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Black market Dollar to Naira exchange rate today May 2, 2024: GBP, EUR to Naira

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Dollar to Naira black market exchange rate today
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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 May 2, 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 N1,360 per dollar according to data obtained from Bureau De Change (BDC) operators. 

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Dollar to Naira Black Market Rate Today.

How much is $1 in Nigeria black market today?

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Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1,360
Selling Rate N1,370

CBN exchange rate dollar to Naira today

The CBN exchange rate dollar to Naira today is:

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate 1,265
Selling Rate 1,290

 

 

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.

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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: N1,560
  • Selling Rate: N1,565

Euro to Naira black market Today

Euro to Naira exchange rate Today

  • Buying Rate: N1,355
  • Selling Rate: N1,367

 

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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 Depreciates by N112 Against Dollar in April

 

 

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In a notable turn of events, the Nigerian Naira experienced a significant depreciation against the US dollar throughout the month of April 2024, according to data from FMDQ. The currency, which began the month trading at N1,278.58 per dollar, concluded the month at N1,390.96 per dollar, marking a substantial loss of N112.38 over the period.

This depreciation equates to a striking 10% decrease in the value of the Naira against the dollar during April. Interestingly, the Naira had initially shown strength by recording a noteworthy 12% gain against the dollar in the first 12 days of the month, further building on its impressive 14% surge observed in March. Consequently, Goldman Sachs had lauded the Naira as the best performing currency during that period.

However, the latter half of April witnessed a reversal in this trend, leading to a notable month-on-month decline in the Naira’s value relative to the dollar. Despite earlier gains, the currency’s overall performance for the month now reflects a significant setback.

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In response to these developments, Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has indicated that the apex bank is actively devising policies to address the instability of the Naira in the forex market. This statement underscores the seriousness with which authorities are approaching the challenge posed by the fluctuating exchange rates.

The fluctuations in the Naira’s value against the dollar not only impact individual consumers and businesses but also carry broader implications for the Nigerian economy as a whole. As stakeholders await further developments and policy interventions from the CBN, attention remains focused on the efforts to stabilize the currency and foster economic resilience.

 

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