Today’s Dollar to Naira Black Market Exchange Rate— The continuing depreciation of the Naira against the US dollar has thrown operators of parallel markets in Nigeria into a state of confusion.
The weakening of Nigeria’s currency, the Naira, has heightened uncertainty among traders, who now find it difficult to determine the actual dollar to Naira black market exchange rate today.
Carefully read down to see real-time exchange rates.
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Naira depreciated significantly against the U.S. dollar on the parallel market on Thursday, 27 October, a day after the Central Bank of Nigeria (CBN) announced that it will recall higher notes to combat fraud, inflation, and insecurity.
As of Friday, 28 October 2022.
Dollar to Naira Black Market Exchange Rate Today
Black market exchange rates across states as of Friday, 28 October showed the naira exchanged hands with the greenback at N775.00 and above for a dollar, and sold at N781.00 in Abuja.
This suggests that the value of the currency has decreased by 2.64 percent since it traded at N760.00 on Wednesday during the previous session.
In a similar vein, currency dealers at the Uyo Udi street market reported that the greenback was bought for N766.00 and sold at N775.00 to a dollar on Thursday, 27 October
A currency dealer in Uyo was quoted in the local press as saying, “The banks are not giving U. S. dollars, individuals are only struggling to get on their own, that is why the rates are high and irregular.”
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This took place less than twenty-four hours after the announcement was made by the Central Bank of Nigeria that it had redesigned all major naira notes and will begin circulating them by December 2022.
According to the central bank, the denominations of currency that will be affected are N100, N200, N500, and N1000. The bank also stated that this move will allow them to have absolute control over the currency that is currently in circulation, which will make it possible for them to better manage inflation and combat counterfeiting.
“Although global best practice is for central banks to redesign, produce and circulate new local legal tender every 5–8 years, the Naira has not been redesigned in the last 20 years.
“On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels,” the CBN governor, Godwin Emefiele, was quoted to have said while briefing journalist on Wednesday.
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The Economic and Financial Crimes Commission expressed its satisfaction with the decision and stated that it will keep a close eye out for any instances of money laundering during the process of Nigerians exchanging their currency.
Analysts anticipate that those in possession of illegal funds will make an effort to unload cash that has been heaped outside of banks by purchasing scarce dollars, which would further drive up the exchange rate.
Data that was published on FMDQ websites, where foreign exchange is officially traded, showed that the value of the naira remained stable at the official window on Wednesday, despite rising at the parallel market.
The currency, which opened trading at N440.20 per $1 at the over-the-counter window on Wednesday, 26 October, closed at N441.67 per dollar, the same rate recorded on Tuesday.
Meanwhile, the Abokifx exchange rate in Nigeria today black market has also been added here so you can easily verify each of the rates for the currencies you want to exchange in the parallel markets. Aboki fx is the most trusted source for black market dollar to naira rate today. You can find their exchange rates for today below.
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Abokifx exchange rate in Nigeria today (US dollar) is N775 per dollar.
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Abokifx Exchange Rate in Nigeria Today Black Market
Monday, November 21st, 2022.
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