Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 13th March 2024

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 13th March 2024

Curious about the current exchange rate between the Dollar and Naira at the black market, also known as the parallel market (Aboki fx)?……READ ALSO Black Market Dollar To Naira (USD To NGN) Exchange Rate Today, 12th March 2024

See below for the black market Dollar to Naira exchange rate for 12th March:

How much is a dollar to naira today in the black market?

Dollar to Naira Exchange Rate Today Black Market (Aboki dollar rate):

• Buying Rate: N1600
• Selling Rate: N1603

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), directing individuals who want to engage in Forex to approach their respective banks.

Black Market Exchange Rate Today:

• Buying Rate: N1600
• Selling Rate: N1603

CBN Rate Today:

• Buying Rate: 1611
• Selling Rate: 1612

Please be aware that the rates for buying or selling forex may differ from those captured in this article due to market fluctuations.

Naira Gains at Parallel Market, Trades at N1,600/$

The Nigerian naira experienced a significant appreciation against the US dollar in both the parallel and official segments of the foreign exchange (FX) market on Monday.

In the parallel market, commonly referred to as the black market, the naira strengthened to N1,600 per dollar, reflecting a 1.23 percent increase from the N1,620/$ rate reported on March 8.

Bureau De Change operators (BDCs) in Lagos quoted the buying rate of the US dollar at N1,570 and the selling rate at N1,600, providing a profit margin of N30 for currency traders.

Meanwhile, in the official FX market, the naira appreciated by 0.58 percent to N1,617.96, up from N1,627.40 on March 8.

Trading data from the FMDQ Exchange, the platform overseeing official FX transactions in Nigeria, indicated fluctuations within the trading day, with the FX rate reaching as high as N1,650 and dropping to a low of N1,511.

In related news, financial giant Goldman Sachs forecasted on March 7 that the naira would appreciate to N1,200 against the dollar over the next twelve months.