Black Market Dollar to Naira Today 24th July 2023 (Aboki Exchange)

The black market dollar to naira exchange rate for today, 24th July 2023, is a critical piece of information for traders and individuals involved in foreign exchange transactions.

As reported by currency dealers in Abuja Zone 4 market, Lagos, Nigeria, a dollar was bought at the rate of ₦855 and sold at ₦865.

This information provides an overview of the prevailing exchange rate in the black market (Aboki dollar rate) on this particular day.

How Much Is the Dollar To Naira Exchange Rate Today?

GoldenNewsNg reports that as of the time of filing this article, the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) stands at N855 for buying and N865 for selling.

These rates are subject to change due to the hourly fluctuations caused by the volume of dollars available and the demand in the market.

Exchange Rate of Dollar To Naira in Black Market Today?

The buying rate for a dollar to naira today is ₦855, while the selling rate is ₦865.

This information indicates the current rate at which individuals and businesses can buy and sell dollars in the black market (Aboki exchange rate).

The Present Buying and Selling Rates of United States Dollars (USD) on the Unofficial Parallel Market

Here are the buying and selling rates for some of the most commonly used currencies in Nigeria, as provided by Bureau De Change (BDC) operators in Lagos and Abuja:

Insights into the Aboki Exchange Rate

The black market dollar to naira exchange rate, also known as the Aboki exchange rate, plays a significant role in Nigeria’s financial landscape.

Several factors influence the fluctuations of this rate, impacting the buying and selling rates of foreign currencies in the parallel market.

The Influence of Supply and Demand on Exchange Rates

The exchange rate in the black market is highly sensitive to the interplay between supply and demand for foreign currencies, particularly the United States Dollar (USD).

When the demand for dollars exceeds the available supply, the naira weakens, leading to an increase in the dollar’s value against the naira.

Factors Affecting the Hourly Fluctuations of the Exchange Rate

The exchange rate in the black market changes hourly due to several factors.

These include geopolitical events, economic indicators, inflation rates, interest rates, and the country’s overall economic stability.

Currency traders and investors closely monitor these factors to make informed decisions regarding their foreign exchange transactions.

How Currency Dealers Determine the Black Market Dollar to Naira Rate

Currency dealers in the black market rely on various factors to determine the buying and selling rates of foreign currencies.

They take into account global economic trends, the performance of the Nigerian economy, and the currency’s demand and supply dynamics.

Additionally, they consider the operating costs, risks, and profit margins associated with currency exchange.

Understanding the AbokiFX: The Black Market Currency Platform

The AbokiFX is a popular online platform that provides real-time updates on the black market dollar to naira exchange rate and other foreign currencies.

It serves as a reliable source for traders, investors, and individuals seeking up-to-date information on currency rates.

Tips for Currency Exchange in Nigeria’s Black Market

When engaging in currency exchange in Nigeria’s black market, it is essential to be cautious and follow these tips to ensure a smooth and secure transaction:

• Verify the authenticity of currency dealers and exchange outlets.
• Compare rates from multiple dealers before finalizing the exchange.
• Be aware of the hourly fluctuations and make timely transactions.
• Keep abreast of relevant economic news and events that may impact the exchange rate.

How to Protect Yourself from Fraudulent Currency Transactions in the Black Market

Fraudulent currency transactions are a concern in the black market. To protect yourself from scams, follow these precautions:

• Use reputable and authorized currency dealers or registered Bureau De Change (BDC) operators.
• Inspect the currency for authenticity and ensure it meets the required security features.
• Refrain from conducting large transactions with unfamiliar dealers.
• Seek advice from financial experts if