Naira to Dollar Black Market – Today’s Update, 5th July 2023

Naira to Dollar Exchange Rates on the Black Market – Today’s Update, 5th July 2023

Key Points:

• Today’s Naira to Dollar exchange rate on the black market.
• The Central Bank of Nigeria’s (CBN) stance on the parallel (black) market.
• Summary of President Bola Tinubu’s discussion with Bank of America officials.

Understanding the Naira to Dollar Black Market Rate Today

When it comes to understanding the value of money in Nigeria, specifically, the conversion from Naira to Dollar, it’s essential to consider the Black Market rates. This term refers to the parallel market, also known as “Aboki fx”, where money can be swapped at fluctuating rates not officially recognized by the Central Bank of Nigeria (CBN).

The exchange rate is a critical indicator of a nation’s economic health. It impacts every level of society, from individual consumers to big businesses and government. Knowing the black market exchange rate can help you understand the economic landscape of Nigeria.

Today’s Black Market Rates

As of Tuesday, 4th July 2023, the Lagos Parallel Market (another term for the Black Market) was trading one dollar for Naira at a buying rate of N770 and a selling rate of N777. This information came directly from sources at the Bureau De Change (BDC).

However, please remember that the Central Bank of Nigeria (CBN) does not acknowledge these rates from the parallel market. The CBN advises individuals interested in Forex to approach their banks for officially recognized rates.

Dollar to Naira Black Market Rate Snapshot

Please take note: The rates at which you buy or sell Forex might be different from the figures mentioned here because prices can fluctuate and vary.

President Tinubu’s Discussion with Bank of America Officials

President Bola Tinubu, during his meeting in Abuja on Tuesday, made a declaration of optimism about Nigeria’s progress. In his statement released by his Special Adviser on Special Duties, Communication, and Strategy, Dele Alake, he suggested that Nigeria is on the right track but requires all the assistance it can get.

President Tinubu met with a delegation from the Bank of America, sharing his belief in Nigeria’s ability to overcome the challenges it faces. He expressed confidence in the country’s ability to not just thrive but also guide the rest of the African continent towards success.

In the conversation with the Bank of America delegation, he re-emphasized his administration’s commitment to reforms. These reforms aim to ensure the country’s sustainable growth and development.

“We believe we are on the right track so far. We believe we need all the help we can get,” the President stated, summarising his position.

Conclusion

To summarize, today’s Naira to Dollar exchange rate in the black market stands at N770 for buying and N777 for selling. It’s essential to note, however, that these figures aren’t officially recognized by the Central Bank of Nigeria.

President Tinubu’s discussions with the Bank of America demonstrate a commitment to economic reform and an optimistic outlook for Nigeria’s economic future. As citizens and participants in the economy, keeping ourselves informed about these developments helps us understand the economic situation better