Exchange rate for the black market dollar to the naira today February 17, 2023

What is the current exchange rate for dollars and nairas on the black market, commonly referred to as the parallel market (Aboki fx)? See below for the 16th of February’s black market Dollar to Naira conversion rate. With these prices, you can exchange your dollars into naira.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N760 and sell at N764 on Thursday 16th February 2023, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying RateN760
Selling RateN764

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Nigeria’s inflation in January 2023 has hit a new 17-year record high of 21.82% amidst the naira crisis caused by the Central Bank of Nigeria’s (CBN) redesign policy.

Naija News understands that the new inflation rate of 21.82% is the highest to be recorded since September 2005, making it a new 17-year record hit.

The National Bureau of Statistics (NBS), in its Consumer Price Index for January 2023, revealed that the country’s inflation increased by 0.48% points from the 21.34% that was recorded in December 2022.

The Bureau said “In January 2023, the headline inflation rate rose to 21.82% compared to December 2022 headline inflation rate which was 21.34%.

“Looking at the trend, the January 2023 inflation rate showed an increase of 0.47% points when compared to December 2022 inflation rate. However, on a year-on-year basis, the headline inflation rate was 6.22 % points higher compared to the rate recorded in January 2022, which was 15.60 %.

“This shows that the headline inflation rate (year-on-year basis) increased in the month of January 2023 when compared to the same month in the preceding year (i.e., January 2022).”

This new 17-year high record comes in the midst of the cash crunch characterised by the shortage in the new naira and the crisis rocking the deadline of the old N200, N500, and N1000 bank notes.

The NBS report shows that there have been increases in the prices of bread and cereal, actual and imputed rent, potatoes, yam and tuber, vegetables, and meat among others

What do you think?

Written by Izuchukwu E.N

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