Black Market Dollar to Naira Today 2nd July 2023, Aboki exchange rate has emerged and published on GoldenNewsNg …
Dollar to naira black market exchange rate today black market (Aboki dollar rate):
currency dealers in Abuja Zone 4 market, Lagos, Nigeria said a dollar was bought at the rate of ₦772 and sold at the rate of ₦775 today.
Exchange Rate of Dollar To Naira in Black Market Today?
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 772 |
| Selling Rate | 775 |
The local currency (abokiFx) opened at N772 per $1 at the parallel market otherwise known as the black market, today, Sunday, 2nd July 2023 in Lagos Nigeria, after it closed at N775 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 772 and the price can change (high or low) within hours.
Current Dollar To Naira CBN Exchange Rate Today 2nd July 2023
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 760 |
| Selling Rate | 765 |
Floating has undervalued naira, Bank of America declares
President Bola Tinubu’s radical foreign exchange reform has caused a significant shift in Nigeria’s currency, the naira, from being overvalued to now being undervalued. According to analysts at Bank of America, since the Central Bank of Nigeria (CBN) scrapped multiple exchange rates on June 14, 2023, the naira has depreciated by over 60 per cent. It is now trading at over ₦750 to one US dollar, compared to ₦460 before the reform.
Bank of America estimates the fair value of the naira to be ₦680, which means the currency is currently undervalued by 12 per cent. The analysts believe that despite the present challenges, the naira’s value should strengthen and appreciate in the future.
The bank also suggests that Nigeria’s current account surplus could improve further due to higher oil exports (estimated $12 billion more) and a liberalized import regime ($10 billion increase in non-oil imports). They propose that President Tinubu’s next crucial step should be to reduce oil theft by reforming the security sector and involving host communities near the pipelines. If successful, Bank of America foresees a potential increase in Nigeria’s crude oil production from 1.2 million barrels per day (bpd) to 1.6 million bpd within the next 12 to 18 months. This would be a significant improvement, potentially reaching pre-pandemic production levels.
