Current Dollar to Naira Exchange Rate



Current Dollar to Naira Exchange Rate


Are you curious about the latest Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki fx)? Below, you'll find the black market Dollar to Naira exchange rate for August 22nd. If you're looking to exchange your dollars for Naira, these are the rates to watch.


What's the Dollar to Naira exchange rate today in the black market?

Dollar to Naira exchange rate today in the black market (Aboki dollar rate):

As of Tuesday, August 22, 2023, at the Lagos Parallel Market (Black Market), the buying rate for a dollar is N850, and the selling rate is N860, according to sources at Bureau De Change (BDC).


It's worth noting that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market). The CBN advises individuals interested in Forex transactions to approach their respective banks.


Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today

Buying Rate: N850

Selling Rate: N860

Please keep in mind that the actual Forex rates you encounter may differ from those mentioned in this article since rates can vary.


Coping with a 24 Percent Inflation: Nigerian Households' Strategies

Not too long ago, the National Bureau of Statistics (NBS) reported a surge in Nigeria's headline inflation rate, jumping from 22.79 percent to 24.08 percent in July 2023.


This report triggered a mix of emotions, including concern, frustration, and even skepticism.


However, the skepticism wasn't about the substantial 100 basis point increase but rather about whether the report accurately represented the market's reality.


The report stated, "In July 2023, the headline inflation rate rose to 24.08 percent compared to the June 2023 headline inflation rate of 22.79 percent.


"Analyzing the movement, the July 2023 headline inflation rate marked a 1.29 percent increase compared to the June 2023 headline inflation rate.


"On a year-on-year basis, the headline inflation rate was 4.44 percent higher than the rate recorded in July 2022, which was 19.64 percent. This indicates that the headline inflation rate (year-on-year basis) rose in July 2023 compared to the same month in the previous year (i.e., July 2022)."


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