Black Market Dollar to Naira Rates for 12th July 2023

Aboki Exchange: Black Market USD to NGN Rates for 12th July 2023

Key Points:

• On July 12, 2023, the USD to NGN exchange rate in the black market.
• The official CBN exchange rate for USD to NGN.
• The black market also has set exchange rates for other major currencies like the British Pound and Euro.

Black Market Exchange Rate Today

Welcome to VoiceofNigeria, where you can rely on our updated financial news. Today, on the 12th of July, 2023, we’re here to keep you informed about the black market exchange rates between the US Dollar (USD) and the Nigerian Naira (NGN).

USD to NGN: Black Market Opening Rates

The black market, or parallel market as it’s commonly known, opened with the Nigerian Naira trading at N795.00 per $1 in Lagos, Nigeria. If you are looking to exchange USD for NGN, this rate suggests that for each dollar, you can expect to receive N795.

Exchange Rate Table for July 12, 2023

For your reference, here’s a quick table showing the buying and selling rates for USD to NGN in the black market today:

Previous Day’s Exchange Rate Performance

Understanding market trends often involves looking back at prior performance. On July 11, 2023, black market participants bought the US Dollar at N786 and sold it at N790. Such data is helpful for tracking recent price movements and making informed evaluations of the market.

Official CBN Exchange Rate for USD to NGN

In addition to the black market, it’s crucial to consider the official exchange rate set by the Central Bank of Nigeria (CBN). The rates set by the CBN, used for official transactions, can significantly impact the economy.

The CBN’s buying and selling rate for the USD to NGN as of July 12, 2023, remained at N776.90. These rates, typically different from black market rates, are set by the central bank.

Note: VoiceofNigeria does not set or determine forex rates. Our aim is to provide accurate, up-to-date information to our readers.

Exchange Rates for Other Major Currencies

Staying informed about exchange rates for other major currencies is just as crucial. Here are the exchange rates for the British Pound (GBP) and the Euro (EUR) against the Nigerian Naira (NGN) as of 12th July 2023:

Frequently Asked Questions (FAQs)

Q1: What is the current black market exchange rate for the Dollar to Naira on 12th July 2023?

A: The buying rate is N790, and the selling rate is N795.

Q2: What is the official exchange rate set by the CBN for Dollar to Naira on 12th July 2023?

A: The CBN’s buying and selling rate for the Dollar to Naira remains at N776.90.

Q3: Where can I find the official NAFEX rates?

A: You can obtain the official NAFEX rates from the FMDQOTC website.

Q4: What are the exchange rates for other currencies like the British Pound and Euro against the Naira on 12th July 2023?

A: The selling rate for the Pound Sterling is N1030, with a buying rate of N1010. The Euro has a selling rate of N850 and a buying rate of N840.

Stay with VoiceofNigeria for the latest updates on currency exchange rates in Nigeria. Please note that exchange rates are subject to fluctuations and may vary throughout the day. Always verify the rates before making any currency exchange transactions.