependence on imports. This significant reliance on imports, especially since the floating of the naira with a single exchange rate, has contributed to the present currency crisis.
Lar also drew attention to the plight of Nigerian students studying abroad, who have suffered due to the devaluation of the naira. The unified exchange rate has led to a significant increase in tuition fees, making it difficult for students to afford their education, as the value of the naira in their bank accounts has dwindled.
Moreover, the appreciation of foreign currencies has fueled inflation and led to higher prices for goods and services in Nigeria. The escalating costs of daily necessities have burdened the average Nigerian, making life increasingly challenging.
If the situation remains unchecked, Lar warned that the dollar rate could reach an alarming exchange rate of 1,000 naira to $1 by December 2023. Such a crisis could trigger an inflationary spiral, potentially pushing Nigeria into economic recession and depression.
Given the severity of the situation, Lar urged the government to take urgent measures to stabilize the foreign exchange rate and mitigate the impending economic risks for the country.
Also see:Â CBN Official Naira to Dollar exchange rate today July 28 2023
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