Have you been searching for Black Market Dollar To Naira Today? Dollar To Naira black market rate today? Then this post is for you.
In the ever-fluctuating world of currency exchange, staying informed about the latest rates is crucial for both individuals and businesses. Today, we bring you the most up-to-date information on the black market dollar to naira exchange rates, shedding light on the current trends and what they mean for Nigeria’s economy. Join us as we explore the recent developments and analyze the potential implications of President Bola Tinubu’s foreign exchange reforms.
Black Market Exchange Rates Today:
Exchange Rate of Dollar To Naira in Black Market Today 02 July 2023?
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 772 |
| Selling Rate | 775 |
As of July 2nd, 2023, the Aboki exchange rate has been announced and published on GoldenNewsNg. Currency dealers in Abuja Zone 4 market, Lagos, Nigeria have reported that the dollar is being bought at ₦772 and sold at ₦775. The local currency (abokiFx) opened at N772 per $1 at the parallel market, commonly known as the black market, after closing at N775 per $1.
It’s important to note that these rates are subject to hourly fluctuations, depending on the availability and demand for dollars. This means that the prices can change significantly within a matter of hours, so it’s crucial to stay updated if you’re planning any currency transactions.
CBN Exchange Rates Today:
In addition to the black market rates, we also want to highlight the current dollar to naira exchange rates provided by the Central Bank of Nigeria (CBN). As of today, the buying rate stands at 760, while the selling rate is 765. These rates differ from the black market rates, and they represent another perspective on the value of the naira.
Undervaluation and Foreign Exchange Reforms:
President Bola Tinubu’s radical foreign exchange reform has sparked a significant shift in Nigeria’s currency, the naira. According to analysts at Bank of America, since the CBN scrapped multiple exchange rates on June 14, 2023, the naira has depreciated by over 60 percent. It is currently trading at over ₦750 to one US dollar, compared to ₦460 before the reform.
The Bank of America estimates that the fair value of the naira is ₦680, indicating that the currency is currently undervalued by 12 percent. Despite the present challenges, the analysts believe that the naira’s value should strengthen and appreciate in the future.
The bank also suggests that Nigeria’s current account surplus could improve further due to higher oil exports and a liberalized import regime. With proposed reforms to reduce oil theft and increase production, Bank of America foresees a potential rise in Nigeria’s crude oil output from 1.2 million barrels per day (bpd) to 1.6 million bpd within the next 12 to 18 months. Such improvements could help Nigeria regain its pre-pandemic production levels.
Conclusion:
Staying informed about the latest exchange rates is essential for anyone involved in currency transactions. Today, we have explored the current black market dollar to naira exchange rates and discussed President Bola Tinubu’s foreign exchange reforms.
As Nigeria’s currency continues to navigate through these changes, it’s crucial to closely monitor the trends and be prepared for potential fluctuations. Whether you’re an individual or a business, understanding these dynamics will empower you to make informed decisions and navigate the ever-changing world of currency exchange.
