What is the Dollar to Naira exchange rate in black market today?
Curious about the Dollar to Naira exchange rate in the black market, also known as the parallel market or Aboki FX? Discover the latest rates for 14th January and seize the opportunity to swap your dollar for Naira at these rates.
As of Sunday, 14th January 2024, the black market exchange rate in Lagos reveals that players buy a dollar for N1275 and sell at N1285, according to sources at Bureau De Change (BDC).
Please be aware that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market, directing Forex enthusiasts to approach their respective banks.
Dollar to Naira Black Market Rate Today:
- Buying Rate: N1275
- Selling Rate: N1285
Dollar to Naira CBN Rate Today:
- Buying Rate: 864
- Selling Rate: 865
Here’s a table representation of the Dollar to Naira black market exchange rate and the CBN official rate:
| Date | Market | Buying Rate (N) | Selling Rate (N) |
|---|---|---|---|
| 15th January 2024 | Black Market | N1275 | N1285 |
| CBN Official Rate | 864 | 865 |
It’s important to note that the rates you encounter for buying or selling forex may vary from those captured in this article due to the natural fluctuations in prices. Stay informed about the Dollar to Naira exchange rate in the black market for smarter financial decisions.
Effect of high black market exchange rate of Dollar to Naira
The implications of the dollar to naira exchange rate in the black market on the Nigerian economy are intricate and diverse. Some potential effects include:
- Inflation: A high black market rate can escalate inflation by increasing the cost of imported goods, impacting the purchasing power of Nigerians.
- Trade Balance: The black market rate can influence the trade balance, affecting exports and imports. A weaker naira can enhance export competitiveness but may reduce demand for imports, impacting domestic industries reliant on foreign inputs.
- Economic Growth: The impact on economic growth varies based on the responsiveness of exports and imports to exchange rate changes. Exchange rate volatility can either positively or negatively affect economic growth.
Despite government efforts to stabilize exchange rates, concerns persist. The gap between official and black market rates remains, influenced by factors like low oil prices, weak foreign reserves, capital flight, and corruption.
Investor Concerns as NGX Commences 2024 with N638 Billion Loss:
The Nigerian Exchange Limited (NGX) faced a setback at the beginning of 2024, experiencing a market capitalization decline of approximately N638 billion. Despite the All-Share Index staying above 80,000 points, it decreased by 1,167.46 points (1.40%) to close at 82,024.38 on Wednesday.
This depreciation affected banking stocks, with most seeing losses. Notably, Jaiz Bank defied the trend, appreciating by 5.40% to N2.93, while Stanbic IBTC Holdings remained unchanged. Investors are closely monitoring these shifts in the market.
