Dollar to Naira Black Market Exchange Rate Today 28th July 2023 also known as Aboki Exchange rate can be accessed below..
KeyPoints
- This article explains the exchange rate of the US dollar to Nigerian Naira on the black market as of July 27, 2023.
- The article compares this rate to the official rate set by the Central Bank of Nigeria.
- Exchange rates for other major currencies used in Nigeria are also provided.
Today, July 28, 2023, the exchange rate between the US dollar and the Nigerian Naira in the black market is a big topic. In the black market, also known as the “Aboki” exchange or the Lagos parallel market, one US dollar can be bought for 862 Naira and sold for 870 Naira.
Here’s a simple table to show this:
| Currency | Buying Rate | Selling Rate |
|---|---|---|
| USD to NGN | N862 | N870 |
How Does the Black Market Rate Compare to the Official Rate?
The black market rate is different from the official rate set by the Central Bank of Nigeria (CBN).
Today, the CBN’s official rate is 769.889 Naira for one US dollar.
In simple terms, here’s how the two rates look side by side:
| Market Type | Exchange Rate (per $1) |
|---|---|
| Black Market | N870 |
| CBN Official Rate | N769.889 |
What are the Black Market Rates for Other Popular Currencies in Nigeria?
Apart from the US dollar, other currencies are also used in Nigeria. Here are the black market buying and selling rates for some of these currencies on July 28, 2023:
| Currency | Buying Rate | Selling Rate |
|---|---|---|
| GBP to NGN | ₦1,000 | ₦1050 |
| EUR to NGN | ₦940 | ₦1000 |
| CAD to NGN | ₦630 | ₦700 |
| ZAR to NGN | ₦35 | ₦38 |
| AED to NGN | ₦180 | ₦200 |
| CNY to NGN | ₦80 | ₦90 |
| GHS to NGN | ₦40 | ₦55 |
| XOF to NGN | ₦1050 | ₦1100 |
| XAF to NGN | ₦920 | ₦950 |
The black market rates for these currencies can also change frequently, just like the dollar-to-naira rate. These changes are because of many things, like how much of each currency is available and how many people want to buy or sell that currency.
