Dollar to Naira Black Market Rate today – This article will update you on today’s USD to Naira exchange rate in the black market, commonly referred to as the parallel market or Aboki market rate.
For many Nigerians, understanding the current Dollar to Naira black market exchange rate is essential, given the significant differences between black market rates and those offered by banks.
Current Dollar to Naira Black Market Rate
As of today, the Dollar to Naira exchange rates in the black market are as follows:
- Buying Rate: 1600 NGN per USD
- Selling Rate: 1610 NGN per USD
The black market rate is often significantly higher than the official rates provided by the Central Bank of Nigeria (CBN). This disparity is due to various economic factors influencing the currency exchange market, including inflation and supply-demand dynamics.
Aboki FX Exchange Rate Today
Aboki FX is a well-known source for the latest Dollar to Naira black market rates. The platform provides real-time updates on currency exchange rates, making it a reliable tool for anyone needing current information on the USD to Naira exchange rate in the parallel market.
CBN Dollar to Naira Exchange Rate Today
The USD to Naira exchange rate in the black market often differs greatly from the rates offered by official channels such as CBN and commercial banks like GTB, Access Bank, First Bank, UBA, Wema, FCMB and so on. For context:
- Official Exchange Rate: As per the Central Bank of Nigeria, the current official exchange rate stands at approximately 1700 NGN per USD.
This rate is regulated by the CBN and reflects a more controlled and stable exchange rate compared to the often volatile black market rates.
Central Bank Governor Yemi Cardoso has highlighted the need for economic reforms to stabilize the Naira and reduce the gap between official and black market rates.
The Dollar to Naira black market exchange rate is a key indicator of the current economic climate in Nigeria. With today’s rates standing at 1600 NGN (buying) and 1610 NGN (selling) per USD, it’s clear that President Tinubu has been able to somewhat stabilize the exchange rate between the banks and the black market but at a cost unfortunately.
What are your thoughts on the current USD to Naira black market exchange rate? Let’s hear you in the comment section below.