The Current Exchange Rate in the Nigerian Black Market (July 25th, 2023)
- The exchange rate for the Dollar to Naira in the black market today, July 25, 2023, buying and selling.
- Other currency rates against the Naira in the black market have also been provided.
- The impact of the weekly sit-at-home exercises in the southeast region of Nigeria is leading to substantial economic losses.
Understanding Today’s Exchange Rate
Let’s talk about the dollar to naira black market exchange rate. This is also called the Aboki Exchange rate.
If you’re asking “how much is a dollar to naira today?” you’re in the right place.
At the time of writing this article, if you go to the black market in Lagos, which is a type of parallel market, the exchange rate is N855 to buy a dollar and N865 to sell one.
Current Rate: Dollar to Naira
According to a report by VoiceofNigeria.org.ng, the dollar to naira black market rate is N855.
Meanwhile, the Central Bank of Nigeria (CBN) has an exchange rate of N799 for each dollar.
Black Market Exchange Rates for Other Currencies
It’s not just about the dollar though. There are other currencies people use a lot in Nigeria.
Let’s take a look at their exchange rates in the black market today, July 25, 2023:
|USD to NGN
|GBP to NGN
|EUR to NGN
|CAD to NGN
|ZAR to NGN
|AED to NGN
|CNY to NGN
|GHS to NGN
|XOF to NGN
|XAF to NGN
Remember that these rates might be different when you go to buy or sell your forex because prices change all the time.
Impact of the Weekly Sit-at-Home Exercise
The southeast region of Nigeria has been hit hard by a weekly sit-at-home exercise.
This is a protest started by the Indigenous People of Biafra (IPOB) to call for the release of their leader, Nnamdi Kanu, in 2021. It has been happening almost every Monday since then.
This has had a big impact on the economy. It’s been two years since the exercise started on August 9. Out of 730 days, 105 Mondays, or working days, have been lost. This means no work was done on those days.
The International Centre for Investigative Reporting (ICIR) did an investigation.
They published a report in May this year. According to this report, businesses in the region have lost a massive N5.375 trillion from August 9, 2021, to December 19, 2022.
All these losses have led to an estimated total loss of N7.6 trillion in productivity and potential investments, as well as the loss of lives and properties in just two years.
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Please note, this article, entitled “The Current Exchange Rate in the Nigerian Black Market (July 25th, 2023)” is intended to provide general information and does not constitute financial advice. VoiceofNigeria.org.ng does not guarantee the accuracy, timeliness, completeness, or suitability of the information provided.
- Currency exchange rates fluctuate constantly due to various factors. The rates provided in this article are accurate as of July 25, 2023. However, the actual exchange rates may vary at the time of your transaction.
- The currency rates provided here are sourced from various platforms and may not reflect the rates available at your local bank or foreign exchange service.