Looking for the current Dollar to Naira exchange rate at the black market, also known as the parallel market or Aboki fx?
Here’s the latest rate for those exchanging dollars for naira outside official banking channels.
How Much is the Dollar to Naira Rate Today in the Black Market?
As of today, Saturday, 2nd November 2024, in the Lagos Parallel Market (Black Market), Bureau De Change (BDC) sources report the following rates:
– Buying Rate: ₦1,730 per dollar
– Selling Rate: ₦1,735 per dollar
CBN’s Official Dollar to Naira Exchange Rate
Meanwhile, the Central Bank of Nigeria (CBN) maintains a different official rate for foreign exchange. As of today, the CBN rates are:
– Buying Rate: ₦1,669 per dollar
– Selling Rate: ₦1,670 per dollar
Important Note
It’s essential to remember that the CBN does not recognize the black market and advises individuals seeking foreign exchange to use official banking channels. Rates in the black market can fluctuate widely based on market demand, and the price at which you buy or sell forex may differ from the values stated above.
Factors Influencing the Black Market Rate
The widening gap between the official and black market rates is driven by limited dollar supply, rising import demand, and recent government policies affecting dollar access.
As Nigeria’s economy continues to evolve, monitoring exchange rates is crucial for individuals and businesses relying on foreign exchange.
