Dollar to Naira Black Market Exchange Rate Today: (27th July 2023)

Dollar to Naira Black Market Exchange Rate on July 27, 2023: A Simple Guide

Main Points:

1. This article explains the exchange rate of the US dollar to Nigerian Naira on the black market as of July 27, 2023.
2. The article compares this rate to the official rate set by the Central Bank of Nigeria.
3. Exchange rates for other major currencies used in Nigeria are also provided.

What is the Dollar to Naira Black Market Exchange Rate Today?

Today, July 27, 2023, the exchange rate between the US dollar and the Nigerian Naira in the black market is a big topic. In the black market, also known as the “Aboki” exchange or the Lagos parallel market, one US dollar can be bought for 862 Naira and sold for 870 Naira.

Here’s a simple table to show this:

How Does the Black Market Rate Compare to the Official Rate?

The black market rate is different from the official rate set by the Central Bank of Nigeria (CBN).

Today, the CBN’s official rate is 769.889 Naira for one US dollar.

In simple terms, here’s how the two rates look side by side:

What are the Black Market Rates for Other Popular Currencies in Nigeria?

Apart from the US dollar, other currencies are also used in Nigeria. Here are the black market buying and selling rates for some of these currencies on July 27, 2023:

The black market rates for these currencies can also change frequently, just like the dollar-to-naira rate. These changes are because of many things, like how much of each currency is available and how many people want to buy or sell that currency.

A Potential Rise in Petrol Prices?

Experts have cautioned that petrol prices might reach N1000 per litre. They suggest that the government should step in to help the foreign exchange market and stop the naira from dropping against the dollar.

In talks with the Nigerian Tribune, these experts advised not to let market forces control the naira’s value entirely. They noted that Asian nations do not entirely bow to market dynamics. They suggest that the Nigerian government should do the same.

The experts recommend that the government give special, lower foreign exchange rates to those who bring in petrol. This action would help bring in cheaper petrol, which wouldn’t be affected by changes in the international market.

In the future, these experts suggest that the government should fix local oil refineries. This way, Nigeria could make its own petrol products and meet the country’s needs.