Dollar to Naira Black Market Today, Dec 14, 2023: Convert USD to NGN Here, Aboki Forex News

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

Find below the black market Dollar to Naira exchange rate for 14th December. You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1250 and sell at N1260 on Wednesday 14th December 2023, according to sources at Bureau De Change (BDC).

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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.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Buying Rate	N1250
Selling Rate	N1260

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)	CBN Rate Today
Buying Rate	980
Selling Rate	981

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Pound to Naira rate

• • BUY: naira to pound 1460
  • SELL: naira to pound 1470

Euro to Naira rate

• • BUY: naira to euro 1255
  • SELL: naira to euro 1275

 

Canadian Dollar to Naira rate

• • BUY: naira to canadian dollar 900
  • SELL: naira to rand 950

South African Rand to Naira rate

• • BUY: zar to naira 50
  • SELL: yuan to naira 65

UAE Dirham to Naira rate

• • BUY: naira to Dirham 290
  • SELL: naira to Dirham 310

Chinese Yuan to Naira rate

• • BUY: naira to Yuan 125
  • SELL: Yuan to naira 135

Ghanaian Cedi to Naira rate

• • BUY: naira to cedi 85
  • SELL: naira to cedi 100

West African CFA franc to Naira rate

• • BUY: naira to xof1735
  • SELL: naira to xaf1750

Central African CFA franc to Naira rate

• • BUY: naira to xaf 1650
  • SELL: naira to xaf 1700

Australian Dollar (Aussie) to Naira rate

• • BUY: aussie to naira 600
  • SELL: australian dollar to naira 650

Dollar to Naira Black Market Exchange Rates Yesterday:

For reference, the black market closed at ₦1197/$1, determined by the average dollar to naira rates traded at various platforms.

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Official Bank Rates (CBN):

The Central Bank of Nigeria (CBN) sets the official exchange rate:

• Buying: ₦831.47 for $1
• Selling: ₦833.48 for $1

Under these official rates, the CBN acquires one US dollar for ₦831.47 and sells it for ₦833.48 through authorized dealers.

Dollar to Naira Bank Rates Today:

Data from various banks indicates the average Dollar to Naira Exchange Rate Today:

GTBank:

• • Buying: ₦980 for $1
  • Selling: ₦990 for $1

Access Bank:

• • Buying: ₦993/USD
  • Selling: ₦990/USD

Zenith Bank:

• • Buying: ₦993/USD
  • Selling: ₦997/USD

Guaranty Trust Bank (GTBank):

• • Buying: ₦997.83/USD
  • Selling: ₦990/USD

First Bank of Nigeria fx rate:

• • Buying: ₦980/USD
  • Selling: ₦975/USD

United Bank for Africa (UBA) Exchange rate:

• • Buying: ₦991.83/USD
  • Selling: ₦997.83/USD

Inquiries Regarding Aboki Dollar to Naira Black Market Exchange Rate Today:

Does Aboki Forex Engage in Currency Trading or Exchange?

Answer: No, Aboki Forex is not involved in the trading or exchange of currencies. It serves as an informational platform, providing details on currency exchange rates across different markets.

How Can I Exchange Currency?

Answer: To exchange currency, contact your local currency exchange market or a bank. They will provide current exchange rates and assist in the exchange process.

 

Is the Accuracy of Black Market Exchange Rates Consistent Across All Markets?

Answer: No, Black Market Rates provided by Aboki Forex may not exhibit uniform accuracy across all markets. These rates serve as representative averages in local markets and can fluctuate between different locations due to the lack of regulation.

What Sets Apart CBN, I&E, and Dollar to naira today black market exchange rates.

Answer: CBN rates are established by the Nigerian central bank for official purposes. Investors’ and Exporters’ (I&E) rates are regulated for investment and foreign exchange transactions. Black Market Rates represent unofficial rates in the unregulated market, differing substantially from CBN and I&E rates.

Forex Turnover Surges to $120.89 Million as Naira Struggles Against Dollar, Closing at N904.65/$1.

 

 

In a notable financial development, forex turnover in Nigeria saw a substantial 22% increase, reaching $120.89 million, while the local currency, the naira, faced a further decline against the dollar, closing at N904.65/$1 at the official market on December 13, 2023.

The depreciation marked a significant 4.38% decrease for the domestic currency, closing at N904.56/$1 to a dollar at the end of the business day. This represents an N39.62 gain or a 4.38% increase compared to the N837.77 it closed at on Monday.

During the day’s trading, the naira experienced an intraday high of N1186/$1 and an intraday low of N720.50/$1, indicating a considerable spread of N255/$1. Data from the official NAFEM window revealed that forex turnover at the close of trading was $120.80 million, showcasing a 22.89% increase from the previous day.

However, in the parallel forex market where unofficial forex transactions occur, the naira saw a drop, and the exchange rate appreciated by 0.3.97%, quoted at N1260/$1. Peer-to-peer traders, on the other hand, quoted around N1229/$1.

Economists weigh in on the situation, with Mr. Olatunde Amolegbe, former President and Chairman of the governing council of the Chartered Institute of Stockbrokers, emphasizing the importance of market and participant confidence for exchange rate stability. He believes that clearing FX commitment backs will positively impact market confidence but acknowledges that the desired impact might manifest in the medium term.

Bismarck Rewane, the Managing Director/CEO of Financial Derivatives Company Limited, anticipates continued volatility for the naira due to lingering forex supply concerns. The scarcity of dollars suggests that speculative buying is likely to persist, with more market participants opting for long positions on the dollar while shorting the naira. The situation underscores the need for deliberate efforts to address structural issues, such as enhanced security, improved infrastructure, increased foreign direct investments, and support for local production, to create a more stable economic environment.