Today, December 5th, 2023, the black market dollar to the naira exchange rate is buying at ₦1,165 and selling at ₦1,170. This means that one US dollar can be purchased for ₦1,165 in the black market and sold for ₦1,170.
In the Nigerian foreign exchange market, the black market, also known as the parallel market, operates outside the official channels controlled by the Central Bank of Nigeria (CBN). The black market exchange rate is typically higher than the official CBN rate, reflecting the increased demand for US dollars amidst supply constraints. Today, on December 5th, 2023, the black market dollar to naira exchange rate stands at ₦1,165 for buying and ₦1,170 for selling. This represents a significant premium over the official CBN rate of ₦821.06.
What is the current Black Market Buying and Selling Of Dollar Exchange Rate Today?
| US dollar Amount ($) | Naira Equivalent (₦) |
|---|---|
| $1 | ₦1,165 |
| $5 | ₦5,825 |
| $10 | ₦11,650 |
| $20 | ₦23,300 |
| $50 | ₦58,200 |
| $100 | ₦116,500 |
The Battle for Value: Naira vs. Dollar in the Black Market Today
The widening gap between the black market and CBN exchange rates highlights the ongoing struggle for the value of the naira. The naira has experienced depreciation in recent years due to various factors, including declining oil revenues, economic uncertainty, and global financial market volatility. As a result, Nigerians have increasingly turned to the black market to obtain US dollars, further pushing up the black market exchange rate.
The black market offers higher exchange rates compared to the official market, attracting individuals and businesses seeking to make international payments or acquire foreign currency for personal use. However, these transactions carry significant risks due to the unregulated nature of the black market. There is a heightened risk of fraud, scams, and even physical harm when engaging in black market currency transactions.
How to Avoid Black Market Dollar Scams
Given the inherent risks associated with the black market, it is crucial to exercise caution when considering such transactions. Here are some tips to avoid black market dollar scams:
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How much is a dollar to naira today in the black market in Lagos?
As of today, December 5th, 2023, the black market dollar to naira exchange rate in Lagos is ₦1,165 for buying and ₦1,170 for selling. This may vary slightly depending on the specific location and individual dealers.
What is the current Aboki dollar exchange rate?
The term "Aboki dollar" is an informal reference to the black market dollar exchange rate. The name stems from the prevalence of currency traders of Northern Nigerian descent in the black market. The current Aboki dollar exchange rate is the same as the black market rate, which is ₦1,165 for buying and ₦1,170 for selling.
Convert Naira to Dollar Exchange Rate in the Black Market?
Black Market Rates Dollar to Naira rate
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Black Market Rates Australian Dollar (Aussie) to Naira rate
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Wisdom Nnebi 4 w
Good one