IMPORTANT NOTE: The exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦745 and ₦747, and the price can change (high or low) within hours.
In the parallel market, Aboki refers to the Hausa people who buy and sell dollars in the streets of Lagos and other major cities in Nigeria.
How much is naira to dollar in black market today? Many of the dealers said they have struggled to trade after abokiFX.com, a website that collates parallel market rates in Lagos, stopped publishing parallel market rates in September 2021, after the Central Bank of Nigeria threatened its owner.
January 18 dollar to naira black market exchange rate: $1 dollar to naira = ₦747
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦745 |
| Selling Rate | ₦747 |
The local currency opened at N747.00 per $1 at the parallel market otherwise known as the black market today Wednesday, 18 January 2023, in Lagos Nigeria, after it closed at N745 per $1 on Tuesday, 17 January 2023.
Even though the dollar to naira opened in the parallel market at N747 per $1 today, NEWS-ONE reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
Newsone Nigeria reports that in the black market, the players buy a dollar for N74 5and sell for N747 on Wednesday morning, January 18, 2023, after they purchased N744 and sold for N747 on Tuesday, 17 January 2023.
Meanwhile, NEWS ONE NIGERIA reports that the USD started this week at ₦745 in Parallel Market also known as Black Market on Monday, January 16, 2023, in Lagos Nigeria, after it opened at ₦747 last week Monday, January 9, 2023.
Here are some of the causes of the dwindling dollar to naira exchange rate.
Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.
Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.
Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.