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Dollar To Naira Exchange Rate In The Black Market For September 22, 2024
What is the Dollar to Naira Exchange Rate at the Black Market, especially the Aboki Fx?
As of September 22, 2024, the exchange rate for the US dollar (USD) to Nigerian Naira (NGN) in the black market, particularly from Aboki FX, is N1,670 for 1 USD. This rate is gathered from recent data provided by Bureau De Change (BDC) operators.
In the black market, the buying rate for the US dollar is N1,660, while the selling rate is N1,670. These rates can change throughout the day due to factors like supply and demand, economic conditions, market speculation, and government policies.
The exchange rate in the black market reflects ongoing economic challenges and a shortage of foreign exchange (forex) in Nigeria.
In contrast, the Central Bank of Nigeria (CBN) sets an official exchange rate. Currently, the CBN rate for one dollar is N1,594.07.
The significant difference between the official rate and the black market rate shows the pressure on the naira and the difficulties within Nigeria’s forex market.
It’s important to note that the CBN does not recognize the black market and has advised individuals seeking forex to go through their banks.
Black Market Exchange Rate
| Foreign Currency | Buying rate | Selling rate |
| DOLLAR ($USD) | N1,660 | N1,670 |
| POUNDS STERLING (GBP) | N2,210 | N2,230 |
| EURO (EUR) | N1,820 | 1,840 |
| YUAN (CNY) | N235 | N240 |
CBN Exchange Rate
| Foreign Currency | Buying rate | Selling rate |
| DOLLAR ($USD) | N1,593.07 | N1,594.07 |
| POUNDS STERLING (GBP) | N2,107.31 | N2,108.63 |
| EURO (EUR) | N1,774.06 | N1,775.17 |
| YUAN (CNY) | N225.35 | N225.49 |
| SAUDI RIYAL (SAR) | N424.52 | N424.79 |
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
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