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 16, 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 N1205 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: N1,438
- Selling Rate: N1,450
Euro to Naira black market Today
Euro to Naira exchange rate Today
- Buying Rate: N1,361
- Selling Rate: N1,370
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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Naira Surges Against Dollar, Hits 5:month High
The Naira has surged impressively against the US Dollar, reaching a five-month high and even trading below N1,000 in certain segments of the black market as of late Sunday, according to reports by LEADERSHIP. This surge comes as a welcome development following a period of volatility and devaluation since last June. Analysts had previously predicted this bullish momentum, with economists from Goldman Sachs foreseeing the potential for the exchange rate to dip below N1000 per US dollar in the coming months.
The stabilization of the Naira can be attributed to various factors, including aggressive monetary policy adjustments by the Central Bank of Nigeria (CBN) and strategic foreign exchange interventions. The CBN’s measures, coupled with successive interest rate hikes currently pegged at 24.75%, have played a pivotal role in restoring confidence in the currency.
Geopolitical tensions have also influenced market movements, with a recent Iranian strike on Israel initially boosting the US dollar as investors sought safe-haven assets. However, market fears eased after Israeli ministers indicated no immediate plans for retaliation, leading to a steadying of the dollar.
Goldman Sachs had revised its forecast in March, anticipating a strengthening of the Naira to N1200 per dollar by 2024, citing increased capital inflows and policy initiatives aimed at stabilizing the foreign exchange market. Finance Minister Wale Edun has further outlined plans to attract more US dollars, including the sale of foreign currency bonds in the second quarter, as part of broader efforts to boost economic inflows.
Despite the positive developments, Nigeria’s gross foreign reserves have declined, even as global commodity prices, particularly crude oil, continue to rise. However, Nigeria’s oil grades are currently trading at a premium over the ICE Brent benchmark, potentially offsetting the negative fiscal impacts of reduced production volumes.
The ongoing geopolitical unrest in the Middle East continues to have significant ripple effects on global markets, influencing commodity prices and currency valuations. Amidst these dynamics, the rallying Naira and government strategies aimed at bolstering economic inflows offer a glimmer of hope for Nigeria’s economic outlook.
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