Dollar (USD) to Naira Black Market Rate Today 2023 Aboki

Hello and welcome! Today, we’ll be discussing the current black market exchange rate for the United States Dollar (USD) to the Nigerian Naira (NGN).

As of today, the exchange rate for USD to NGN on the black market is fluctuating and may vary depending on the location and currency dealer. However, we can provide you with an estimate based on recent trends and information.

It’s important to note that the black market exchange rate may differ significantly from the official exchange rate set by the Central Bank of Nigeria (CBN). Black market rates are typically higher due to increased demand for foreign currency and limited supply.

To get an accurate and up-to-date exchange rate, you may need to visit a local currency exchange dealer or check reputable online sources.

Please keep in mind that exchange rates are constantly changing and can be affected by various factors such as political events, economic policies, and global market trends.

We hope this information would be helpful in understanding the current black market exchange rate for USD to NGN. If you have any further questions, feel free to use the comment session.

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Dollars to Naira Black Market

The black market exchange rate refers to the exchange rate for a currency that is not set by a government or a central bank. Instead, it is determined by supply and demand in the informal market.

In the case of the US Dollar (USD) and Nigerian Naira (NGN), the black market rate is the exchange rate for converting USD to NGN or vice versa outside of the official channels such as banks or licensed exchange bureaus.

The black market rate is typically higher than the official exchange rate set by the Central Bank of Nigeria (CBN). This is because there is a higher demand for foreign currency (USD) in Nigeria due to factors such as the importation of goods, remittances from abroad, and payment for international services.

Also, there is a limited supply of USD in the Nigerian market due to restrictions on access to foreign exchange by the government. This creates a situation where the black market rate for USD to NGN is higher than the official exchange rate.

It’s important to note that trading on the black market for foreign currency is illegal in Nigeria and carries significant risks. Transactions may involve counterfeit currency or fraudulent dealers, and there is no legal recourse for individuals who are scammed.

If you need to convert USD to NGN or vice versa, it is advisable to use official channels such as banks or licensed exchange bureaus. These institutions offer more security and reliable exchange rates.

This is the current black market exchange rate for the US dollar to the Nigerian Naira, which is being used by Aboki/Bureau De Change (BDC) in Abuja, Kano, and Lagos. Please note that there may be minor differences in rates across various unofficial parallel markets.

Dollars to Naira (USD to NGN)	Exchange Rate Today
Buying Rate	745
Selling Rate	741

Euro to Naira Black Market

The Euro to Naira black market rate is the unofficial exchange rate at which the Euro can be exchanged for the Nigerian Naira outside the formal banking system. This rate is not determined by any government or financial institution, but rather by supply and demand in the informal market.

To understand why the Euro to Naira black market rate exists, it is important to understand the economic factors that drive it. One of the main reasons for the existence of the black market is the scarcity of foreign exchange in Nigeria. The demand for foreign currency, particularly the Euro, is high due to the need for imports, remittances, and foreign investments. However, the supply of foreign exchange from official sources such as banks and the Central Bank of Nigeria (CBN) is limited, leading to a supply-demand imbalance.

The scarcity of foreign exchange in the formal banking system has led to the emergence of the black market, where buyers and sellers can exchange currencies at a rate determined by the forces of supply and demand. In the black market, the Euro is often sold at a premium to the official exchange rate, as buyers are willing to pay more to secure the foreign currency they need.

The Euro to Naira black market rate is also affected by other factors such as political instability, economic uncertainty, and inflation. For example, during times of political turmoil or economic uncertainty, demand for the foreign currency may increase, leading to a rise in the black market exchange rate. Similarly, if inflation is high, buyers may be willing to pay more for foreign currency to protect their purchasing power.

It is important to note that the Euro to Naira black market rate is illegal and carries significant risks. Transactions conducted on the black market are often unregulated and unmonitored, leaving buyers and sellers vulnerable to fraud and other illegal activities. Furthermore, the use of the black market can contribute to economic instability by fueling inflation and exacerbating foreign exchange shortages.

The Euro to Naira black market rate exists due to the scarcity of foreign exchange in Nigeria and is driven by supply and demand factors, political instability, economic uncertainty, and inflation. While the black market may provide a means of obtaining foreign currency, it is illegal and carries significant risks. It is important for individuals and businesses to consider the potential consequences before engaging in black market transactions.

The current exchange rate of the Euro to Naira on the black market is provided below. This is the rate at which Aboki/Bureau De Change (BDC) in Abuja, Kano, and Lagos are buying and selling the Euro. It is important to note that there may be slight differences in the exchange rate in other parallel (unofficial) markets.

Currency Pair	Buying Rate	Selling Rate
EUR/NGN	803	781

Pounds to Naira Black Market Exchange Rate

Now, let’s talk about the exchange rate between Pounds Sterling and Nigerian Naira. The exchange rate can vary depending on a number of factors such as economic conditions, political stability, and supply and demand.

At the time of writing (2023-04-06), the current Pounds to Naira black market exchange rate is about 680 NGN for 1 GBP. This means that if you want to exchange 1 British pound, you would receive about 680 Nigerian Naira on the black market.

However, it’s important to note that the exchange rate can fluctuate rapidly and may vary depending on where you go to exchange your money. It’s also important to be cautious when exchanging money on the black market, as there is no guarantee of the authenticity of the currency or the safety of the transaction.

I hope this explanation helps you understand the concept of the Pounds to Naira Black Market Exchange Rate. If you have any further questions, feel free to ask!.

This is the current exchange rate for the British Pound (GBP) in the black market, which Aboki/Bureau De Change (BDC) is currently buying and selling in Abuja, Kano, and Lagos. Please note that there may be slight variations in the rate at different unofficial markets.

Currency	Buying Rate	Selling Rate
GBP to NGN	927	912

CAD to Naira Black Market Exchange Rate (Canadian Dollar)

CAD stands for Canadian Dollar, which is the currency used in Canada, while Naira is the currency used in Nigeria. The black market refers to the illegal trading of currencies outside of the official exchange rate system.

The CAD to Naira black market rate is the exchange rate at which Canadian Dollars can be bought or sold for Nigerian Naira on the black market. This rate is determined by supply and demand in the black market and can vary from the official exchange rate set by the Central Bank of Nigeria.

Several factors can influence the CAD to Naira black market rate, including the strength of the Canadian economy, political stability in Nigeria, inflation rates, and government policies on foreign exchange.

If there is a high demand for Canadian Dollars in Nigeria due to factors such as trade, tourism or investment, the CAD to Naira black market rate may increase. On the other hand, if there is a low demand for Canadian Dollars, the rate may decrease.

Presenting the current black market exchange rate of CAD to Naira for today, which indicates the buying and selling rate of the Canadian Dollar (CAD) in Abuja, Kano, and Lagos by Aboki/Bureau De Change (BDC). However, it is important to note that there may be minor discrepancies in this rate at various unofficial parallel markets.

Currency	Exchange Rate Today	Buying Rate	Selling Rate
CAD to NGN		560	540

Naira Black Market Rate Today 2023 

Today, Thursday, April 6, 2023, the USD is being traded at ₦745 in the Black Market of Lagos. It is noteworthy that since the Black Market opened this week on Monday, April 3, 2023, the USD has been traded at ₦745, indicating no change in the exchange rate of the United States Dollar against the Naira this week.

In terms of the monthly exchange rate trend, at the beginning of this month, on Monday, April 3, 2023, the USD was traded at ₦757. As of today, with the USD being traded at ₦745, we observe a decline of -0.12% for the United States Dollar to Naira exchange rate for this month.

The primary focus of this page is on the Black Market Dollar to Naira exchange rate today, as the USD to Naira currency pair is the most widely traded currency in the FX market.

CFA F. (XAF) To Naira 0.74 0.74

Currency	Exchange Rate Today	Buying Rate	Selling Rate
Dollar to Naira	745	741
Pounds to Naira	927	912
Euro to Naira	803	781
Canadian Dollar to Naira	560	540
Rand to Naira	52	43
Dirham to Naira	0	0
Yuan to Naira	62	62
G.Cedi to Naira	70	50
CFA F. (XOF) To Naira	0.83	0.81
CFA F. (XAF) To Naira	0.74	0.74

The above table shows the Black Market Exchange Rates for various currencies, including the buying rate and selling rate for each currency against the Naira. The Dollar to Naira exchange rate is currently at 745 for buying and 741 for selling, while the Pound to Naira exchange rate is at 927 for buying and 912 for selling. The Euro to Naira exchange rate is at 803 for buying and 781 for selling, while the Canadian Dollar to Naira exchange rate is at 560 for buying and 540 for selling. The Rand to Naira exchange rate is at 52 for buying and 43 for selling, while the Dirham to Naira exchange rate is currently unavailable. The Yuan to Naira exchange rate is at 62 for both buying and selling, while the G.Cedi to Naira exchange rate is at 70 for buying and 50 for selling. Lastly, the CFA F. (XOF) to Naira exchange rate is at 0.83 for buying and 0.81 for selling, while the CFA F. (XAF) to Naira exchange rate is at 0.74 for both buying and selling.

Black Market  table rate 

$1	₦‎745
5$	3725
$10	₦‎7450
$15	₦‎11175
$20	₦‎14900
$25	₦‎18625
$30	₦‎22350
$40	₦‎29800
$50	₦‎37250
$100	₦‎74500
$150	₦‎111750
$200	₦‎149000
$250	₦‎186250
$300	₦‎223500
$350	₦‎260750
$500	₦‎372500
$750	₦‎558750
$1000	₦‎745000
$1500	₦‎1117500
$2000	₦‎1490000
$5000	₦‎3725000
$10000	₦‎7450000

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