Dollar to Naira Black Market Rate (27 JUNE 2023)

Key Points

• Today’s black market Naira to Dollar rates.
• Central Bank of Nigeria’s (CBN) stance on the black market.
• New CBN requirements for banks to collect more customer data.

The Current Dollar to Naira Exchange Rate in the Black Market

The “black market” is where people trade money at different rates from official ones. For example, the “Dollar to Naira” rate changes daily.

Today, we’re going to talk about a topic that many people ask about: the dollar to naira exchange rate in the black market, also known as the parallel market or the Aboki fx.

This might sound hard but don’t worry. We will make it easy to understand.

The Dollar-Naira Rate in the Black Market

Today’s Black Market Dollar to Naira Rate

In the black market today, people in Lagos buy a dollar for N772 and sell it for N775. This is the rate for 26th June 2023 from the Bureau De Change (BDC). The Central Bank of Nigeria (CBN) does not approve of the black market and advises people to use their banks for foreign currency trade.

The Dollar to Naira Black Market Rate Today

Here are the current rates in the black market for dollar to Naira (USD to NGN) today:

• Buying Rate: N772
• Selling Rate: N775

These rates can change, so what you buy or sell at could be different.

Remember: CBN wants people to trade money (also called forex) in banks, not this market.

A Closer Look at the Black Market Rates

The table above provides a visual representation of the current rates. As you can see, there is a small difference between the buying and selling rates. This difference is how the people trading currency make a profit.

CBN’s Instructions to Banks

The CBN has instructed all banks to gather more customer information. This includes social media handles, home addresses, and Bank Verification Numbers (BVN). The CBN has also asked for customers’ email addresses, phone numbers, birthplaces, and other important details.

The CBN released this in their new ‘Customer Due Diligence Regulations, 2023’ document. These new rules aim to enhance customer identification in the banking system.

This explanation provides a clear understanding of today’s black market Naira to Dollar exchange rates and the new rules from the CBN. Remember, rates can change, and the CBN recommends using banks for Forex trade. The new CBN rules will impact how banks collect and handle customer information.

Nigeria and Other Countries Benefit from UK’s Tariff Cuts

Now, we move on to some good news for Nigeria and other growing countries. These countries are going to get help from the UK. The UK is cutting down the prices (tariffs) on products coming from these countries.

The UK said this action is a way to help businesses and buyers. They can save a lot of money each year. Nigel Huddleston, the UK’s International Trade Minister, talked about this plan on his visit to Bole Lemi, the biggest business park in Ethiopia.

The UK is doing this because it can make its own trade rules. It’s a great example of how the UK is using its freedom as a trade nation. And everyone is excited to see it happen.

The British High Commission in Abuja gave out a statement. They said the new plan will cut tariffs and make trading rules simple. More products can now be part of this plan. This plan is more generous than the European Union (EU) scheme. The UK was a member of this EU scheme before.