All Black Market Rates Today: USD, GBP, EUR to Naira (March 13, 2024)
What is the Dollar to Naira Exchange Rate at the Black Market, the Pounds to naira black market Today and the Euro To Naira today black market also known as the Parallel Market (Aboki FX)?
Please find below the black market exchange rate for the dollar to Naira on March 13, 2024. These are the rates at which you can exchange your dollar for Naira.
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How much is a Naira to dollar today in the black market? Dollar to Naira Exchange Rate Today in the Black Market (Aboki Dollar Rate):
Dollar to Naira Black Market Rate Today, March 13, 2024:
Dollars to Nairas (USD to NGN) Black Market Exchange Rate Today
- Buying Rate: N1615
- Selling Rate: N1618
Pounds to Naira black market Today.
The British Pounds to Naira exchange rate is as follows.
- Buying Rate: N2590
- Selling Rate: N2620
Euro To Naira today black market
The Euro To Naira black market exchange rate today is :
- Buying Rate: N1900
- Selling Rate: N1905
While the Central Bank of Nigeria (CBN) sets the official foreign exchange rate, transactions happening outside authorized channels, like the parallel market, operate independently. It is recommended to use authorized channels like banks for foreign exchange transactions.
Also See :Â Black Market Dollar rate to Naira Exchange today 22 February 2024
Dollar to Naira CBN Rate Today:
Dollar to Naira (USD to NGN) CBN Rate Today
- Buying Rate: N1,500
- Selling Rate: N1,506
Euro to Naira CBN Rate Today:
Dollar to Naira Exchange rate Today (CBN rates)
- Buying Rate: N1,696
- Selling Rate: N1,693
Pounds to Naira Today
Pounds to NGN CBN Rate Today
- Buying Rate: N1,886
- Selling Rate: N1,887
Euro to Naira Today
Euro to Naira exchange rate Today
- Buying Rate: N1,612
- Selling Rate: N1,613
Please be advised that the rates at which you buy or sell forex may differ from those displayed in this article due to price fluctuations.
Meanwhile, at the Lagos Parallel Market, popularly referred to as the Black Market, the exchange rate between the US dollars and the Naira concluded at 1650 per dollar yesterday, as reported by sources in the Bureau De Change (BDC).
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Naira Records 0.58% Gain Despite Dollar Supply Decline.
Despite a decline in the supply of the dollar at the official foreign exchange (FX) market on Monday, Nigeria’s currency, the Naira, saw a notable 0.58 percent gain against the US dollar.
According to data from the FMDQ Securities, after trading on Monday, the dollar was quoted at N1,617.96, strengthening from N1,627.40 quoted on Friday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
This gain was attributed to increased demand for the Naira, a trend that analysts had predicted after the Central Bank of Nigeria raised the Monetary Policy Rate (MPR) by 400 basis points to 22.75 percent from 18.75 percent.
During the Monetary Policy Committee (MPC) meeting held last week, the MPR was increased to 22.75 percent from 18.75 percent. Additionally, adjustments were made to the asymmetric corridor around the MPR and the Cash Reserve Ratio, while the Liquidity Ratio was retained at 30 percent.
In the FX market, the intraday high on Monday was N1,650 per dollar, slightly weaker than the N1,640/$1 quoted on Friday. The intraday low also depreciated to N1,511 per dollar compared to N1,413/$1 on Friday at NAFEM.
The dollar supply by willing buyers and sellers decreased by 67.56 percent to $96.13 million on Monday from $296.35 million recorded on Friday.
At the parallel market, the Naira traded around N1,610 to N1,620 on Monday, in contrast to N1,620 on Friday.
The gap between the official and parallel market rates narrowed to just N1, with the official rate at N1,617 and the average black market rate at N1,618.
Nigeria’s external reserves, which provide the Central Bank of Nigeria (CBN) with the means to defend the Naira, have seen a 2.83 percent year-to-date accretion due to inflows from foreign capital and remittances.
Data from the Central Bank of Nigeria (CBN) showed that foreign currency reserves increased to $34.11 billion as of March 7, 2024, from $33.17 billion at the beginning of the year.
External reserves consist of foreign currency and other assets held by a country’s Central Bank, typically including foreign currencies, gold, and other international assets.
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