Dollar to Naira: Aboki Exchange Rate in Nigeria Today 5th June 2023
Discover the latest dollar to naira exchange rate in the black market. On 5th June 2023, the buying rate is N750 and the selling rate was N760. Learn about the black market’s significance, the Central Bank of Nigeria’s stance, and the potential risks involved. Stay informed and make informed decisions when engaging in currency exchange.
What is the Dollar to Naira Exchange Rate at the Black Market? Find the Latest Rates for 5th June 2023
The black market, also known as the parallel market, is an alternative foreign exchange market where currencies are traded unofficially. In Nigeria, the black market for currency exchange is popularly referred to as “Aboki fx.” Many individuals and businesses turn to the black market for currency exchange due to various factors, including accessibility and potentially better rates. If you’re wondering about the current exchange rate for dollars to Naira in the black market, here is the information you need.
Dollar to Naira Exchange Rate Today – Black Market (Aboki Dollar Rate):
On 5th June 2023, the black market exchange rate for a dollar to Naira in Lagos stood at N760 for buying and N770 for selling, as reported by reliable sources at Bureau De Change (BDC). These rates indicate the amount of Naira you can get in exchange for a dollar on that specific day.
Central Bank’s Stance on the Black Market:
It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market, including the black market. The CBN has directed individuals who wish to engage in foreign exchange transactions to approach their respective banks. While the black market remains a prevalent option for currency exchange, it’s crucial to be aware of the CBN’s stance and consider the potential risks involved.
Dollar to Naira Black Market Rate Today – 5th June 2023:
For your convenience, here are the specific rates for the dollar to Naira exchange on 5th June in the black market:
| Currency | Buying Rate | Selling Rate |
|---|---|---|
| Dollar to Naira (USD to NGN) | N750 | N760 |
CBN Official Dollar To Naira Rate Today 5th June 2023
As at the time of filing this report the CBN dollar to Naira rate is N461.50 per $1.
Note about Varying Exchange Rates:
Please bear in mind that the rates mentioned in this article are accurate as of 5th June and may not reflect the rates at the exact moment you engage in forex transactions. Exchange rates in the black market can fluctuate frequently due to various factors, including supply and demand dynamics. Therefore, it’s advisable to stay updated with the latest rates or consult trusted sources before conducting any currency exchange transactions.
Conclusion:
The black market, commonly known as the parallel market, provides an alternative avenue for currency exchange in Nigeria. As of 5th June, the black market exchange rate for a dollar to Naira was N750 for buying and N760 for selling. However, it’s important to remember that the Central Bank of Nigeria does not officially recognize the black market.
CBN Speaks On Devaluation Of Naira To N631/$1 at official rate
The Central Bank of Nigeria (CBN) has responded to a media report claiming that the naira has been devalued to N631 per dollar at the Importers and Exporters (I&E) window. The CBN, through its verified Twitter handle, stated that it did not devalue the naira and labeled the news as fake.
According to the CBN’s tweet, it reads: “CBN did not devalue the Naira!” Shortly after, the CBN’s Director of Corporate Communications, Isa Abdulmumin, issued a statement dismissing the report as the imagination of the newspaper.
The CBN emphasized that the news report contained falsehoods and innuendos intended to cause panic in the market. It urged the public to disregard the report completely. The statement clarified that the exchange rate at the I&E window was N465/US$1 on June 1, 2023, and had remained stable at that rate for some time.
The CBN advised media practitioners to verify their facts with the Central Bank of Nigeria before publishing, in order to avoid misinforming the public.