Dollar to Naira Black Market Today May 17, 2023 (Aboki Exchange)
The dollar to naira black market exchange rate and Aboki exchange rate for today Wednesday May 17, 2023 has been highlighted here on Ejes Gist Newsonline Nigeria.
The value of currencies is influenced by various economic and political factors, which determine the exchange rates on any given day. Additionally, there exists an unofficial exchange rate, known as the dollar to naira black market exchange rate, which is frequently higher than the official rate.
Read Also Supreme Court Announces Date To Rule On Nnamdi Kanu Release
The Aboki exchange rate is a common term used in Nigeria to refer to the currency exchange rates offered by street traders, who are often referred to as Abokis. It is important to note that currency exchange rates can fluctuate rapidly and should be verified with a trusted source before conducting any transactions.
It is important to know the current dollar-to-naira exchange rate to get the best exchange rates when exchanging dollars.
Npower news today 5 May 2023 | Latest NASIMS news on payment
Dollar to naira exchange rate today black market | Aboki Exchange Rate Today dollar to naira
Yesterday, Tuesday, May 16, 2023, insiders at Bureau de Change (BDC) firms disclosed that the exchange rate for a US dollar to naira at the Parallel Market (Aboki Exchange Rate Today dollar to naira) closed at ₦740 per dollar.
1 Dollar To Naira Black Market Exchange Rate Today May 17, 2023.
|how much is dollar to naira black market (USD to NGN rate)||USD to naira black market today|
|Buying Rate||₦ 740|
|Selling Rate||₦ 744|
Therefore, 1000 Naira to dollar conversion rate will give you N744,000.
How much is $100 in black market today?.
Now, How much is $100 US in Nigeria?
- $100 USD in black market today will give you ₦74,400
Please note that the Central Bank of Nigeria (CBN), as the apex bank, does not acknowledge the parallel market (black market) and has directed Nigerians seeking to engage in Forex to approach their respective banks. Regrettably, due to the corrupt nature of Nigerian banks, it may take up to 60 days to obtain dollars through official channels. As a result, the black market remains the most dependable means of accessing dollars.
Many Nigerians are greatly concerned about the exchange rate of the Nigerian naira against the dollar.
How much is Euro to naira today in black market.
|Euro to naira today (€)||Euro to naira today black market exchange rate.|
How much is Pound to naira today in black market.
|Pound to naira today (£)||pound to naira today black market exchange rate.|
The Canadian Dollar to Naira black market exchange rate today is N688/1c$
Rand to Naira
Today’s Rand to Naira black market rate is the rate Aboki/Bureau De Change (BDC) are selling and buying. The Rand is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.
|Rand to Naira (ZAR to NGN)||Black Market Exchange Rate Today|
Dirham to Naira
Today’s Dirham to Naira black market rate is the rate Aboki/Bureau De Change (BDC) are selling and buying. The Dirham is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.
|Dirham to Naira (AED to NGN)||Black Market Exchange Rate Today|
Yuan to Naira
Today’s Yuan to Naira black market rate is the rate Aboki/Bureau De Change (BDC) are selling and buying. The Chinese Yuan is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.
|Yuan to Naira (CNY to NGN)||Black Market Exchange Rate Today|
Ghanaian Cedi to Naira
Today’s Ghanaian Cedis to Naira black market rate is the rate Aboki/Bureau De Change (BDC) are selling and buying. The Ghanaian Cedis is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.
|Cedi to Naira (GHS to NGN)||Black Market Exchange Rate Today|
CAD to Naira Black Market
What is the current Black Market Dollar To Naira Exchange Rate Today or the parallel market? Well, it may interest you, how much is dollar to naira Black Market Exchange rate for today sometimes varies hugely from the rate in Central Bank of Nigeria website (www.cbn.gov.ng).
The price listed above is the current USD to Naira exchange rate. We will always update the latest rate on a daily basis to keep you informed. Dollar to Naira Exchange Rate is the current exchange equivalent of the United States Dollar. Rate varies for various banks and parallel markets.
How Much is 1 dollar to naira Official Exchange Rate Today.
Parallel exchange rate (black market) exchange rate is always different from CBN rate. Currently, Naira is trading at average of 461 naira per dollar. The Nigerian Economy is drastically affected by the Dollar to Naira Black Market Exchange rate.
The following is Interbank dollar to naira rate
|1 Dollar to Naira Today (USD to NGN rate)||Official dollar to naira rate|
- 1 Euro to naira today official rate is 486 per €1
- 1 Pounds to naira today official rate is N546 per 1£
Dollar to Naira Bank rate today.
Banks in Nigeria sell dollars between 545 to 569 to a dollar.
Investors, exporters trade less forex, as exchange dollar rises against Naira.
The naira continues to fall in value against the US dollar.
The total amount of foreign exchange traded in the official market on Monday was $55.10 million, a 65.9% decrease from the previous session.
Last week Friday, Ripples Nigeria reported that the value of foreign exchange traded was $161.91 million, a $106.81 million decrease from Monday’s transaction.
At the end of the session, investors and exporters had traded the foreign exchange at a cost of N464/$1, compared to N462.33/$1 when they exchanged Naira for Dollar on Friday.
Dollar To Naira Black Market Exchange Rate Today May 17, 2023.
Although, during Monday’s trading, investors and exporters paid as much as N467/$1 and as little as N460/$1, the Dollar eventually settled at N464/$1.
Furthermore, the Pound Sterling closed trading on Friday at N577.1/£1, indicating that the Naira’s value increased after both currencies exchanged for N580.6/£1 the day before.
This is according to the Central Bank of Nigeria (CBN) rate reported on Monday, which also revealed that the Naira to Euro rate was N502.3/€1 as of Friday, down from N504.1/€1 on Thursday.
Ripples Nigeria noted that the country’s supply of foreign exchange has been scarce, affecting the ability of import-dependent companies to conduct business.
For example, FrieslandCampina WAMCO Nigeria, producer of Peak milk and three crowns, accumulated N14.1 billion in foreign financial obligations due to the company’s inability to source forex.
Similarly, due to the scarcity of dollars and euros, Nigerian Breweries has an outstanding payment of €110 million.
In order to reduce its exposure to currency depreciation and liquidity, Unilever Nigeria had to halt production of its popular brands Omo, Sunlight, and Lux.
Dollar To Naira Black Market Exchange Rate Today May 17, 2023
Dollar to Naira Exchange Crisis.
The dollar to naira exchange crisis has been a major concern for Nigerians for many years. The Nigerian currency has been losing value against the dollar, causing inflation and economic instability in the country. The shortage of foreign exchange and the devaluation of the naira have made it difficult for individuals and businesses to access foreign currency. This has led to a rise in the cost of goods and services, making life difficult for the average Nigerian. Despite efforts by the government to stabilize the exchange rate, the crisis has persisted, and many Nigerians are still struggling to cope with the economic realities caused by the devaluation of the naira.
Ejes Gist News Today Recommends the following links for you.
- NECO Result Checker Portal
- WAEC Result Checker Portal
- NYSC Portal Login
- Npower login portal
- Jamb result checker Portal
- WAEC Timetable PDF download 2023
- 10 Best Art Courses in Nigeria to Study for Quick Employment
- 90 lists of art courses you can study at Nigerian universities
- List of all MTN new codes to Recharge, loading Airtime, Data
Also See 3 Most Dangerous Psalms No Enemy Can Withstand
Facts influencing exchange rate.
The following are some of the factors that can influence exchange rate in Nigeria.
Political Stability: Any insecurity or uncertainty in a country’s political climate can have an impact on its currency. If there is political unrest or uncertainty in Nigeria, for example, the Naira may weaken.
Economic Performance: A country’s currency can be influenced by the strength of its economy, which includes factors such as inflation, interest rates, and economic growth. If the Nigerian economy performs well, the Naira will likely strengthen.
Foreign Investment: Foreign investment in a country can have an effect on its currency. If foreign investors have faith in the Nigerian economy, they may invest more, causing the Naira to strengthen.
International Trade: Nigeria’s international trade activities, such as the export and import of goods and services, can also have an impact on the country’s currency. A high volume of exports may increase demand for the Naira, thereby strengthening its value.
What’s your Opinion on Dollar To Naira Black Market Exchange Rate Today May 17, let us know what you think and how the Government can work with the CBN to provide reasonable USD to naira rates in the future.
Nasims gov ng portal login : Npower Website for Batch C 2023
Thank you for using our platform to stay up-to-date on the latest news in Nigeria, specifically regarding the CBN’s dollar to naira exchange rate, Aboki Exchange Rate Today dollar to naira and the Black Market exchange rate for May 17, 2023.