Looking to find out the exchange rate for the dollar against the naira in the black market, also known as the parallel market (Aboki fx)? Here’s the latest information as of August 8th.
Current Dollar to Naira Exchange Rate on the Black Market
For those trading in the Lagos Parallel Market (Black Market), the current rate is as follows: Dealers are buying dollars for ₦1,605 and selling them at ₦1,615 on Thursday day, August 8, 2024, according to Bureau De Change (BDC) sources.
It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market. The CBN advises individuals seeking foreign exchange to contact their respective banks instead.
Black Market Dollar to Naira Rates Today
– Buying Rate: ₦1,605
– Selling Rate: ₦1,615
CBN Dollar to Naira Rates Today
– Buying Rate: ₦1,591
– Selling Rate: ₦1,592
Please be aware that the rates you encounter in real transactions may differ due to market fluctuations.
CBN Allocates $876 Million to 26 Banks, Disqualifies Six
The Central Bank of Nigeria (CBN) recently conducted an auction, distributing a total of $876.26 million to 26 qualified banks as part of the latest Retail Dutch Auction System.
This initiative by the apex bank is designed to boost foreign exchange liquidity, ease demand pressures, and aid price discovery in line with its strategic objectives.
The auction took place on Tuesday, August 6, 2024, and its details were released in a statement on the CBN’s website on Wednesday. The statement was signed by Omolara Omofunde Duke, the Director of the Financial Markets Department.
According to the director, the auction received bids totaling $1.18 billion from 32 authorized dealer banks. However, bids amounting to $313.69 million from six banks were disqualified.
The disqualification reasons varied: four banks submitted their bids past the 3:00 p.m. deadline, while two banks failed to provide bids using the required template.
