Black Market Dollar to Naira Today 16th June 2023 ( Aboki Exchange )

Black Market Dollar to Naira Today 16th June 2023, Aboki exchange rate has emerged…

Access the dollar to naira black market exchange rate for today 16th June 2023, on GoldenNewsNg.

Dollar to naira black market exchange rate today black market (Aboki dollar rate):

Black Market Dollar to Naira is how much,

Here are currency dealers in Abuja Zone 4 market, Lagos, Nigeria said a dollar was bought at the rate of  ₦‎750 and sold at the rate of ₦‎760‎ today.

How Much Is the Dollar To Naira Exchange Rate Today?

GoldenNewsNg understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N750 and sell at N760 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?

The local currency (abokiFx) opened at N750.00 per $1 at the parallel market otherwise known as the black market, today, Friday, 16th June 2023 in Lagos Nigeria, after it closed at N760.00 per $1.

IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at ₦790 and the price can change (high or low) within hours.

The present buying and selling rates of United States Dollars (USD) on the unofficial parallel market are provided below for Bureau De Change (BDC) operators in Lagos and Abuja, also known as the black market.”

Black Market Exchange Rate for Most Used Currency in Nigeria

CBN Finally Devalues Naira – See New Exchange Rate

After denying reports of naira devaluation, the Central Bank of Nigeria (CBN) has now announced significant changes to the Nigerian Foreign Exchange (FX) Market, just 14 days later. These changes involve the consolidation of all segments into the Investors and Exporters (I&E) Window, aligning with the earlier report that the CBN challenged.

As a result of these developments, the naira has experienced a sharp decline, reaching a record low of 29% to N664 per dollar at the close of business in Lagos. This decline marks the largest since the devaluation in 2016.

In a circular issued by the CBN, it was revealed that applications for medical expenses, school fees, BTA/PTA, and SMEs would still be processed through deposit money banks. Additionally, the circular reintroduced the “Willing Buyer, Willing Seller” model at the I&E Window and established that all eligible transactions could access foreign exchange through this window.

The CBN also implemented trading limits on oversold FX positions, allowing the hedging of short positions with OTC futures. Overbought positions were limited to zero. The circular reintroduced order-based two-way quotes with a bid-ask spread of A1, ensuring that all transactions would be cleared by a Central Counter Party (CCP).

Furthermore, the RT200 Rebate Scheme and the Naira4Dollar Scheme will be discontinued starting from June 30, 2023.

Previously, the CBN had been auctioning the naira at the SMIS window at over N630 to the dollar. However, the CBN directed commercial banks to freely trade the dollar, causing prices to rise to N750/$.

Investors reacted positively to these reforms, as seen in the surge of the stock market and government bonds. The removal of trading restrictions on the official market led to the naira hitting a record low of 750 to the dollar on the official market. This was the first significant drop since the introduction of a managed exchange rate in 2017, following the 2016 devaluation.

Official Dollar to Naira Exchange rate today 16th June 2023

The official exchange rate between the Nigerian Naira and the US dollar is provided by the Central Bank of Nigeria (CBN) on its Currency Exchange Rate platform.

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