Take a peek at the black market’s exchange rates between the US Dollar and Nigerian Naira as of June 19, 2023.
Discover how supply and demand, along with the Central Bank of Nigeria’s actions, shape these rates. Understand how this influences our economy and learn to make smart financial choices.
Understanding the Black Market: Dollar to Naira Exchange Today (June 19, 2023)
Let’s take a closer look at the hidden world of the black market exchange rate between the US Dollar and the Nigerian Naira. You’ll learn how prices can change when people want more or less money. You’ll also find out how the Central Bank of Nigeria changes this market. Learn how these rates shape our economy and stay up to date to make smart money choices.
Quick Look at the Dollar-Naira Black Market Exchange Rate
Money rates, especially the black market rate for the US Dollar to Nigerian Naira, play a big role in Nigeria’s economy. In this piece, we give you a quick update of the black market exchange rate as of June 18, 2023.
The Black Market Scene
In the black market, which is unofficial, people trade foreign money every day. On June 18, 2023, in Abuja Zone 4 market in Lagos, people were buying Dollars for ₦755 and selling them for ₦760. These prices can change every hour, depending on how much money is available and how many people want it.
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.
|Currency||Buying Rate||Selling Rate|
|USD to NGN||₦755||₦760|
|GBP to NGN||₦900||₦920|
|EUR to NGN||₦750||₦800|
|CAD to NGN||₦560||₦600|
|ZAR to NGN||₦31||₦38|
|AED to NGN||₦180||₦200|
|CNY to NGN||₦80||₦90|
|GHS to NGN||₦40||₦55|
|XOF to NGN||₦1050||₦1100|
|XAF to NGN||₦920||₦950|
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) told banks they can trade foreign money at any rate. This made some people unsure about the black market.
Babajide Komolafe, who writes about the economy for Vanguard, said, “Having more foreign money in banks should make people feel better. Now, they can buy or sell the dollar at rates close to the black market rate.”
Even though the bank has tried similar things before, the black market is still here.
Even though the black market is not official, it affects Nigeria’s economy.
It’s very important to keep track of these rates to make smart money decisions.
Even though rates can change a lot, knowing about the black market exchange rates can give you useful information.