Dollar to Naira Black Market Rate (24 June 2023) » Voice of Nigeria
- Check the exchange rates between the Dollar and Naira on the Black Market for June 24, 2023.
- Understand how the Black Market works.
- Get info about a new rule from the Central Bank of Nigeria that might make Nigeria’s exports more valuable.
The Current Dollar to Naira Exchange Rate in the Black Market
Today, we’re going to talk about a topic that many people ask about: the dollar to naira exchange rate in the black market, also known as the parallel market or the Aboki fx.
This might sound hard but don’t worry. We will make it easy to understand.
What is the Black Market Money Trade?
First, let’s talk about “black market”. This name means a place where people trade money, but not in banks or usual ways. Nigeria’s main bank, the Central Bank of Nigeria (CBN), does not like this market. But it’s there, and it changes what your dollar can get in Naira.
So, how much can a dollar get you in Naira today in this black market? Let’s see the rates from yesterday, 24 June 2023.
The Current Dollar to Naira Exchange Rate in the Black Market
People who know about this (our sources at Bureau De Change) say the rates in Lagos went like this:
- The buying rate was N770. This means, if you wanted to get dollars, you’d give N770 for each dollar.
- The selling rate was N772. So, if you had dollars and wanted Naira, they’d give you N772 for each dollar.
This is how the black market works. Prices can change fast.
Remember: CBN wants people to trade money (also called forex) in banks, not this market.
A Closer Look at the Black Market Rates
| Dollar to Naira | |
|---|---|
| Buy at | N770 |
| Sell at | N772 |
The table above provides a visual representation of the current rates. As you can see, there is a small difference between the buying and selling rates. This difference is how the people trading currency make a profit.
NEITI Talks about Fuel Money Help
In other news, a group in Nigeria called NEITI said something interesting. They asked the government to stick to a choice they made. This choice is about stopping help on fuel money, or what we call a subsidy. Some people don’t like this choice, but NEITI says it should stay.
NEITI’s boss, a man named Ogbonnaya Orji, spoke about this. He was at an event talking about progress in Nigeria’s industries for 2022. He said NEITI is checking how much fuel Nigerians really use. They don’t trust the numbers from some government groups.
Ogbonnaya Orji thinks stopping the subsidy is good. He said the government was brave to decide this and they should not change it. He wants things to be different and clearer when the subsidy is gone.
The End
So, that’s what’s happening today. Remember, this is for the 24th June 2023. Things can change. The world of money trade and fuel money help changes fast. But today, a dollar gets you N770 to buy and N772 to sell in the black market. And as for the subsidy, NEITI thinks it’s time for change.
