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 11, 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 N1220 per dollar according to data obtained from Bureau De Change (BDC) operators.Â
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Dollar to Naira Black Market Rate Today.
How much is $1 in Nigeria black market today?
CBN exchange rate dollar to Naira today
The CBN exchange rate dollar to Naira today is:
The Dollar to Naira Bank rate today is also the same as the CBN official rate. The only difference is just one to two naira difference from one bank to another.
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
The rates you buy or sell forex at Aboki exchange rate today in Lagos and other Aboki Forex rates may be different from what is captured in this article because prices vary.
Pounds to Naira Today
Pounds to NGN CBN Rate Today
- Buying Rate: N1,873
- Selling Rate: N1,877
Euro to Naira black market Today
Euro to Naira exchange rate Today
- Buying Rate: N1,612
- Selling Rate: N1,613
Meanwhile, at the Lagos Parallel Market, popularly referred to as the Black Market, the exchange rate between the US dollars and the Naira concluded at 1650 per dollar yesterday, as reported by sources in the Bureau De Change (BDC).
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Customs FX Rate for Import Duties Falls to N1,238/$
The Nigeria Customs Service (NCS) has adjusted its exchange rate for the clearance of goods and assessment of import duties, lowering it from N1,246.66/$ to N1,238.17 to the USD. This marks a decrease of N6.14 over the past two days.
The current customs exchange rate now sits below the official market rate of the NGN to the USD, which closed at N1,248.5/$ on the official NAFEM window yesterday.
The Consistent Drop in Customs Exchange Rate: Reflecting the Strengthening Naira
The continuous decline in the Customs exchange rate over the past few weeks reflects the strengthening of the naira during this period. It also demonstrates the impact of the Central Bank of Nigeria (CBN) reforms implemented since the beginning of the year to stabilize the value of the naira in the forex market.
Recent CBN Efforts in Stabilizing the FX Market.
This week, the CBN intensified efforts to bolster the value of the naira by selling forex to Bureau De Change (BDC) operators at N1,101/$ and instructing them to sell at a 1.5% spread. This move aimed to ensure that BDCs sell forex at N1.117/$, significantly below the official market rate on the NAFEM window.
Furthermore, the apex bank directed banks to refrain from using foreign currencies as collateral for naira loans, except for specific cases like Euro bonds by the Federal government or guarantees of foreign banks like Letters of Credit. Banks were given a 90-day window to wind down all existing loan collateralized in USD, except for the mentioned exceptions.
Stakeholders’ Concerns about Customs USD Rate.
While the decline in the customs exchange rate for import duties assessment alleviates the burden on importers, stakeholders in the trade sector have raised concerns about the Nigeria Customs Service (NCS) charging import duties in foreign currencies rather than the naira.
The President of the Nigeria Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Mr. Dele Oye, emphasized that the customs rate for import duties should be charged in naira, aligning with the government’s goal of promoting the use of the naira in the economy.
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