Black Market Dollar to Naira Exchange Rate: 6th July 2023

Understanding Today’s Black Market Dollar to Naira Exchange Rate: 6th July 2023

Key Points

1. The black market dollar to naira exchange rate on 6th July 2023 check buying and selling rates.
2. The exchange rate changes constantly, depending on the supply and demand of dollars.
3. There has been a convergence in the black market and official exchange rates, moving closer to foreign exchange unification.

Today’s Black Market Exchange Rate

The exchange rate for dollar to naira on the 6th of July, 2023 in the black market, known as the ‘Aboki’ rate, shows the dollar being bought at ₦765 and sold at ₦775. The rates were confirmed by currency dealers in the Abuja Zone 4 market, Lagos, Nigeria.

The local currency (abokiFx) started at ₦765 per dollar at the black market and closed at ₦775 per dollar on 6th July 2023. Keep in mind that these rates are subject to change on an hourly basis depending on the supply and demand of dollars.

The Central Bank of Nigeria Exchange Rate Today

The Central Bank of Nigeria (CBN) also provides a dollar to naira exchange rate, which remained the same for buying and selling on 6th July 2023.

Nearing the Goal of Convergence in Black and Official Markets

On Monday, July 3, 2023, the naira saw a slight recovery against the dollar in the parallel market, leading to a strengthening of the Naira by ₦1.00 per dollar. The average exchange rate was quoted at ₦771, fluctuating between ₦767 and ₦775. This was an improvement compared to the ₦772 exchange rate recorded on Friday, June 30, 2023.

The gap between the black market and official exchange rates has been narrowing, moving closer to the long-awaited foreign exchange unification. This shift was due to a reduction in demand for the US dollar. It’s noteworthy that in June, the Naira experienced a 0.39% week-on-week decline, reaching ₦773 against the dollar in the parallel market.

Meanwhile, at the Investors’ and Exporters’ (I&E) window, the Naira strengthened against the dollar due to increased funds flowing into the system. Over the week, the Naira gained approximately ₦0.02 or 0.12%, closing at ₦769.25 to a dollar compared to ₦770.17 in the previous week.

Understanding the exchange rates between dollar and naira in the black market, as well as the official rates, is crucial for both individuals and businesses. Being informed about these rates can help you make the right decisions, whether you are sending money abroad, travelling, or engaging in international trade. Keep in mind, though, that these rates fluctuate and are subject to constant change