Black Market Dollar To Naira Exchange Rate Today (Thursday 9th of February 2023)

The Dollar to Naira exchange rate at the black market, also known as the parallel market or Aboki fx, for Thursday 9th of February 2023 is shown below. At these rates, you can exchange your dollar for Naira.

How Much Is A Dollar To Naira Today In The Black Market?

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

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying Rate₦750
Selling Rate₦755

According to sources at Bureau De Change (BDC), the exchange rate for a US dollar to Nigerian Naira at the Lagos Parallel Market (Black Market) was ₦750 to buy and ₦755 to sell on Thursday 9th of February 2023.

This information was obtained from individuals participating in the market.

Central Bank Of Nigeria (CBN) Dollar To Naira Rate

As of Thursday 9th of February 2023, the current exchange rate is 1 USD = 480 NGN, according to official Central Bank of Nigeria (CBN) rate.

What Is Black Market Dollar To Naira Exchange Rate?

The Dollar to Naira exchange rate is a measure of how much Nigerian Naira (NGN) can be exchanged for one US Dollar (USD).

The exchange rate is important because it determines how much it will cost to buy and sell goods and services between the two countries.

There are two main ways to exchange currency in Nigeria: the official market and the black market, also known as the parallel market.

The official market is regulated by the Central Bank of Nigeria (CBN) and is the most common way for individuals and businesses to exchange currency.

The black market, on the other hand, operates outside of the official channels and is often associated with illegal activities such as money laundering and tax evasion.

The black market exchange rate can be significantly different from the official rate, and it is not uncommon for the rate to fluctuate significantly on a daily basis.

Despite the risks, many Nigerians turn to the black market because they believe they can get a better deal on the exchange rate.

If you are considering exchanging currency on the black market, it is important to be aware of the risks involved. The black market is not regulated, so there is a higher risk of fraud and scams.

It is also illegal in Nigeria, so you could face legal consequences if caught.

Conclusion

In conclusion, the Dollar to Naira exchange rate is an important factor that determines the cost of buying and selling goods and services between the United States and Nigeria.

While the official market is the most common and regulated way to exchange currency, the black market (also known as the parallel market) can offer different exchange rates.

According to sources at Bureau De Change (BDC), the exchange rate for a US dollar to Nigerian Naira at the Lagos Parallel Market (Black Market) was ₦750 to buy and ₦755 to sell on Thursday 9th of February 2023.

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