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 31st January’s black market Dollar to Naira conversion rate. At 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 N750 and sell at N755 on Tuesday 31st January 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|
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Due to an unfavourable situation following moody’s downgrade of its long-term foreign-currency and local-currency issuer ratings, many investors have, without hesitation, dumped the Nigerian bonds, Naija News learnt.
There are fears that the latest development will raise the country’s cost of borrowing in the international capital market.
Analysts have expressed concerns that it could also trigger further downgrades of the country’s creditworthiness by other rating agencies.
According to Bloomberg, “Nigeria’s sovereign-risk premium jumped the most in three months on Monday after Moody’s Investors Service downgraded the country deeper into junk.
“The extra yield investors demand to own Nigeria’s dollar debt rather than treasuries widened 49 basis points to 780, according to JPMorgan Chase & Co. data.”
It reported that Nigeria’s 2032 bonds jumped 56 basis points to 12 per cent, also the most since October, stating that forward contracts on the currency traded 28 per cent weaker than the official rate on the one-year tenor.
The report showed that the latest moves threatened to send Nigeria’s credit spreads down to distressed territory, widely described as 1,000 basis points above Treasury yields as it battled slow growth, fiscal strain and a dollar squeeze.