Black Market Dollar to Naira Today 18th June 2023, Aboki exchange rate has emerged…
Access the dollar to naira black market exchange rate for today 18th 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 ₦759 and sold at the rate of ₦765 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 N759 and sell at N765 as of the time of filing this report.
Exchange Rate of Dollar To Naira in Black Market Today?
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 759 |
| Selling Rate | 765 |
The local currency (abokiFx) opened at N759.00 per $1 at the parallel market otherwise known as the black market, today, Sunday, 18th June 2023 in Lagos Nigeria, after it closed at N765.00 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 ₦765 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
| Currency | Buying Rate | Selling Rate |
|---|---|---|
| USD to NGN | ₦759 | ₦765 |
| GBP to NGN | ₦900 | ₦920 |
| EUR to NGN | ₦750 | ₦800 |
| CAD to NGN | ₦560 | ₦600 |
| ZAR to NGN | ₦31 | ₦38 |
| AED to NGN | ₦180 | ₦200 |
| CNY to NGN | ₦80 | ₦90 |
| GHS to NGN | ₦40 | ₦55 |
| XOF to NGN | ₦1050 | ₦1100 |
| XAF to NGN | ₦920 | ₦950 |
CBN Officially Devalues Naira: New Exchange Rate Introduced by CBN
The Central Bank of Nigeria (CBN) has taken a significant step towards formalizing the devaluation of the naira by updating the naira-to-dollar exchange rate on its official website. The previous rate of N463 per dollar, which was considered the official exchange rate for investors, importers, and exporters, has now been replaced with a new rate of N632.77 per dollar. This change in the exchange rate became effective on June 14, 2023, specifically for transactions carried out through the Investors and Exporters (I&E) window.
The CBN’s decision to devalue the naira signifies an acknowledgment of the existing economic realities and the need to adjust the official exchange rate to reflect market dynamics. With the new rate now in place, the CBN aims to align the naira’s value more accurately with international currency markets. This move is expected to have an impact on various sectors of the economy, including import and export businesses, as well as foreign investors operating in Nigeria.
The CBN has also provided updated exchange rates for other major currencies. The British pound, for instance, was quoted at N799.75 per pound, compared to the previous rate of N581.52. Similarly, the euro saw a significant shift from N498.94 before the devaluation to N683.48 as of June 14, 2023.
In a circular issued by the CBN on June 14, 2023, it was stated that all exchange rates in Nigeria would now follow a “willing buyer, willing seller” arrangement at the I&E window. According to the circular, the operational rate for all government-related transactions will be the weighted average rate of the previous day’s executed transactions at the I&E window, calculated to two decimal places.