Curious about the Dollar to Naira exchange rate at the black market, also known as the parallel market (Aboki fx)? Here’s the latest update:
Dollar to Naira Exchange Rate Today (Black Market – Aboki Dollar Rate):
Discover the black market Dollar to Naira exchange rate for February 20th, 2024, and make informed decisions:
- Buying Rate: N1800
- Selling Rate: N1825
According to sources at Bureau De Change (BDC), players at the Lagos Parallel Market (Black Market) are buying a dollar for N1800 and selling at N1825 as of February 20th, 2024.
Dollar to Naira CBN Rate Today:
For comparison, here are the CBN rates:
- Buying Rate: 1605
- Selling Rate: 1606
Please note that the Central Bank of Nigeria (CBN) doesn’t recognize the parallel market (black market) and advises individuals engaging in Forex to approach their respective banks.
Keep in mind that actual rates for buying or selling forex may vary from those provided in this article due to market fluctuations.
Economic Crisis: Impact on Beer Affordability
In light of the current economic challenges in Nigeria, many citizens are facing difficulties affording beer, according to Hans Essaadi, the Chief Executive Officer of Nigerian Breweries Plc.
Essaadi made this observation during an investor call following the release of the company’s 2023 results on Monday.
The economic downturn has significantly impacted the mainstream lager market, with Nigerian consumers finding it increasingly challenging to afford products like Goldberg after a laborious day.
Nigerian Breweries incurred a foreign exchange loss of N153 billion attributed to the devaluation of the Naira for the year ending December 2023. To mitigate continuous surge in input costs, the company increased the prices of its products in August 2023.
This reflects the profound economic challenges facing Nigeria and their tangible effects on consumer behavior and corporate performance.
Source: The Informant247