The US Dollar to Nigerian Naira Black Market Exchange Rate for July 28, 2023
Find out how much the US dollar is worth in Nigerian Naira in the black market on July 28, 2023. See how this rate is different from the rate set by Nigeria’s main bank. Also, check out the rates for other commonly used money in Nigeria’s black market
Also Check : CBN Official Dollar to Naira July 28, 2023
The US dollar to Nigerian Naira black market exchange rate is a subject of interest for many on this day, July 28, 2023.
Known commonly as the “Aboki” exchange or the Lagos parallel market, this market determines the value of the US dollar against the Nigerian Naira.
On this day, one US dollar can be bought for 862 Naira and sold for 870 Naira in this market.
A simple table showing this is as follows:
|USD to NGN
Comparing the Black Market Rate to the Official Rate
The black market rate contrasts from the official rate set by the Central Bank of Nigeria (CBN). The CBN’s official rate as of today is 769.889 Naira for one US dollar.
Let’s compare these two rates in simple terms:
|Exchange Rate (per $1)
|CBN Official Rate
Exchange Rates of Other Popular Currencies in the Nigerian Black Market
Apart from the US dollar, Nigerians also trade in several other currencies. Here are the black market buying and selling rates for some of these currencies on July 28, 2023:
|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
Just like the dollar-to-naira rate, these exchange rates can also shift frequently. This fluctuation results from various factors such as the availability of each currency and the demand for buying or selling it.
Frequently Asked Questions (FAQs) About Black Market Exchanges
What is a black market exchange rate?
The black market exchange rate is the value of a foreign currency against the local currency in a market that operates independently of the official rates set by the country’s central bank.
How do black market rates compare to official rates?
Black market rates are often higher than official rates because they are driven by supply and demand forces in the market and can fluctuate widely.
Why do people use the black market for currency exchange?
People might use the black market for currency exchange because they can often get a better rate than the official one, especially in countries with strict currency controls or where there is a large difference between the official and market rates.
Are black market exchanges legal?
Black market exchanges can be considered illegal as they operate outside the purview of the country’s financial regulatory authority. However, in some places, they are widely used and tolerated.
What factors influence black market exchange rates?
Several factors can influence black market exchange rates, including economic instability, inflation, political unrest, and changes in official rates. Supply and demand for different currencies also play a significant role.