Black Market Dollar to Naira Today 1st May 2023, Aboki Exchange has emerged.
Today, on May 1st 2023, the exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) is 735₦ for buying and 745₦ for selling, as reported by currency dealers at the Abuja Zone 4 market in Nigeria. However, due to a shortage of cash dollars in some areas, Aboki purchased dollars for 747₦. It is worth noting that the current exchange rate is marginally lower than the previous day’s rate of 740₦, suggesting a slight devaluation of the Naira compared to the Dollar.
Other currency pairs were also observed in the market in addition to the Dollar to Naira exchange rate. The Euro/Naira pair had the second-highest trading volume, with a buying rate of 802₦ and a selling rate of 789₦, indicating that the Euro is currently slightly more valuable than the USD in the market.
Additionally, the Pound Sterling (GBP) to Naira exchange rate was also monitored, with a buying rate of 919₦ and a selling rate of 909₦. This implies that the Pound Sterling is currently more valuable than both the USD and the Euro in the market.
It’s worth noting that these exchange rates are based on black market rates, which are unofficial and can differ from official rates set by the Central Bank of Nigeria (CBN), which are influenced by various factors such as supply and demand, inflation, and government policies.
The current black market exchange rates for various currencies in Nigeria, as of April 24, 2023, are shown in the table below. Aboki/Bureau De Change (BDC) are currently exchanging currencies at these buying and selling rates in Abuja, Kano, Lagos, and other parallel (unofficial) markets. However, there may be slight variations in rates in different locations.
The black market exchange rate for USD to NGN is ₦740 for selling and ₦736 for buying, which is a 0.02% increase compared to the rate of ₦738 at the close of the market on Friday, April 21, 2023. In the beginning of April 2023, USD was trading at ₦, making it a fluctuating currency in the FX market.
The current buying and selling rates for the British Pound are ₦919 and ₦909, respectively, while the Euro is being bought and sold at a rate of ₦802 and ₦789, respectively. The Canadian Dollar is being bought at a rate of ₦560 and sold at a rate of ₦540.
Various other currencies, such as the Rand, Dirham, Yuan, and G.Cedi, are also being exchanged in the black market at varying rates. The CFA Franc (XOF) is being bought at ₦0.83 and sold at ₦0.81, while the CFA Franc (XAF) is being bought and sold at ₦0.74.
It’s essential to note that the Central Bank of Nigeria (CBN) also has official exchange rates for various currencies, which may differ from the black market rates. As of April 24, 2023, the CBN official exchange rate for the Pound to Naira is ₦441 for both buying and selling.
Knowing the black market exchange rates for different currencies can help individuals and businesses make informed decisions when it comes to exchanging currencies. However, it’s crucial to also consider the official exchange rates and other factors that may affect currency exchange.
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