Nigerian Naira's latest exchange rates against the US Dollar at the black market (Aboki FX) on May 30th. Explore the buying and selling rates, revealing disparities compared to the official CBN rates. Stay informed about forex market trends and the impact on currency exchange in Nigeria.
On May 30th, the black market exchange rate for the dollar to the naira saw fluctuations. In Lagos' parallel market, buyers purchased the dollar at N1475 and sold it at N1485. This indicates a slight increase in the exchange rate compared to previous figures.
However, it's important to note that the Central Bank of Nigeria (CBN) does not recognize the black market for forex transactions. The CBN directs individuals to conduct foreign exchange dealings through authorized banks. At the same time, the official CBN rate for the dollar to naira stood at a buying rate of N1196 and a selling rate of N1197.
These rates underscore the difference between the official and parallel markets, highlighting the challenges faced by individuals and businesses in obtaining foreign currency. Such disparities can impact various sectors of the economy, including import-export businesses, travel, and investment.
Despite efforts by the CBN to stabilize the forex market, including interventions and policies, the black market continues to play a significant role in currency exchange due to factors such as demand and supply dynamics and economic uncertainties.
