Dollar to Naira Black Market Rate (June 20, 2023)

Are you interested in knowing the precise exchange rate of the US Dollar to Nigerian Naira in the black market, also known as Aboki fx? Here are the rates specifically for 20th June:

Take advantage of these different rates to exchange your dollars for Naira.

Understanding the Black Market: Dollar to Naira Exchange Today (June 20, 2023)

Step into the hidden world of the black market exchange rate between the US Dollar and the Nigerian Naira. Discover the secrets behind price changes when people desire more or less money. Witness the impact of the Central Bank of Nigeria in this market. Stay informed to make clever money decisions.

Quick Look at the Dollar-Naira Black Market Exchange Rate

Are you curious about the current Dollar to Naira exchange rate in the black market? As of Monday, 19th June 2023, sources at Bureau De Change (BDC) report that players in the Lagos Parallel Market (Black Market) are buying a dollar for N750 and selling it at N757.

It is important to note that the Central Bank of Nigeria (CBN) does not endorse or recognize the black market (parallel market) for currency exchange. Instead, the CBN directs individuals who wish to engage in Forex transactions to approach their respective banks.

The Black Market Scene

In the unofficial black market, individuals engage in daily trading of foreign currency. On June 19, 2023, at the Abuja Zone 4 market in Lagos, people were buying US Dollars for ₦‎750 and selling them for ₦‎757‎. It’s important to note that these prices can fluctuate hourly, depending on the availability of money and the demand from individuals.

Today’s Exchange Rate Snapshot

Here’s a simple table showing how much different types of money are worth in the black market right now.

Important: Money rates in the black market can change every hour. This happens because of changes in how much money is available and how many people want it.

How the Central Bank of Nigeria Changes the Black Market

The Central Bank of Nigeria (CBN), the country’s central financial institution, has recently announced a new policy allowing banks to engage in foreign currency trading at flexible exchange rates. This decision has raised concerns among individuals, particularly in relation to the impact on the black market.

Babajide Komolafe, an economic journalist from Vanguard, shared his perspective on the matter, stating, “The increased presence of foreign currency in banks should instill confidence among the public. Now, individuals have the opportunity to buy or sell the dollar at rates that closely align with the black market.”

Despite the Central Bank’s previous attempts to address similar issues, the black market continues to persist.

Although the black market operates outside official channels, its existence significantly influences Nigeria’s economy, including aspects such as inflation and interest rates.

To make informed financial decisions, it is crucial to stay updated on these fluctuating rates, particularly those prevalent in the black market.

While exchange rates can be volatile, having knowledge about the black market exchange rates can provide valuable insights for individuals.

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