Black Market Dollar To Naira Exchange Rate Today 23rd May 2022

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 22nd May, 2022 below. You can swap your dollar to Naira at these rates.

How much is dollar to naira today in 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 N605 and sell at N610 on Sunday, 22nd May, 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

Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today

Buying Rate
605

Selling Rate
610

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

Money Laundering Act: Banks, Businesses To pay N1m Daily For Suspicious Transactions

The Federal government of Nigeria has enforced a fine of one million naira on any financial institution or non-financial  institution that fails to report suspicious transactions.

This is in accordance to the Money Laundering (Prevention and Prohibition) Bill, 2022, which the President, Major General Muhammadu Buhari (retd.), recently passed into law.

In Section 7 of the Act, which was titled ‘Suspicious transaction reporting’, it was stated that a suspicious  transaction can be one with unjustifiable or unreasonable frequency.

It is also a transaction of unusual or unjustified complexity appears to have no economic justification or lawful objective or is inconsistent with the known transaction pattern of the account or business relationship.

This article was originally published on Nigeria News