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 4, 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 $1 in Nigeria black market today?
CBN exchange rate dollar to Naira today
The CBN exchange rate dollar to Naira today is:
The Dollar to Naira Bank rate today is also the same as the CBN official rate. The only difference is just one to two naira difference from one bank to another.
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
The rates you buy or sell forex at Aboki exchange rate today in Lagos and other Aboki Forex rates may be different from what is captured in this article because prices vary.
Pounds to Naira Today
Pounds to NGN CBN Rate Today
- Buying Rate: N1,873
- Selling Rate: N1,877
Euro to Naira black market Today
Euro to Naira exchange rate Today
- Buying Rate: N1,612
- Selling Rate: N1,613
Meanwhile, at the Lagos Parallel Market, popularly referred to as the Black Market, the exchange rate between the US dollars and the Naira concluded at 1650 per dollar yesterday, as reported by sources in the Bureau De Change (BDC).
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Customs FX Rate for Import Duties Rises to N1,330/$, Higher Than Official Market Rate
The current exchange rate for customs import duties and cargo clearance payment has surged to N1,330.36 per US dollar, surpassing the official foreign exchange market rate of the Naira against the USD. This revelation comes amidst a backdrop of significant shifts in Nigeria’s currency landscape.
Checks on the customs exchange rate portal unveil the disparity, with the exchange rate for cargo clearance standing notably higher than the official market rates. While the official market closed at N1,278/$1 yesterday, the parallel market reported an even more robust rate at N1,250/$1.
The exchange rate for customs import duties assessment has seen a steady increase, rising from N1,303.85/$1 to its current figure, indicating a substantial surge of N26.52 since March 31, 2024.
Strengthening of the Naira
Starting in mid-March, the Nigerian naira has experienced a remarkable appreciation against the US dollar, leading to a reduction in the foreign exchange rate used for assessing customs import duties. In just two weeks, the rate plummeted from N1,612.28 to its present value, marking a significant decline of N281.92 or 17.46%.
Throughout March, the naira’s appreciation was pronounced, witnessing a substantial gain of approximately 21.8%, representing the most significant increase in five years.
Recent Reforms by the CBN
The recent surge in the naira’s value can be attributed to reforms implemented by the Central Bank of Nigeria (CBN), including a notable increase in interest rates. The Monetary Policy Rate (MPR) surged from 18.75% at the beginning of the year to 24.75% by the end of March, reflecting a proactive stance by the central bank.
The CBN has been vigilant in regulating Bureau De Change (BDC) operators to mitigate speculation, proposing increased share capital requirements and initiating the sale of foreign exchange at set rates. Additionally, the revocation of licenses for over 4,000 BDC operators nationwide underscores the bank’s commitment to regulatory enforcement.
These measures aim to stabilize the currency market and foster economic stability amidst prevailing challenges.
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