Latest Dollar to Naira Exchange Rate on Black Market – January 27, 2024
Are you curious about the current Dollar to Naira exchange rate on the black market (also known as the parallel market or Aboki fx)? Explore the rates for January 27th below and discover the value of your dollar in Naira.
Dollar to Naira Exchange Rate – Black Market (Aboki Dollar Rate):
As of Friday, January 26, 2024, in the Lagos Parallel Market (Black Market), players were purchasing a dollar for N1355 and selling it at N1420, as reported by sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and advises individuals engaging in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today – January 27, 2024:
- Buying Rate: N1420
- Selling Rate: N1425
Dollar to Naira CBN Rate Today:
- Buying Rate: 902
- Selling Rate: 904
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Keep in mind that the forex rates for buying or selling may differ from the rates mentioned in this article due to market fluctuations.
Currency Exchange Rates:
| Currency | Black Market Rate | CBN Rate |
|---|---|---|
| USD/NGN | N1420-1425 | N889.27-902.56 |
| EUR/NGN | N1420-2775 | N1,027.39-1,014.90 |
| GBP/NGN | N2750-2756 | N1,272.70-1,275.21 |
Swapping Dollars Safely: Beyond the Shadowy Streets
If official channels don’t meet your rate expectations, consider these safer alternatives:
- Authorized Bureau de Change (BDC): Licensed and reliable, though rates might be less appealing than the black market.
- Peer-to-peer (P2P) platforms: Regulated platforms like Paxful connect you with individuals for secure currency exchange.
- Official bank channels: Under specific circumstances and bank approval, currency exchange might be possible through your bank.
Dollar to Naira Black Market Exchange Rate: Friend or Foe? Tread with Caution
While the black market offers higher rates, remember:
- Safety First: Interact with trustworthy individuals and avoid obvious scams.
- Legal Concerns: Operating outside official channels carries legal risks.
- Uncertainty Abounds: Black market rates are volatile and heavily influenced by external factors.
Stay Informed with Ejes Gist News Aboki FX:
We provide accurate black market rate information, not actual currency exchange. Always double-check rates at local markets or banks before making any transactions.
Understanding the Dollar to Naira Black Market Exchange Rate: Why Rates Fluctuate
Knowing the forces that influence black market rates is crucial for informed decisions:
- Supply and Demand: The availability of both currencies plays a major role.
- Economic Indicators: Inflation, oil prices, and overall economic stability impact the exchange rate.
- Political Climate: Government policies and political uncertainty can cause fluctuations.
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