Dollar To Naira Black Market Exchange Rate For Today 13 February 2023

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)? See the black market Dollar to Naira exchange rate for 13 February, below. 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 N750 and sell at N754 on Monday, 13 February 2023, according to sources at Bureau De Change (BDC).

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 Exchange Rate Today

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Buying Rate	N750
Selling Rate	N754

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

CBN Official Naira Exchange Rates

The exchange rate between the Naira and the US dollar, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official.

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
2/9/2023	US DOLLAR	458.99	459.99	460.99
2/9/2023	POUNDS STERLING	557.8105	559.0258	560.2411
2/9/2023	EURO	493.965	495.0412	496.1174
2/9/2023	SWISS FRANC	499.1192	500.2066	501.294
2/9/2023	YEN	3.5051	3.5127	3.5204
2/9/2023	CFA	0.7364	0.7464	0.7564
2/9/2023	WAUA	615.0608	616.4009	617.7409
2/9/2023	YUAN/RENMINBI	67.7027	67.8507	67.9986
2/9/2023	SOUTH AFRICAN RAND	25.9475	26.004	26.0605
2/9/2023	DANISH KRONA	66.3597	66.5043	66.6488

Even though the dollar opened in the parallel market for ₦754 per $1, the CBN does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” said the CBN Governor, Godwin Emefiele.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favor of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

Fascinating Facts About the United States Dollar You Didn’t Know

You know that the United States dollar is our currency. But did you know…

-The dollar is three different denominations: the penny, nickel, and dime. The dollar is made up of 100 cents.

-The dollar was first introduced in 1792. It replaced the Spanish dollar, which was used in the colonies.

-The dollar is the most traded currency in the world.

-The dollar is also the most counterfeited currency in the world.