What is the Dollar to Naira exchange rate at the black market, also known as the parallel market (Aboki fx)? Here are the details for 12th July:
Dollar to Naira Exchange Rate Today (Black Market):
In the Lagos Parallel Market (Black Market), players are buying a dollar for ₦1555 and selling it at ₦1565 on Thursday, 11th July 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market). The CBN advises individuals seeking foreign exchange to approach their respective banks.
Exchange Rates Summary
– Dollar to Naira Black Market Rate Today:
– Buying Rate: ₦1555
– Selling Rate: ₦1565
– Dollar to Naira CBN Rate Today:
– Buying Rate: ₦1520
– Selling Rate: ₦1521
Please be aware that the rates at which you buy or sell foreign exchange may differ from those listed in this article, as prices can vary.
Nigeria’s FX Reserves Exceed $35 Billion for the First Time Under Tinubu Administration
Nigeria’s external reserves have surpassed $35 billion, reaching $35.05 billion as of July 8, 2024. This is the highest level since May 30, 2023, and the first time this milestone has been achieved under President Bola Tinubu’s administration.
Factors Behind the Increase
The recent rise in reserves can be attributed to the Central Bank of Nigeria’s (CBN) foreign exchange (FX) policies and financial commitments from institutions such as Afrexim Bank and the World Bank through loans.
Reserve Data Analysis
Upon Bola Tinubu’s inauguration on May 29, 2023, Nigeria’s external reserves stood at approximately $35.09 billion. However, when the CBN announced the FX unification policy, reserves had dropped to $34.66 billion.
From July to December 2023, reserves fluctuated within the $33 billion range. In 2024, reserves hit a low of $32.11 billion on April 19. This decline was addressed by the central bank governor at the IMF Spring meeting, attributing it to debt repayments and other financial obligations rather than efforts to defend the naira.
Since then, reserves have shown a consistent upward trend, reflecting a period of exchange rate stability. This resurgence has culminated in the highest reserve level in over a year, with a $2.94 billion increase since the low in April.
