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 24, 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, Abuja and Port Harcourt Parallel Market (Black Market) yesterday closed at an average N1,300 per dollar according to data obtained from Bureau De Change (BDC) operators.Â
Black market Dollar to Naira exchange rate today April 25, 2024: GBP, EUR to Naira
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Dollar to Naira Black Market Rate Today.
How much is $1 in Nigeria black market today?
CBN exchange rate dollar to Naira today
The CBN exchange rate dollar to Naira today is:
The Dollar to Naira Bank rate today is also the same as the CBN official rate. The only difference is just one to two naira difference from one bank to another.
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
The rates you buy or sell forex at Aboki exchange rate today in Lagos and other Aboki Forex rates may be different from what is captured in this article because prices vary.
Pounds to Naira Today
Pounds to NGN CBN Rate Today
- Buying Rate: N1,545
- Selling Rate: N1,550
Euro to Naira black market Today
Euro to Naira exchange rate Today
- Buying Rate: N1,335
- Selling Rate: N1,355
Meanwhile, at the Lagos Parallel Market, popularly referred to as the Black Market, the exchange rate between the US dollars and the Naira concluded at 1650 per dollar yesterday, as reported by sources in the Bureau De Change (BDC).
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CBN resumes forex sale to BDCs at N1,021/$
The Central Bank of Nigeria (CBN) has resumed the sale of dollars to Bureau De Change (BDC) operators at the rate of N1,021 per dollar, according to a circular posted on its website on Tuesday. The circular, referenced TEM/FEM/PUB/001/013 and signed by Dr. Hassan Mahmud, Director of the Trade and Exchange Department, directed BDCs to sell at a spread not exceeding 1.5 percent above the CBN rate.
Previously, the CBN sold $10,000 to BDCs at a rate of N1101/$, instructing them to sell to eligible customers at a rate not exceeding 1.5 percent above the purchase price. The current rate represents a 7.27 percent decrease from the previous price and is expected to bolster the local currency.
The fluctuation in exchange rates was highlighted by The PUNCH, reporting that the Naira depreciated against the United States Dollar, reaching an exchange rate of N1,234 at the official foreign exchange market. This marks a decline of N65 or approximately 5.26 percent from the previous rate recorded on Friday. Such fluctuations have significant implications for trade and economic stability.
The CBN instructed eligible BDCs to commence payment of naira deposits into designated CBN accounts from April 22, 2024, and to submit proof of payment and other documents at the appropriate CBN branches for disbursement.
Despite the CBN’s efforts to defend the naira, Nigeria’s foreign exchange reserves experienced a decline for over a month. The latest data from the Central Bank of Nigeria showed a decrease from $34.45 billion on March 18, 2024, to a new low of $32.1 billion on April 18, 2024.
However, during the International Monetary Fund/World Bank Spring Meetings, CBN Governor Olayemi Cardoso clarified that the bank would refrain from intervening in the exchange rate unless unusual circumstances arose. He emphasized that the recent slight shift in reserves was unrelated to defending the naira.
Governor Cardoso stated, “I want to make this as clear as possible: it is not our intention to defend the naira. Some opinions concerning our reserves and the central bank’s role in defending the naira have been misconstrued.”
