Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks. The parallel exchange rate (black market rate) always differs from the CBN rate.
The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website, cbn.gov.ng.
WOTHAPPEN notes that the dollar to naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those available on the black/parallel market.
How much is dollar to naira today in black market?
How much is Dollar to Naira Today? If you have dollars now in Nigeria, you are a rich man in Nigeria. See the current dollar to Naira exchange rate as of today. We compare the Dollar to Naira bank rate vs aboki rate. Dollar to naira exchange bank rate is far lower than the dollar to naira aboki rate. Of course, you know that the exchange rate in banks is different from the exchange rate in the parallel market. See the details below. Dollar to Naira Today
Here is Today’s Dollar to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) is selling and buying The United States dollar currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.
On this page, we are primary focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair is the most traded currency in the FX market.
Even though the dollar to naira opened in the parallel market at ₦745 per $1 today, WOTHAPPEN reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to apprach their bank, insisting that the I&E window is the only known exchange.
Aboki dollar to naira today black market
In the parallel market, Aboki refers to the Hausa people who buys and sell dollars in the streets of Lagos and other major cities in Nigeria.
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How much is naira to dollar in black market today? Many of the dealers said they have struggled to trade after abokiFX.com, a website that collates parallel market rates in Lagos, stopped publishing parallel market rates on Friday, after the Central Bank of Nigeria threatened its owner.
The dollar to naira black market rate is higher than the official CBN rate. You will know the official back market rate in the streets. That is, if you have dollars that you want to exchange dollars for naira (sell), the amount is determined by the person who have the dollar to exchange for you. On the other hand, if you want to exchange naira to the dollar (buy), the amount could also be high. Dollar to Naira Today.
Disclaimer: WOTHAPPEN does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may differ from what is captured in this article.