Business & Finance

Dollar to Naira Exchange Rate Today – Black Market (Aboki fx) – 16th May 2024

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Dollar to Naira Exchange Rate Today - Black Market (Aboki fx) – 16th May 2024

Are you looking for the latest Dollar to Naira exchange rate in the black market today, 16th May 2024? You’re in the right place! Here’s the current exchange rate for the Dollar to Naira in the Lagos Parallel Market (Aboki fx):

Black Market Dollar to Naira Exchange Rate Today

  • Buying Rate: 1 USD = N1540
  • Selling Rate: 1 USD = N1550

This means that if you have 1 US dollar, you can sell it for N1550 in the black market today.

Previous Day’s Exchange Rate (15th May 2024)

On 14th May 2024, the exchange rate in the black market was:

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  • Buying Rate: 1 USD = N1520
  • Selling Rate: 1 USD = N1530

Factors Affecting the Dollar-to-Naira Exchange Rate

The exchange rate between the Dollar and Naira is influenced by various factors, including:

  1. Supply and Demand: A shortage of US dollars in Nigeria increases demand, pushing up the exchange rate.
  2. Value of the Dollar: The US dollar’s value in the international market affects its exchange rate against the Naira.
  3. Political and Economic Situation: The political and economic conditions in both Nigeria and the USA significantly impact the exchange rate.

READ ALSO: Dollar to Naira Exchange Rate at Black Market 15th May 2024

CBN Dollar to Naira Exchange Rate – 16th May 2024

For those who prefer official exchange rates, here is the rate announced by the Central Bank of Nigeria (CBN) for today:

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  • Buying Rate: 1 USD = N1501
  • Selling Rate: 1 USD = N1502

The CBN rate is generally lower than the black market rate and is regulated by the Central Bank of Nigeria.

Economic Impact

The disparity between the CBN and black market rates has a significant impact on Nigeria’s economy. It affects traders, investors, and the general public, leading to inflation and economic instability. A stable exchange rate is crucial for economic growth and stability.

Inflation Rate

Despite the high exchange rates, there are some signs of improvement in the economy:

  • Petrol Price: Decreased from N700 to N630 per litre.
  • Rice Price: Dropped from N80,000 to N50,000 per bag.

Conclusion

Today, 16th May 2024, the exchange rate for the Dollar to Naira in the black market is:

  • Buying Rate: N1540
  • Selling Rate: N1550

In contrast, the Central Bank of Nigeria’s official rates are:

  • Buying Rate: N1501
  • Selling Rate: N1502

These rates can fluctuate based on market conditions and economic factors. Always check the latest rates before making any currency exchanges.

Note: The black market rates are not recognized by the Central Bank of Nigeria and are considered illegal.

For more accurate and up-to-date exchange rates, always consult your bank or a reliable financial service provider.

Disclaimer: The information provided here is for informational purposes only and is subject to change. Always verify with a trusted financial institution before making any transactions.

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