Are you curious about today’s Dollar to Naira exchange rate in the black market, often referred to as the parallel market (Aboki FX)?
Here’s the latest update for 3rd December 2024. If you’re planning to exchange your Dollars for Naira, these are the rates you should expect.
Current Black Market Dollar to Naira Exchange Rate
As of today, the buying rate for one Dollar in the Lagos Parallel Market (Black Market) is ₦1,720, while the selling rate is ₦1,730. These rates have been confirmed by sources within the Bureau De Change (BDC) operators.
CBN Official Dollar to Naira Exchange Rate
The official rates provided by the Central Bank of Nigeria (CBN) are significantly lower. The buying rate for one Dollar is ₦1,662, while the selling rate is ₦1,663.
Important Information
The Central Bank of Nigeria does not recognize transactions conducted in the parallel market. The CBN has directed individuals and businesses to approach authorized financial institutions, such as banks, for all foreign exchange needs.
Why Do Exchange Rates Differ?
The discrepancy between black market rates and official CBN rates is influenced by factors such as market demand, geographical variations, and speculative trading.
Black market rates are usually higher due to their unrestricted and informal nature.
For accurate and up-to-date rates, confirm with local Bureau De Change operators or your bank before making any transactions.
