What is the current exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) on the black market and Aboki FX as of June 13th, 2023? Nigerians often prefer to exchange foreign currency, especially USD to Naira, on the black market due to the higher conversion rates compared to what banks offer. This page provides up-to-date information on the USD to Naira exchange rates, including rates from the Central Bank of Nigeria (CBN) and the black market.
How Much is Dollar to Naira and the Official Exchange Rate today, 13th June 2023?
What is the current exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN) in the black market in Nigeria? It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and advises individuals interested in foreign exchange to contact their respective banks.
The black market exchange rate for USD to NGN is typically higher than the CBN rate. Fluctuations in the exchange rate can have a significant impact on the Nigerian economy. When the Naira weakens in value, inflation tends to rise, which can affect the population negatively. The Central Bank has emphasized the need for a substantial turnaround in the Nigerian economy and encourages efforts such as increasing exports.
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For transactions involving foreign websites and payments made with Naira MasterCard or debit cards from Nigerian banks, the bank exchange rate is usually used. These rates are generally lower than those found in the black market.
Please be aware that exchange rates can vary and it’s advisable to consult your bank or financial institution for the most accurate and up-to-date rates.
Dollar to Naira Black Market Rate Today, 13th June 2023
dollar to naira black market exchange rate today – black market dollar to naira exchange rate
Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Selling Rate₦ 747
Buying Rate₦ 732
U.S. DOLLAR / NIGERIAN NAIRA USDNGN official chart in the last six month
Euro to Naira Black Market
The current black market rate for the Euro to Nigerian Naira is the rate at which Aboki/Bureau De Change (BDC) establishments are selling and buying the European currency (Euro) in Abuja, Kano, and Lagos. It’s important to note that there may be slight variations in the exchange rate across different unofficial parallel markets.
Regarding the black market rate for the US Dollar to Nigerian Naira, please note that I don’t have access to real-time data, as my knowledge cutoff is in September 2021. Therefore, I cannot provide you with the most up-to-date rate. It’s recommended to check reliable sources or contact local financial institutions to obtain the current black market rate for USD to NGN.
Euro to Naira (EUR to NGN)Exchange Rate Today
Buying Rate ₦760
Selling Rate ₦780
What is $1 to naira in the black market?
1 dollar to naira black market – how much is naira to dollar
$1 is ₦ 745
How much is $100 in the black market today?
$100 is ₦ 74,500
How much is $100 US in Nigeria?
$100 is ₦ 74,500
- How much is the Official 1 USD in Nigerian NairaAs of May 27, the official 1 USD in Nigeria Naira is 461.504 NGD
- How much is 30 dollars (USD) in Nigeria black market?$30 is 22,350 Nigeria Naira
A Dollar to Naira Factors Influencing Foreign Exchange Rates
Inflation Rates: The relationship between inflation and black market exchange rates is widely recognized. When the Nigerian economy is stabilized and inflation is effectively controlled, it has a positive impact on the value of the Naira. Conversely, if the Naira continues to depreciate, it may indicate a worrisome trend where the cost of essential items like food and other necessities becomes increasingly expensive on a daily basis.
Interest Rates:Another important factor to monitor is the interest rates within the economy. If the interest rate at which banks lend money increases, it can have detrimental effects on the overall economy. This can lead to a contraction in economic activity, ultimately resulting in a depreciation of the value of the Naira. Therefore, fluctuations in interest rates can significantly impact the stability and value of the currency.