Get the latest insights on the Black Market Dollar to Naira exchange rate today, 29th June 2023. Keep updated with the Aboki exchange rate for accurate information.
As we stride into today, the 29th of June, 2023, the black market exchange rate of the Dollar to Naira comes into focus.
Today’s exchange rate, particularly as showcased by the Aboki exchange, offers a fresh perspective on this dynamic financial landscape.
For the most recent, accurate, and comprehensive information on this subject, GoldenNewsNg stands as your reliable source.
The Dynamics of the Exchange Rate in the Black Market
At GoldenNewsNg, we’ve garnered official figures on today’s Naira black market exchange rate, inclusive of Black Market rates, Bureau De Change (BDC), and Central Bank of Nigeria (CBN) rates.
The essence of this information can’t be overstated, considering the exchange rate’s hourly fluctuations, primarily influenced by the supply and demand of dollars in the market.
At this moment, the going rate for purchasing 1 dollar stands at ₦770, while you can sell it at ₦775.
However, as we’ve come to understand in this fluctuating market, these rates can shift (either upwards or downwards) within hours.
An Insight into Today’s Black Market Exchange Rate
Currency dealers operating out of the bustling Abuja Zone 4 market, in Lagos, Nigeria, reveal that a dollar was bought at the rate of ₦770 and sold at ₦775 today.
The local currency, popularly referred to as abokiFx, started the day trading at N770 per $1 at the parallel market (a.k.a., the black market) after closing at N780 per $1 the previous day.
Important Note: Keep in mind that the exchange rate adjusts hourly. The implication here is that the current rate of ₦770 for 1 dollar can change (either increasing or decreasing) within mere hours.
Current Dollar to Naira CBN Exchange Rate Today, 29th June 2023
The Dollar to Naira (USD to NGN) Black Market exchange rate today records a buying and selling rate of ₦840.
As of yesterday, the 28th of June, 2023, the Naira experienced a significant depreciation against the US dollar at both the official Investors and Exporters (I&E) window and the parallel market.
At the I&E window, the naira began the day trading at ₦840 to a dollar but finally closed at ₦770.17.
The parallel market also experienced a similar trend, with the Naira depreciating to ₦773 against the US dollar.
This depreciation signifies a remarkable development, with the exchange rate reaching its all-time high, surpassing the previous record of ₦815 to a dollar.
However, by the close of the business day, the exchange rate further depreciated to N768 to a dollar.
The Impact of Market-Driven Exchange Rate Policy
Approximately two weeks ago, Nigeria adopted a market-driven exchange rate policy, which led to a drastic depreciation of the local currency.
The exchange rate rose from ₦471 to a dollar to over ₦700 to a dollar.
Reports point out that the I&E window saw a turnover of $198.13 million on Monday, June 26, 2023. Since the introduction of this revised window, the total turnover has approximated to around $1.4 billion.
Over the past week, the exchange rate has shown fluctuations, oscillating between ₦750 and ₦770 to a dollar.
It hit an intra-day high during this period.
Understanding the dynamics of the black market Dollar to Naira exchange rate is crucial for traders, investors, and individuals alike.
The rate remains an influential factor for Nigeria’s economic landscape, making daily tracking and analysis paramount.
With GoldenNewsNg, you can always stay ahead of the financial curve.
for more info do follow/ piggybank.ng
What is today’s Dollar to Naira exchange rate in the black market?
Today’s exchange rate for buying is ₦770, and the selling rate is ₦775.
Does the exchange rate fluctuate regularly?
Yes, the exchange rate fluctuates hourly, mainly influenced by the supply and demand of dollars in the market.
Where can I find reliable information on the exchange rate?
You can check GoldenNewsNg for up-to-date and accurate information on the exchange rate.
What is the Dollar to Naira CBN exchange rate for today?
The CBN exchange rate for buying and selling today is ₦840.
What led to the recent depreciation of Naira?
The recent depreciation of the Naira is due to the implementation of a market-driven exchange rate policy.