Find out the exchange rates between the Dollar and Naira on the Black Market for June 22, 2023. Learn how the Black Market works and get information about a new directive from the Central Bank of Nigeria that could increase the value of Nigeria’s exports.
Dollar-Naira Black Market Exchange: Today’s Rates and More (June 22, 2023)
If you’re interested in knowing how much one US Dollar is worth in Nigerian Naira, you’ve come to the right place.
On June 22, 2023, we’ll take a look at the latest black market rates. Also known as the parallel market or Aboki fx, these rates change often.
Let’s get into what these rates are and how they impact the economy.
What is the Black Market?
The black market, or parallel market, is where one can exchange dollars for Naira outside of the standard banking system. It is often referred to as the Aboki fx. Here, the exchange rate of the dollar to Naira varies frequently.
Note: Trading on the black market is not endorsed by the Central Bank of Nigeria (CBN). For all Forex dealings, the CBN advises you to go through your bank.
Today’s Black Market Rates (June 22, 2023)
On June 21, 2023, the data from the Bureau De Change (BDC) revealed the following rates for dollar to Naira in the black market:
- Buying Rate: N755
- Selling Rate: N765
This means, if you’re buying dollars, you’ll need N755 for one dollar. Conversely, if you’re selling dollars, you’ll receive N765 for each dollar.
Do keep in mind that these rates are subject to change depending on the market situation.
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To stay informed about the current exchange rate between the US Dollar and Nigerian Naira, we recommend visiting voiceofnigeria.org.ng regularly. This website will provide you with the latest information.
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How the New CBN Directive May Boost Nigeria’s Export Value
The Central Bank of Nigeria (CBN) recently gave a directive that could considerably increase Nigeria’s export value, potentially hitting N41.99tn annually. The CBN has instructed Deposit Money Banks to remove the rate cap on the Naira in the official Investors and Exporters’ Window of the foreign exchange market. The aim of this move is to reduce the difference between the official and parallel market rates of the Naira.
The CBN announcement stated, “All authorised dealers and the general public should be aware of immediate changes in operations in the Nigerian Foreign Exchange Market: abolition of segmentation. All segments are now collapsed into the Investors and Exporters window.”
After this announcement, the Naira depreciated from 471/dollar to 664.04/dollar, closing the week at N663.04/dollar.
This devaluation implies that exporters, including the Federal Government, are poised to earn higher revenue (in Naira terms) from their dollar-denominated export earnings.
In 2022, total exports were worth $63.34bn. This sum, converted at the central dollar rate of N448.55/dollar on December 30, 2022, would have been equivalent to N28.41tn. However, using the new exchange rate of N663.04/dollar, the same export value could potentially hit N41.99tn.
Whether you’re interested in buying, selling, or simply staying informed about the dollar-Naira rates, it’s essential to keep up-to-date with the black market rates. And while the black market may offer attractive rates, the Central Bank of Nigeria (CBN) advises to perform all Forex dealings through official banking channels. In other news, the recent CBN directive might be a game-changer, potentially increasing Nigeria’s export value significantly.