What is the exchange rate for U.S. dollars and Nigerian naira in the parallel market, commonly known as the black market (Aboki fx)?
See below for today’s (Wednesday, May 17, 2023) black market dollar-to-naira conversion rate. At current exchange rates, you may convert dollars to naira.
How much is the U.S. dollar to Nigerian naira exchange rate today, Wednesday, May 17, 2023?
Please be aware that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has advised anybody interested in forex to contact their local banks first.
The black market (parallel) exchange rate is always different from the CBN rate. The Nigerian economy is greatly impacted by the exchange rate between the US dollar and the Nigerian naira.
As the Naira’s value declines, inflation takes hold of the economy, which typically has an impact on the general public. According to the Central Bank, the economy of the nation needs a significant turnaround. They have urged Nigerians to work toward this goal by, for example, increasing exports.
Dollar prices on the black market are usually higher than those set by the Central Bank of Nigeria (CBN). The rate at which you can buy or sell dollars for naira on the CBN’s website, cbn.gov.ng, is known as the exchange rate.
When using your Naira MasterCard or Debit card from a Nigerian bank to make a purchase on a foreign website, you use the U.S. dollar to Nigerian Naira bank rate. Almost always, these prices are less expensive than those on the black/parallel market.
What is the dollar-to-naira exchange rate at the official CBN rate, aboki FX, and the black market? How much is the dollar-to-naira exchange rate today, Wednesday, May 17, 2023? You can convert your dollars to naira at these rates, or you can convert your dollars to naira at the most recent official CBN rate, black market rate, or parallel market rate.
Dollar to Naira black market rate today, Wednesday, May 17, 2023
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Selling Rate | 750 |
| Buying Rate | 743 |
Factors Influencing Foreign Exchange Rates
- Conditions of Trade
- Speculators
- Government Debt
- Interest Rates
- Inflation Rates
