Nigeria News
Naira To Dollar Black Market Rate Today 23rd June 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 22nd June 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 N765 and sell at N770 on Thursday, 22nd June, 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 | N765 |
| Selling Rate | N770 |
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Naira Float Affect States As External Debt Rises To N3 Trillion
Following the recent floating of the naira by the Central Bank of Nigeria, the external debt burden of the 36 states and the Federal Capital Territory, has risen to N3 trillion.
Recall that CBN on Wednesday, June 14, 2023, directed Deposit Money Banks to remove the rate cap on the naira at the official Investors and Exporters’ Window of the foreign exchange market, to enable its free float against the dollar and other global currencies.
According to data from the FMDQ Exchange, the latest development led to an immediate decline in the value of the naira which fell from its 471/$ to 664.04/$ at the Investors & Exporters FX window.
Naija News learnt that on Tuesday, June 13, a day before the CBN changed its foreign exchange policy, the total external debt stock of states was $4.46bn (N2.09tn at N471/dollar) as of the end of December 2022.
By Friday, the debt stock, while retaining its dollar value of $4.46bn had grown to N2.96tn at N663.04/dollar. This means the states will need revenue in local currency to pay their foreign obligations.
