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, Euro to Naira black market, Pounds to Naira black market for April 3, 2024, 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) yesterday closed at N1265 per dollar according to data obtained from Bureau De Change (BDC) operators.Â
Dollar to Naira Black Market Rate Today.
How much is $1 in Nigeria black market today?
CBN exchange rate dollar to Naira today
The CBN exchange rate dollar to Naira today is:
The Dollar to Naira Bank rate today is also the same as the CBN official rate. The only difference is just one to two naira difference from one bank to another.
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.
The rates you buy or sell forex at Aboki exchange rate today in Lagos and other Aboki Forex rates may be different from what is captured in this article because prices vary.
Pounds to Naira Today
Pounds to NGN CBN Rate Today
- Buying Rate: N1,873
- Selling Rate: N1,877
Euro to Naira black market Today
Euro to Naira exchange rate Today
- Buying Rate: N1,612
- Selling Rate: N1,613
Meanwhile, at the Lagos Parallel Market, popularly referred to as the Black Market, the exchange rate between the US dollars and the Naira concluded at 1650 per dollar yesterday, as reported by sources in the Bureau De Change (BDC).
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ABCON Credits CBN’s Recall of BDCs for Naira Recovery and Exchange Rate Stability
The Association of Bureau De Change Operators of Nigeria (ABCON) has attributed the recent stability in the exchange rate and the recovery of the naira to the Central Bank of Nigeria’s (CBN) decision to recall Bureau De Change operators (BDCs) into the mainstream forex market. In a statement released by ABCON President, Aminu Gwadebe, over the weekend, the association applauded CBN Governor Olayemi Cardoso for this strategic move.
According to Gwadebe, the reintroduction of BDCs into the forex market has not only curbed illegal economic practices such as hoarding and round-tripping but has also enhanced dollar liquidity at the retail end of the market. He emphasized that this initiative, coupled with monetary policy tightening and the clearance of forex backlog commitments, has contributed significantly to the current exchange rate stability.
Gwadebe highlighted the positive impact of the exchange rate stability on various sectors, noting a reduction in the prices of goods and services. Specifically, international school fees have decreased by 15%, medical tourism costs by 20%, and airfares for both local and international trips by 25%.
He further stated that the stability in the exchange rate has begun to curb inflation, instilling confidence in the local currency and discouraging currency substitution behavior. The naira traded at N1,255/$ on Saturday, a notable improvement from previous rates.
Describing the ongoing market developments as revolutionary, Gwadebe emphasized that a stable naira will attract more foreign portfolio investments, as evidenced by over $1.5 billion inflows recorded shortly after the recent interest rate hike by the Monetary Policy Committee.
Looking ahead, ABCON urged the CBN to sustain its collaboration with BDCs to maintain the success story. The association pledged to work with the central bank to ensure inclusivity and safeguard the interests of its members in the evolving financial landscape.
The recent reforms in the financial industry signal a positive trajectory for Nigeria’s economy, with stakeholders committed to fostering stability and growth while mitigating risks and challenges.
