The black market Dollar to Naira rate popularly known as the Aboki exchange rate today 12th May 2023 can be accessed below.
GoldenNewsNg has obtained the official naira black market exchange rate in Nigeria today 11/5/23 including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates. Please take note that the exchange rate is subject to hourly fluctuations which are influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 $ at ₦750 however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within a matter of hours and depending on the availability of the US dollar in your area.
CBN Dollar to Naira Exchange Rate Today 11th May 2023:
| USD to NGN | Buying Rate | Selling Rate |
|---|---|---|
| 1 USD | 461 NGN | 461 NGN |
Black Market (Aboki) Dollar to Naira Exchange Rate as of 12th May 2023 :
| USD to NGN | Buying Rate | Selling Rate |
|---|---|---|
| 1 USD | ₦750 | ₦755 |
Please keep in mind that these rates are subject to change frequently and may not be accurate at the time of viewing.
Naira strengthens at I&E window, weakens at black market on the 11th of May 2023
The Nigerian naira weakened by 0.54% to close at ₦750 against the US dollar on the black market due to supply crunch, while it strengthened by 0.06% to close at ₦462.73/USD at the Investor and Export window. The naira closed flat at ₦461.07/USD at the official market. Traders reported that the naira hit an intra-day high of ₦467 and a low of ₦460 on Wednesday, but closed trading at ₦463.02/USD. The Central Bank of Nigeria weakened the currency on the spot market and at its foreign exchange auction in a bid to address a backlog of demand for foreign currency, causing the naira to hit a record low of ₦466/USD on the official market. The forex situation in Nigeria has impacted the operations of players in the economy. The World Bank advised the government to unify the exchange rate windows and carry out reforms to strengthen the economy and restore macroeconomic stability.
