Dollar to Naira Exchange Rates
Black Market Dollar To Naira Exchange Rate To 12th March 2023
What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)? See the black market Dollar to Naira exchange rate for 11th March, below. You can swap your dollar for Naira at these rates.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N750 and sell at N755 on Saturday 11th March 2023, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Naira Scarcity Worsens As Major Banks Exhaust Cash
The crisis rocking the nation over the controversial naira redesign and cashless policy introduced by the Federal Government through the Central Bank of Nigeria (CBN) may worsen in the coming weeks.
Recall that the Supreme Court had extended the validity of the old naira notes until December 31st, but the silence of President Muhammadu Buhari on the judgment of the apex court had fuelled the rejection of the remaining old N1,000 and N500 as legal tender. Some banks had on Monday commenced paying customers the old notes in partial compliance with the Supreme Court judgment, but by Wednesday, the banks stopped disbursing the old notes as the CBN insisted that it had not given any directive to that effect.
It was gathered on Friday that cash had dried up in most banks in Lagos and Ogun states due to what senior bankers described as the inability of the CBN to supply them with new naira notes.
A branch manager of a Tier-1 bank revealed that his branch last received cash last Tuesday, adding that bankers were also frustrated about the currency crisis affecting the nation.
The Lagos-based branch manager told The PUNCH, “There have been no supplies of new naira notes to my branch and other neighbouring branches this week. The last supply we got was N5m last week Monday and another N5m the following day. Members of our bullion van team have been on standby throughout this week, awaiting signals to come to the CBN to pick cash, but there has been no signal. The N10m we got last week didn’t last up to Wednesday.
“Following the Supreme Court judgment, we were initially paying out the old N1,000, and N500 notes deposited with us and which had not been deposited with the CBN to desperate customers, but we had to stop when the customers came back to complain that people were not accepting the old notes from them.”
Another senior banker added that his first-generation bank had not been supplied new naira notes to disburse to customers.