Here are the key points you will find in this article:
- Black market exchange rate for Dollar to Naira on 21st July 2023
- A deeper look at the Central Bank of Nigeria’s (CBN) stance on the black market
- Frequently Asked Questions on the black market exchange of Dollar to Naira
What is the Black Market Exchange?
Black market exchange, also called the parallel market or ‘Aboki fx’, is a place where people trade money outside of the official exchange rates. It can be physical places or online platforms.
Dollar to Naira Exchange Rate Today
The value of the dollar compared to naira changes each day. This value is what we call the “exchange rate”. On 21st July 2023, the exchange rate in the black market, for example, in Lagos, was:
Buying Rate: N825
Selling Rate: N830
This means that, people were buying one dollar for 825 nairas and selling one dollar for 830 nairas.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N825
Selling Rate N830
Please remember that these rates can change. The rates you get when you buy or sell might be different from the ones mentioned in this article because the prices can vary.
The Central Bank of Nigeria (CBN) and the Black Market
The Central Bank of Nigeria, also known as the CBN, does not agree with the black market. The CBN has told people who want to trade foreign money to go to their own banks. This is because the rates in the banks follow the rules of the CBN and are often more stable.
FAQs on Black Market Dollar to Naira
Q1: What is the black market exchange rate of Dollar to Naira today?
Ans: On 21st July 2023, you could buy a dollar for 825 nairas and sell a dollar for 830 nairas in the black market.
Q2: Does the Central Bank of Nigeria (CBN) accept the black market exchange rates?
Ans: No, the Central Bank of Nigeria does not accept the black market exchange rates. The CBN encourages people to use their banks to trade foreign money.
Q3: Can the black market exchange rates change?
Ans: Yes, the black market exchange rates can change.
The rates can fluctuate, going up or down.
These fluctuations are determined by the demand and supply of the dollar in the market.
Q4: How is the black market exchange rate different from the official exchange rate?
Ans: The black market exchange rate can be higher or lower than the official exchange rate. This is because the black market does not follow the rules set by the Central Bank. The official exchange rate is more stable and is set by the Central Bank.
I hope this article has helped you understand the black market exchange rate for Dollar to Naira. Remember, it’s always best to use legal and safe ways to exchange your money. Always check the current rates before you make any transactions.