Welcome to GoldenNewsNg! We provide daily updates on the dollar to naira exchange rate. Today, we present the Aboki Exchange Rate for May 22nd 2023.
Dollar to Naira black market exchange rate today is between ₦745 and ₦750 with an average of ₦757.80 in Nigeria, according to aboki exchange rate.
The Black Market dollar to naira which is also known as Aboki Dollar to Naira Exchange Rate as of 22nd May 2023 :
| USD to NGN | Buying Rate | Selling Rate |
|---|---|---|
| 1 USD | ₦745 | ₦750 |
According to data released on the FMDQ Security Exchange, the official forex trading portal, the exchange rate between the Naira and the US dollar on Wednesday, May 22, 2023, was as follows: the Naira opened at ₦463.96 per dollar and closed at ₦464.67 per dollar.
The Role of Central Bank Intervention in Managing the Dollar to Naira Exchange Rate in Nigeria
The exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN) plays a crucial role in Nigeria’s economy. As a country heavily reliant on imports and with a growing need for foreign investments, maintaining stability in the Dollar to Naira exchange rate is essential. In Nigeria, the Central Bank of Nigeria (CBN) assumes the responsibility of managing and influencing the exchange rate through various interventions. This article explores the role of central bank intervention in managing the Dollar to Naira exchange rate in Nigeria, examining the strategies, effectiveness, challenges, and implications of such interventions. READ THE COMPLETE ARTICLE HERE