What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
See the black market Dollar to Naira exchange rate for 12th March, below. You can swap your dollar for Naira at these rates.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1600 and sell at N1603 on Tuesday 12th March 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), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1600 |
| Selling Rate | N1603 |
Dollar to Naira CBN Rate Today
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | 1611 |
| Selling Rate | 1612 |
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Naira Gains At Parallel Market, Trades At N1,600/$
The Nigerian currency, the naira, witnessed a notable appreciation against the US dollar in both the parallel and official sections of the foreign exchange (FX) market on Monday.
In the parallel market, often referred to as the black market, the naira strengthened to N1,600 per dollar, marking a 1.23 percent gain from the N1,620/$ rate reported on March 8.
Bureau De Change operators (BDCs) in Lagos quoted the buying rate of the US dollar at N1,570 and the selling rate at N1,600, offering a profit margin of N30 for currency traders.
Meanwhile, in the official section of the FX market, the naira appreciated by 0.58 percent to N1,617.96, up from N1,627.40 on March 8.
Trading data from the FMDQ Exchange, the platform overseeing official FX transactions in Nigeria, indicated fluctuations within the trading day, with the FX rate reaching as high as N1,650 and dropping to a low of N1,511.
In related news, financial giant Goldman Sachs forecasted on March 7 that the naira would appreciate to N1,200 against the dollar over the next twelve months.
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