The Intricacies of Black Market Dollar to Naira Exchange Rate on 9th June 2023

Discover the latest Black Market exchange rates and Aboki Exchange rates for the Dollar to Naira conversion on June 9, 2023.

Exchange rates in Nigeria’s bustling black market can be highly volatile, fluctuating by the hour.

Stay informed about the current rates and compare them to the official rates provided by Nigeria’s Central Bank.

Make informed decisions based on the dynamic dynamics of exchange rates.

Black market exchange rates can be highly volatile.

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We’re here to present the latest rates from the Black Market and the Aboki Exchange, specifically focusing on the Dollar to Naira rate on the 9th of June, 2023.

The Black Market Exchange Rate Today

The bustling streets of Abuja Zone 4 market in Lagos, Nigeria, were abuzz with the latest exchange rate information.

Today, the US Dollar was being traded at ₦758 for buying and ₦760 for selling, which presents a slight dip against the ₦765 rate from the previous day.

CBN Official Exchange Rate – Dollar to Naira

Understanding the Dynamics of Exchange Rates

Exchange rates fluctuate based on the availability of dollars and the demand, often changing by the hour.

You could potentially buy or sell a dollar at ₦758 now, but in a few hours, the price could go up or down.

Snapshot of Other Key Exchange Rates in Nigeria

The current market scenario also paints a vivid picture of the exchange rates for other popular currencies in Nigeria:

Currency Buying Rate Selling Rate

CURRENCY selling rate selling rate
USD to NGN₦ 758₦ 760
GBP to NGN ₦ 920₦ 930
EUR to NGN₦ 790₦ 815
CAD to NGN₦ 580₦ 610
ZAR to NGN₦ 31₦ 38
AED to NGN₦ 180 ₦ 200
CNY to NGN₦ 80₦ 90
GHS to NGN₦ 40₦ 55
XOF to NGN₦ 1050₦ 1100
XAF to NGN₦ 920₦ 950

Nigeria’s Central Bank official exchange rates.

In contrast to the black market rates, the Central Bank of Nigeria (CBN) provides official exchange rates. Here’s a snapshot of the rates from some of the leading banks:

GTBank Exchange Rates

Currency Rate
USD to Naira ₦ 460
First Bank Naira Exchange Rates

Currency Rate
GBP ₦ 706
EUR ₦ 602
CAD ₦ 466
USD ₦ 500

From the bustling black markets in Lagos to the formal settings of the CBN, the exchange rates between the US Dollar and Nigerian Naira can fluctuate.

Understanding these dynamics can aid in making informed financial choices.

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FAQs

What was the Black Market exchange rate for Dollar to Naira on the 9th of June 2023?

The buying rate was ₦758 and the selling rate was ₦760.

How often do these exchange rates change?

The rates can change hourly depending on the demand and supply of dollars.

What were the official exchange rates for Dollar to Naira on the 9th of June 2023?

GTBank was exchanging at ₦ 460 and First Bank at ₦ 500.

Does the Central Bank of Nigeria provide official exchange rates?

Yes, the Central Bank of Nigeria provides official exchange rates.

Are black market rates typically higher or lower than official rates?

Typically, black market rates are higher due to the added risk and convenience factors.


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