Black Market Exchange Rate of Dollar to Naira on August 10, 2023
Please take note that the black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) is subject to frequent fluctuations. The rate can change rapidly due to factors such as available dollar supply and market demand. As of today, August 10, 2023, the Aboki exchange rate for USD to NGN is accessible below.
| Date | Exchange Rate (USD to NGN) |
|---|---|
| August 10, 2023 | ₦905 |
Important Note: Exchange rates are volatile and subject to change every hour. The value of 1 USD may fluctuate between highs and lows within a short span of time.
The parallel market exchange rates for the Nigerian Naira against the US Dollar for today, August 10, 2023, in Lagos, Nigeria, are as follows:
| Market | Buying Rate | Selling Rate |
|---|---|---|
| Lagos Parallel Market | ₦900 | ₦905 |
The local currency began trading at ₦905.00 per 1 USD at the parallel market, also known as the black market, on Thursday, August 10, 2023, in Lagos, Nigeria. This follows the closing rate of ₦895.00 per 1 USD on Wednesday, August 9, 2023.
However, it’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market, including the black market. The CBN directs individuals seeking foreign exchange to approach their respective banks. The only officially recognized exchange is the Investors’ and Exporters’ (I&E) window.
JOBMULLA reports that in the black market, traders purchased the US Dollar for ₦900 and sold it for ₦905 on Thursday, August 10, 2023, whereas on Wednesday, August 9, 2023, the traders bought at ₦891 and sold at ₦895.
In the previous week, the USD began trading at ₦895 in the Parallel Market, or Black Market, on Monday, August 7, 2023, in Lagos, Nigeria. This follows the opening rate of ₦865 on Monday, July 31, 2023.
Disclaimer: JOBMULLA does not determine forex rates. The official NAFEX rates are sourced from the FMDQOTC website, while parallel market rates (black market rates) are obtained from various sources including online media outlets. The forex rates at which you buy or sell may differ from those mentioned in this article.