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Dollar to Naira: Aboki Exchange Rate Today Friday, 12th May 2023

Philips Sunday by Philips Sunday
2 years ago
in News
Black Market Dollar To Naira Exchange Rate Today 17 January 2025

The black market dollar to naira rate popularly known as the Aboki exchange rate today 12th May 2023 can be accessed below.

Newsone has obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates. Please take note that the exchange rate is subject to hourly fluctuations which are influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at ₦744 and sell it at ₦747, however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within a matter of hours.

Black market Dollar to Naira rate: Aboki Exchange Rate Today

The local currency (abokiFx) opened at N747.00 per $1 at the parallel market otherwise known as the black market, today, Friday, May 12, 2023, in Lagos Nigeria, after it closed at N746.00 per $1 on Thursday, May 11, 2023.
Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying Rate₦744
Selling Rate₦747

CBN Dollar to Naira Exchange Rate Today:

The exchange rate between the Naira and the US dollar, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official.

1 USD = 460.6717 NGN
1 Dollars = 460.6717 Nigerian Naira
The USDNGN rate as of 12 May 2023

Euro to Naira Black Market

Today’s Euro to Naira black market rate: This is the rate at Aboki/Bureau De Change (BDC) are selling and buying The European currency (Euro) currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.

Euro to Naira (EUR to NGN)Exchange Rate Today
Buying Rate₦795
Selling Rate₦810

Pounds to Naira Black Market

Today’s Pounds to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying. The Great British Pounds currency (Pounds) is currently in Abuja, Kano, Lagos. There might be slight variations in the different parallel (unofficial) markets.

Pounds to Naira (GBP to NGN)Exchange Rate Today
Buying Rate₦916
Selling Rate₦930

CAD to Naira Black Market – canadian dollar to naira

Today’s CAD to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Canadian Dollar currency (CAD) currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.

CAD to Naira (CAD to NGN)Exchange Rate Today
Buying Rate₦610
Selling Rate₦630

Ghanaian Cedi to Naira

Today’s Ghanaian Cedis to Naira black market rate is the rate Aboki/Bureau De Change (BDC) are selling and buying. The Ghanaian Cedis is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.

Cedi to Naira (GHS to NGN)Black Market Exchange Rate Today
Buying Rate₦50
Selling Rate₦70

Dollar to Naira: Aboki Exchange Rate Today

Factors Influencing Foreign Exchange Rates

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.

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Philips Sunday

Philips Sunday is a Journalist and SEO Expert with a demonstrated history of working in the media production industry. He has degrees in Mass Communication/Media Studies.Connect with him on Facebook, Instagram and LinkedIn.

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