What’s the current exchange rate for the dollar to the naira on the black market, also known as the parallel market (Aboki fx)?
Here are the rates for converting dollars to naira on the black market as of August 5th. You can exchange your dollars for naira at these prices:
Current Dollar to Naira Exchange Rate on the Black Market (Aboki Dollar Rate):
In the Lagos Parallel Market (Black Market), the exchange rate for a dollar is ₦1600 when buying and ₦1605 when selling on Monday, August 5th, 2024, according to Bureau De Change (BDC) sources.
Note: The Central Bank of Nigeria (CBN) does not recognize the parallel market. It advises individuals seeking foreign exchange to use official banking channels.
Black Market Exchange Rate:
– Buying Rate: ₦1600
– Selling Rate: ₦1605
CBN Exchange Rate:
– Buying Rate: ₦1618
– Selling Rate: ₦1619
Please remember that forex buying or selling rates might differ from those mentioned here due to market fluctuations.
CBN Raises Import Duty Exchange Rate to ₦1,618.73/USD
The Central Bank of Nigeria (CBN) has increased the exchange rate used for cargo clearance at ports and airports from ₦1,600.32 to ₦1,618.73. This change represents the highest rate since March 2024 and comes alongside a 6.43% depreciation of the naira in July.
Importers are likely to encounter higher costs and inflationary pressures due to this adjustment.
Despite CBN’s interventions to stabilize the naira with foreign exchange sales, market difficulties continue. According to the Nigeria Trade Hub, the USD exchange rate increased by ₦18, reaching ₦1,618.73 from the previous ₦1,600.32.
The naira’s depreciation happened even with CBN’s efforts to tackle liquidity issues in the official market through dollar sales.
In July, CBN engaged in multiple foreign exchange transactions with authorized dealers and Bureau de Change (BDC) operators to counteract pressure on the naira.
Oladimeji Majekodunmi, a clearing agent, raised concerns that the costs of clearing containers at ports would significantly rise due to the increase in the exchange rate.
