Aboki Forex: Dollar to Naira Exchange Rate Today 26th September 2023

In the realm of international currency exchange, staying informed about the black market dollar to naira exchange rate is crucial for many Nigerians. The black market rate, often referred to as the Aboki dollar rate, provides an alternative to the official exchange rate. As of September 26, 2023, we present the latest updates on the black market exchange rate, keeping you in the know.

Understanding the Black Market Exchange Rate

Fluctuations and Dynamics

It’s important to note that the black market exchange rate can be highly volatile. This rate changes frequently, sometimes within hours, due to fluctuations in the volume of available dollars and shifts in demand. Therefore, individuals looking to buy or sell dollars on the black market should be prepared for rapid rate changes.

Current Black Market Exchange Rate

As of Tuesday, September 26, 2023, here are the prevailing rates for the black market dollar to naira exchange:

  • Buying Rate: N990 per $1
  • Selling Rate: N995 per $1

These rates indicate that you can purchase one US dollar for N990 and sell it for N995 on the black market. However, it’s essential to keep in mind that the Central Bank of Nigeria (CBN) does not officially recognize or endorse the parallel market (black market). The CBN has directed individuals in need of foreign exchange to approach their respective banks. The CBN considers the Investors and Exporters (I&E) window as the sole official exchange platform.

Recent Rate Trends

For context, let’s examine recent trends in the black market dollar to naira exchange rate. On Monday, September 25, 2023, the black market rate opened at N995 per $1 in Lagos, Nigeria. The previous week, on Monday, September 18, 2023, it started at ₦965 per $1.

Disclaimer

It’s important to emphasize that NEWSONE NIGERIA, like other news outlets, does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are sourced from various outlets, including online media. Actual rates for buying or selling forex may differ from those presented in this article.

As the black market exchange rate continues to fluctuate, individuals engaged in forex activities should stay vigilant and seek the guidance of their banks for the most accurate and up-to-date rates.


FAQs

1. What is the current black market dollar to naira exchange rate?

As of September 26, 2023, the black market exchange rate is N990 for buying and N995 for selling per US dollar.

2. How frequently does the black market exchange rate change?

The black market exchange rate can change frequently, sometimes within hours, due to shifts in demand and available dollar volumes.

3. Does the Central Bank of Nigeria recognize the black market exchange rate?

No, the CBN does not officially recognize or endorse the parallel market (black market) and directs individuals in need of forex to approach their banks.

4. What is the significance of the Investors and Exporters (I&E) window in forex exchange?

The I&E window is considered the official exchange platform by the CBN, providing a regulated and transparent means of trading foreign exchange.

5. Why is it essential to verify forex rates with banks?

Banks can provide individuals with accurate and up-to-date forex rates, ensuring transparency and security in forex transactions.

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