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 17, 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 N1115 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: N1,419
- Selling Rate: N1,425
Euro to Naira black market Today
Euro to Naira exchange rate Today
- Buying Rate: N1,211
- Selling Rate: N1,215
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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Why Nigerians lost faith in Naira: Finance Minister, Edun
Nigeria’s Minister of Finance, Wale Edun, has highlighted a concerning trend in the nation’s financial landscape, revealing that many Nigerians are opting to save in dollars due to a loss of faith in the Naira. Speaking during a recent presentation to prominent business leaders in Lagos, Edun underscored the significance of this shift in savings behavior.
According to Edun, the recent appreciation of the Naira’s value indicates that efforts to strengthen the Nigerian currency are yielding positive results. However, despite this improvement, the pervasive lack of confidence in the Naira has prompted individuals to seek refuge in dollar savings, posing challenges for the country’s monetary stability.
Addressing the issue, Edun emphasized the government’s commitment to bolstering the Naira by targeting diasporic funds. He expressed determination to tap into funds held in foreign accounts, viewing them as vital resources that could contribute to the stabilization of the national currency.
Highlighting a pertinent statistic, Edun revealed that Nigeria’s foreign direct investment (FDI) experienced a significant decline, plummeting to N3.7 billion in 2023. This decline underscores the urgency of addressing the root causes of dwindling investor confidence and capital flight from the country.
In contrast to Edun’s remarks, the Minister of Trade, Industry, and Investment, Doris Uuzoka-Anite, provided a more optimistic outlook earlier in February. Uuzoka-Anite disclosed that Nigeria had successfully attracted $30 billion worth of investments during President Bola Tinubu’s first eight months in office. She emphasized the government’s achievements in securing investment commitments, signaling potential economic growth and development.
The contrasting perspectives from key government officials underscore the complex challenges facing Nigeria’s economic landscape. While efforts to attract investments are yielding positive results, addressing underlying issues such as currency stability and investor confidence remains imperative for sustainable economic growth.
As Nigeria navigates these challenges, policymakers will need to implement comprehensive strategies aimed at restoring trust in the Naira, fostering a conducive environment for investments, and promoting economic resilience in the face of global uncertainties.
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