Black Market Dollar To Naira Exchange Rate To 28th April 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 27th April, 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 N730 and sell at N740 on Thursday 27th April 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
Buying Rate	N730
Selling Rate	N740

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Cash Scarcity Crippled Nigeria’s Economy – UN

The United Nations (UN) has disclosed shortage of naira in recent times crippled the Nigerian economy and made Nigerians poorer.

The UN disclosed this in its ‘Trade and Development Report Update; Global Trends and Prospects (April 2023),’ report produced by the United Nations Conference on Trade and Development (UNCTAD).

It stated that the informal sector felt the brunt of the scarcity the most, adding that the continuing decline of oil production is set to impact the country’s finances in 2023.

UNCTAD said, “In Nigeria, a shortage of cash, triggered by the replacement of the highest denominations of the country’s currency, hobbled the economy, especially the informal sector.

“Meanwhile, the continuing decline of oil production, accompanied by large-scale oil theft, poses a main threat to strained finances in Africa’s most populous nation.”

According to the organisation, the general African economy is projected to expand by 2.5 percent, which is a drop from last year, and insufficient to curtail poverty levels on the continent. It explained that this is in no thanks to weaker external demand and tighter financial conditions.

It noted that many African economies are at risk of stagflation in 2023, with half of African countries recording double-digit inflation in early 2023.