“What is the current Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki fx)?
As of January 30th, 2024, the black market exchange rate for a dollar to Naira in Lagos Parallel Market (Black Market) is N1460 for buying and N1470 for selling, according to sources at Bureau De Change (BDC).
It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals engaging in Forex transactions to approach their respective banks.
Black Market Exchange Rate Today:
– Buying Rate: N1460
– Selling Rate: N1470
CBN Rate Today:
– Buying Rate: 888
– Selling Rate: 889
Feel free to swap your dollars for Naira at these rates, but be aware of the official CBN rates provided by your bank.”
Please be aware that the rates for buying or selling forex may differ from those outlined in this article, as prices are subject to variation.
As of the latest update, the Nigerian Naira has experienced a historic decline, reaching a record low of N1348.63 against the US dollar in the Nigerian Autonomous Foreign Exchange Market. The parallel market rate is reported at N1450/$.
The reported record fall on Monday signifies a substantial 51.21% drop from the closing rate of N891.90/$ last Friday in the official market, according to data from the FMDQ Securities Exchange.
This exchange rate represents the most severe depreciation the country has witnessed since the Central Bank of Nigeria (CBN) floated the national currency in June 2023.
The consistent decline of the Naira has been notable, breaching the N1000/$ mark on the official window for the first time on December 8, 2023. Subsequently, it has continued to fall to new lows in the ensuing weeks and months
