Black Market Dollar to Naira Today 28th April 2023
As of today 28/4/2023, the exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) stands at 740₦ for buying and 745₦ for selling. This information was gathered from currency dealers at the Abuja Zone 4 market in Nigeria. It is important to note that the current exchange rate is slightly lower than the previous day’s rate of 740₦, indicating a slight depreciation of the Naira against the Dollar.
In addition to the Dollar to Naira exchange rate, other currency pairs were also observed in the market. The Euro/Naira pair was the second most traded currency, with a buying rate of 802₦ and a selling rate of 789₦. This implies that the Euro is slightly more valuable than the USD in the current market.
Furthermore, the Pound Sterling (GBP) to Naira exchange rate was also monitored, with a buying rate of 919₦ and a selling rate of 909₦. This shows that the Pound Sterling is currently more valuable than both the USD and the Euro in the market.
It is worth noting that the above exchange rates are based on the black market rates, which are unofficial and often differ from the official rates. The official exchange rates are usually determined by the Central Bank of Nigeria (CBN) and are influenced by various factors such as supply and demand, inflation, and government policies.
The black market exchange rates for different currencies in Nigeria, as of April 24, 2023, are shown in the table below. These rates are the buying and selling rates at which Aboki/Bureau De Change (BDC) are currently exchanging currencies in Abuja, Kano, Lagos, and other parallel (unofficial) markets. It is important to note that there may be slight variations in the rates in different locations.
The USD to NGN exchange rate in the black market today 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 last Friday, April 21, 2023. In the beginning of April 2023, USD was trading at ₦, making it a fluctuating currency in the FX market.
The British Pound is currently being bought and sold at a rate of ₦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.
Other currencies such as the Rand, Dirham, Yuan, and G.Cedi are also being exchanged in the black market with 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 is important to note that the Central Bank of Nigeria (CBN) also has official exchange rates for different currencies, which may be different 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 is important to also consider the official exchange rates and any other factors that may affect currency exchange.
what is the different between black market exchange rate and cbn exchange rate
The black market exchange rate and the CBN (Central Bank of Nigeria) exchange rate refer to two different ways of valuing a currency, such as the Nigerian Naira.
The CBN exchange rate is the official exchange rate set by the Central Bank of Nigeria. It is the rate at which the Central Bank is willing to buy or sell foreign currencies to banks and other authorized forex dealers. The CBN exchange rate is usually determined by a number of factors, such as the level of foreign reserves, the demand and supply of foreign currencies, and the government’s economic policies. The CBN exchange rate is usually more stable and predictable than the black market exchange rate.
On the other hand, the black market exchange rate is the rate at which currencies are traded in the informal market, outside the purview of the official exchange system. It is usually determined by the forces of demand and supply, and can vary widely from the CBN exchange rate. The black market exchange rate is often higher than the official rate, reflecting the scarcity of foreign currencies in the market, and the perceived risk of trading outside the official channels.
While trading at the black market exchange rate may offer certain advantages, such as obtaining foreign currencies quickly and avoiding bureaucratic procedures, it also carries significant risks, such as fraud, theft, and legal sanctions. It is therefore recommended to use official channels, such as banks and registered forex bureaus, to exchange currencies at the prevailing market rate.