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 20th July, 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 N1620 on Sunday 20th 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), 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 | N1620 |
Dollar to Naira CBN Rate Today
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1584 |
| Selling Rate | N1585 |
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
CBN To Sell $20,000 To Each BDC Operator At ₦1,450/$1
The Central Bank of Nigeria (CBN) has given the green light for the exchange of foreign currency (FX) to qualified Bureau de Change (BDC) agents at a rate of ₦1,450 naira to the dollar.
The central bank announced on Thursday that a total of $20,000 will be distributed among each BDC, with the transaction taking place at a rate of ₦1,450/$ (signifying the lower limit of the exchange rate on the previous trading day at NAFEM).
In a press release on Thursday, the Acting Director in Charge of Trade and Exchange Departments at the CBN, Aliyu Mahdi, mentioned that the apex bank has noticed ongoing irregularities in the retail segment of the market, which is contributing to the growth of the parallel market and increasing the gap between the official and parallel exchange rates.
Mahdi said: “Following the ongoing reforms in the foreign exchange market, to achieve an appropriate market-determined exchange rate for the Naira, the Central Bank of Nigeria (CBN) has observed the continued distortions in the retail end of the market, which is feeding into the Parallel market and further widen the exchange rate premium.
“To this end, the CBN has approved the sales of FX to eligible Bureau De Change (BDCs) to meet the demand for invisible transactions.”
The central bank has authorized all BDC managers to market their products to qualified buyers, ensuring they can charge a maximum of 1.5 per cent more than the cost price set by the CBN.
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