Do you know what the exchange rate is as of 23 June 2026? Well, in Lagos and Abuja where our reporter checked, the black market rate of 1 Dollar to Nigerian Naira is 1408 NGN.
So be informed that if you want to buy 1 Dollar at today's aboki rate, you will spend nothing less than 1408 NGN.
On the other hand, if you have 1 Dollar to sell, here’s what the aboki rate will get you: 1395 NGN for USD.
Note: Aboki exchange rates change frequently. Bookmark and check this page often for fresh updates.
1 USD = 1408 NGN
US Dollar to Naira Calculator
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The Central Bank of Nigeria has suspended the sale of Dollars to BDC and has asked banks to meet dollar demand of ordinary Nigerians who want to genuinely want dollars for genuine reasons.
Right now the only exchange rate market recognized by CBN is the Investors and Exporters window. So if you want to buy or sell dollars you are expected to make use of it without breaking the law.
Although everyone has been airing their own opinion on this matter. Experts have argued that had it been the BDC was operational, things wouldn’t have gone wrong this far.
Let’s not forget that the CBN has condemned the act of registered money changers who engaged in round-tripping.
Key Factors that Affect Foreign Exchange Rates
INFLATION RATES: Inflation is known to have a direct impact on black market exchange rates. If the Nigerian economy can be stable and inflation put under control, it will impact positively on the Naira. But on the other hand, if the Naira continues to nose-dive, it could mean that prices of food and other basic necessities are getting higher daily.
INTEREST RATES: Interest rates are another instrument to watch. If the rate at which banks lend money out goes up, it reflects negatively on the economy, causing it to contract and weakening the Naira.
GOVERNMENT DEBT: National debt can influence investor confidence and the inflow of dollars. If inflows are high, the Naira exchange rate will appreciate favorably.
SPECULATION: Often, exchange rates are influenced by speculators who hoard money in anticipation of profit, causing the Naira to fall further.
TERMS OF TRADE: Favorable terms of trade increase the value of the Naira. Unfortunately, Nigeria imports nearly everything, resulting in a trade imbalance.
RECESSION: Recession is an economic stress that scares off investors and deters direct investment. Nigeria experienced recessions in 2016 and 2020 due to oil price crashes and the global impact of COVID-19.