Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 1st May 2024

Dollar to naira exchange rate today

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 30th April, 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 N1350 and sell at N1360 on Tuesday 30th April 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 N1350
Selling Rate N1360

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1164
Selling Rate N1165

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Currency Dealers, Analysts List Factors Behind Naira’s 23% Depreciation In 4 Days

The Naira experienced a significant 23% decline against the dollar last week, attributed to heightened demand for dollars in the parallel market driven by both banks and end-users, coupled with delays in forex disbursement to BDCs by the Central Bank of Nigeria (CBN).

While the CBN’s intervention in the official Nigeria Foreign Exchange Market (NAFEM) on Friday led to the Naira’s appreciation in the parallel market, currency dealers and analysts remained cautious about the Naira’s outlook for the ensuing week, emphasizing the importance of the speed and effectiveness of CBN interventions.

Over the course of two months, the value of the Naira steadily increased from ₦1,820 per dollar on Wednesday, March 21 to ₦1,140 by Friday, April 19.

However, last week, the Naira experienced a depreciation for four consecutive days, dropping by ₦285 (25%) to ₦1,405 per dollar by Thursday, April 25th.

Following the same trend in the official market, the Naira depreciated by ₦169.24 (9.9%) to ₦1,339.23 per dollar on Friday last week, April 26th, from ₦1,169.99 per dollar on Friday, April 19.

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