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 8th May, 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 N1435 and sell at N1445 on Wednesday 8th May 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 | N1435 |
| Selling Rate | N1445 |
Dollar to Naira CBN Rate Today
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1412 |
| Selling Rate | N1413 |
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Currency In Circulation Hits ₦3.87 Trillion Mark – CBN
The monetary value of Nigeria’s circulating currency surged to ₦3.87 trillion at the end of March.
Naija News reports that the recent money and credit statistics released by the Central Bank of Nigeria revealed that the currency in circulation amounted to ₦3.87 trillion, marking an increase from ₦3.69 trillion in February and ₦3.65 trillion in January.
Despite this, the amount of currency circulating outside of banks has steadily increased during the initial quarter, escalating from ₦3.28 trillion in January to ₦3.41 trillion and ₦3.63 trillion in February and March, respectively.
According to the Punch, the data indicates that over 90 percent of the currency in circulation is held outside of the banking system, suggesting that Nigerians are retaining more cash.
During the March meeting, a member of the Monetary Policy Committee of the CBN, Muhammad Abdullahi, stated in his personal statement that the apex bank had recognized the high amount of currency held outside banks as one of the factors driving the country’s inflation.
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