Welcome to GoldenNewsNg! We provide daily updates on the dollar to naira exchange rate. Today, we present the Aboki Exchange Rate for May 24th 2023.
The Black Market dollar to naira which is also known as Aboki Dollar to Naira Exchange Rate as of 24th May 2023 :
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Selling Rate | ₦ 762 |
| Buying Rate | ₦ 760 |
Naira begins week with huge fall, heads to N800 per dollar
On Monday, May 22, 2023, the Nigerian currency, the naira, experienced a significant decline against the United States dollar, reaching an average exchange rate of N760 per dollar on the black market.
This decline represents a 0.66% fall compared to the previous week when the naira traded stronger at N755 per dollar. The decrease in value can be attributed to the high demand for the dollar.
Just a few days earlier, on Thursday, May 18, 2023, the naira traded at N745 per dollar, indicating a period of stability that was followed by the depreciation caused by increased dollar demand.
Furthermore, the Nigerian currency also depreciated against the Euro, with a 0.62% decline. On Monday, May 22, 2023, it traded at an average rate of N815 per Euro, compared to the N810 it traded on Friday, May 19, 2023.
However, the naira remained steady against the pound, maintaining an average exchange rate of N946 per pound on May 19, 2023.
It is important to note that the parallel exchange rate may vary across different markets within the country due to factors such as survey timing, demand and supply dynamics, purchasing power, and other influential elements, as reported by Nairametrics.
In light of these developments, data from the Central Bank of Nigeria (CBN) indicates that the country’s foreign exchange supply through the official window increased to a total of $15.2 billion.
This figure represents a significant 17.7% increase from the recorded $12.9 billion in 2021 and a substantial 46.4% increase from the $10.4 billion in 2020.
The official window encompasses various segments, including the Wholesale Dutch Auction System/Retail Dutch Auction System, the interbank market, the BDC market, the Investors and Exporters Window, Small and Medium Enterprises, as well as the invisible segments.