Naira

Naira Exchanges at N820 to a U.S Dollar on Black Market

The Naira was exchanged at N820 to the United States Dollar at the black market on Thursday despite the official exchange rate remaining at N439.88/US$1.

Published

1 year ago

November 4, 2022

Samed Olukoya

Naira to Dollar Exchange- Investors King Rate - Investors King

There seems to be no end in sight for the Nigerian Naira decline going into 2023 as aggressive sell-off of soon-to-be abandoned local currency continues across the unregulated black market.

The Naira was exchanged at N820 to the United States Dollar at the black market on Thursday despite the official exchange rate remaining at N439.88/US$1.

About two months ago, Dollar illiquidity plunged the Nigerian Naira to over N700 for the first time in the history of the country, Investors King analysis has shown. This, the Central Bank of Nigeria (CBN) and the Nigerian National Petroleum Corporation Limited (NNPCL) attributed to oil theft and the ongoing crisis in the Niger Delta region of the country that made it impossible to meet its OPEC quota of 1.8 million barrels per day.

Nigeria generates over 90% of its foreign revenue from crude oil sales and uses the dollar proceeds to service its over 200 million import-dependent population.

However, despite crude oil trading at a consistently high price after Russia invaded Ukraine, Nigeria has been unable to profit from crude oil like Saudi Arabia, Angola and other known oil nations.

In a desperate effort to put an end to oil theft and up Nigeria’s crude oil production from about 900,000 barrels per day, Nigeria engaged the service of Tompolo, a militant leader once declared wanted by the government, to provide the needed security for the nation’s oil pipelines.

While the result of that engagement is yet to crystalise, CBN announced it was embarking on a Naira redesign journey to curb hoarding ahead of the 2023 general election, reduce counterfeit and further its cashless policy agenda.

The decision prompted hoarders to start converting about N2.7 trillion estimated by the CBN to be outside the banking system to the U.S. Dollar.

This led to an aggressive mopping of available dollars at a time when students studying abroad are looking to pay tuition fees for the new session and importers who could not access forex at the official forex section going all out to lay their hands on Dollars for Christmas sales.

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Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Naira

Dollar to Naira Black Market Exchange Rate Today 4th May 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 4th, 2024 stood at 1 USD to ₦1,400.

Published

14 hours ago

May 4, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 4th, 2024 stood at 1 USD to ₦1,400.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,380 and sold it at ₦1,370 on Friday, May 3rd, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,400
Selling Rate: ₦1,390

As economic conditions continue to evolve, staying informed about currency exchange rates empowers individuals to make informed financial decisions. While the black market provides immediate insights, adherence to regulatory guidelines ensures stability and transparency in forex transactions.

Naira

Black Market Dollar Rate Reaches ₦1,380 Today, May 3rd, 2024

US dollar to Nigerian Naira exchange rate as of May 3rd, 2024 at the black market stood at 1 USD to ₦1,380

Published

2 days ago

May 3, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 3rd, 2024 stood at 1 USD to ₦1,380.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,350 and sold it at ₦1,340 on Thursday, May 2nd, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,380
Selling Rate: ₦1,370

Naira

Dollar to Naira Black Market Today, May 2nd, 2024

As of May 2nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,350 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

2 days ago

May 2, 2024

Samed Olukoya

As of May 2nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,350 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,310 and sell it at N1,300 on Monday, April 29th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.