Black Market Dollar To Naira Exchange Rate To 6th March 2023

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)? See the black market Dollar to Naira exchange rate for 6th March, below. You can swap your dollar for Naira at these rates.

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 N760 on Monday 6th March 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

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

CBN Says Banks Gave Out N947.46 Billion As Loans In December

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) reported that in December 2022, Deposit Money Banks gave their clients 130,854 new credits for a combined N947.46 billion.

Adeola Adenikinju, a member of the MPC, provided firsthand verification of this at the most recent committee meeting.

He also said that industrial assets increased by N14.36 trillion while industrial credit increased by N5.14 trillion in 2022.

Adenikinju said the maximum loan rate increased from 28.14 percent to 29.13 percent.

He said, “All measures of industry aggregates: assets, deposits, and credit rose year-on-year. Total assets of the banking industry grew by N14.36tn between the end of December 2021 and 2022. Similarly, industry credit increased by N5.14tn over the same period.

“In addition, total industry deposits rose by N7.08tn between end-December 2021 and 2022. In December 2022, a total of 130,854 new credits valued at N947.46bn were granted to various customers.

“Interest rate spread month-on-month widened to 23.42 percent in December 2022, as the maximum lending rate increased from 28.14 percent to 29.13 percent and average savings rate rose from 3.93 percent to 4.13 percent between November and December 2022, respectively”.

Before the CBN decided to redesign the naira notes, there was around N2.57 trillion in cash on the streets in December of last year.

According to the latest information available on the CBN website’s Money and Credit Statistics page, this value dropped to N788.92 billion in January 2023.

The data that is currently available shows that this decreased by 69.26% between December 2022 and January 2023.