Dollar to Naira Black Market Rate on 12th August 2023 – Aboki FX

An easy-to-understand breakdown of the Dollar to Naira Black Market Exchange Rate for 12th August 2023.

Learn about Aboki FX rates, key insights, and common questions on Nigeria’s Black Market.

CBN Rates on 12 Aug

Today, we’re exploring the Dollar to Naira Black Market Exchange Rate for 12th August 2023. This market, also called “Aboki FX” by locals, has a big impact on Nigeria’s money matters. But let’s start with the rates for today.

Dollar to Naira Rate in the Black Market (Aboki Dollar Rate Today)

In the busy parts of Lagos’ Black Market, traders bought dollars at N940 NGN and sold them at N950 on this date. This information comes straight from the Bureau De Change (BDC).

Fun to know: Nigeria’s Central Bank (CBN) doesn’t officially use this market. They tell people to work with their banks for foreign money.

Dollar to Naira Black Market Rate on 12th August 2023

Keep in mind, when you buy or sell foreign money, you might see different rates. Prices change just like traffic in Lagos!

Central Bank of Nigeria (CBN) Rate for Banks

Official  forex market is generally closed on Saturdays and Sundays in Nigeria and most other parts of the world

Frequently Asked Questions (FAQ) about Black Market in Nigeria

Let’s answer some common questions people have:

1. What is the Black Market in Nigeria?

It’s also called “Aboki FX”. This is where people trade foreign money without using official banks. Even if it sounds mysterious, it’s just a way for people to get the foreign money they need.

2. Why are Black Market prices different from Official Bank prices?

It’s all about how much people want to buy and sell. Black Market prices can change quickly because of immediate needs, while official bank rates stay more steady.

3. Is it okay to use the Black Market?

It’s not clearly legal or illegal. The Central Bank of Nigeria doesn’t use the black market, but they haven’t said it’s wrong to use it. They do tell people to use official banks for foreign money trades.

4. How do Black Market traders set their prices?

They look at how much money is being bought and sold, their own costs, and sometimes they guess what the market will do next.

5. Why do people choose the Black Market over banks?

Two reasons: It’s faster and easier. Many people don’t want to wait for slow bank processes. The Black Market is quicker but might cost more.

6. How does the Black Market affect Nigeria’s money matters?

There’s good and bad. The good: it lets people and businesses get foreign money quickly, helping trade. The bad: it can go against the country’s official money plans.

Conclusion

Understanding the Dollar to Naira Black Market Rate on 12th August 2023 – Aboki FX is like combining book-smarts with street-smarts.

Even if the black market is not in the spotlight, it’s important in Nigeria.

Whether you’re a trading pro or just someone interested, it’s good to know how this market works. As people say in Naija, knowledge is power!

Source: Bureau De Change (BDC), Central Bank of Nigeria (CBN)

Note: This article’s data is based on a specific date. Markets can change often. Always check recent data.