Black Market Dollar To Naira Exchange Rate Today 28th March 2023, Aboki Exchange rate can be accessed below.
it is important to note that the exchange rate for the dollar to naira changes frequently, sometimes hourly, due to factors such as the volume of dollars available and the demand for them. As a result, the price of a dollar to the naira can fluctuate greatly within a short period of time.
As of Monday, March 28th, 2023, the dollar to naira exchange rate on the parallel market, also known as the black market, opened for exchange at the rate of ₦743 to the US dollar (per $1), according to GoldenNewsNg reports. However, sources at Bureau De Change (BDC) report that players buy a dollar for N740 and sell at N743 on the same day.
It is important to note that these exchange rates are subject to change at any time. It is recommended that individuals check for the most up-to-date exchange rates before making any transactions involving the conversion of dollars to naira or vice versa.
Dollar to naira exchange rate today: Dollar to Naira Black Market Rate Today
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
Euro to Naira exchange rate on the parallel market is currently trading at ₦785 for buying and ₦800 for selling, according to Newsone. Additionally, the British Pound to Naira exchange rate is ₦917 for buying and ₦930 for selling at the black market rate.
It is important to note that these exchange rates are subject to change at any time due to factors such as market demand and supply. It is recommended that individuals check for the most up-to-date exchange rates before making any transactions involving the conversion of Euros, British Pounds, or any other currency to Naira.
For reference, the chart below shows the Nigerian Naira rate today compared to the US Dollar:
|Currency||Buying Rate||Selling Rate|
|US Dollar (USD)||₦743||₦746|
|British Pound (GBP)||₦917||₦930|
Official Dollar to Naira Exchange rate today 28th March 2023
official exchange rate of the Nigerian Naira to the US Dollar is determined by the Central Bank of Nigeria (CBN) and is recognized by the government. As of March 27, 2023, the USDNGN exchange rate is 1 USD = 460.5601 Nigerian Naira.
The black market, also known as the parallel market, is an illegal market where transactions occur outside government-sanctioned channels. This market is often used by individuals who wish to avoid government price controls or taxes. However, it is important to note that the Central Bank of Nigeria does not recognize the black market as a legitimate exchange platform for foreign exchange transactions.
The CBN has directed individuals who want to engage in forex transactions to approach their respective banks. The only recognized exchange rate is the I&E (Investors’ and Exporters’) window, which is a market-based exchange rate determined by market forces of supply and demand.
The CBN Governor, Godwin Emefiele, has emphasized that he does not recognize any exchange rate other than the official exchange rate determined by the CBN. He has urged individuals who want to buy or sell forex to go through their banks, even if their transaction limits are above what the bank is currently selling. By doing so, the CBN can regulate and monitor the forex market more effectively.
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