The Dollar to Naira rate varies daily due to a multitude of economic factors. It further fluctuates depending on the exchange medium – whether it’s the official CBN rate, the BDC (Bureau De Change), or the ever-volatile black market (also known as the parallel market or Aboki Forex). This report focuses specifically on the black market rate.
- Official CBN rate: This is the Central Bank of Nigeria’s official exchange rate. It is often less than the black market rate but is only accessible to a limited number of individuals and businesses.
- BDC rate: The Bureau De Change is a privately-owned currency exchange platform. Its rates are typically higher than the CBN rate but lower than the black market rate.
- Black Market (Aboki Forex) rate: This refers to the rate at which the Dollar to Naira is exchanged on the streets. It is typically the highest among the three rates.
Understanding these rates and their differences is key to making informed financial decisions, and this article aims to provide accurate and up-to-date information on the current black market exchange rate of the Dollar to Naira.
What is the current exchange rate of Dollar to Naira in the black market?
to Naira in the black market is not fixed and can vary depending on several factors such as demand and supply, economic policies, and political stability. As of 5th September 2023, the exchange rate of Dollar to Naira in the black market is approximately 1 USD to 920 NGN.
Aboki Forex is a popular platform for exchanging foreign currencies in Nigeria, especially in the black market. It is a trusted and reliable source for exchanging currencies, and many people rely on it for their daily transactions. Aboki Forex provides real-time exchange rates for various currencies, including the Dollar to Naira exchange rate.
The black market exchange rate for Dollar to Naira is usually higher than the official exchange rate set by the Central Bank of Nigeria (CBN). This is because the demand for foreign currencies is high, and the supply is limited. Many people prefer to use the black market to exchange currencies because it is faster and more convenient than going through the formal banking system.
It is important to note that the use of the black market for currency exchange is illegal in Nigeria. The CBN has warned against the use of the black market and has put measures in place to curb its activities. However, the black market continues to thrive due to the high demand for foreign currencies and the limited availability of forex in the formal banking system.