Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 29th May 2024

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 28th 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 N1510 and sell at N1515 on Tuesday 28th 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 N1510
Selling Rate N1515

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1381
Selling Rate N1382

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

The Nigerian Naira appreciated significantly against the US dollar on Monday, closing at 1,339.33/$ in the official foreign exchange market.

This marked a substantial 9.68 percent increase from Friday’s rate of 1,482.81/$, according to data from the FMDQ, which oversees the Nigerian Autonomous Foreign Exchange Market.

Despite the Naira’s gain in the official market, it faced a slight depreciation in the parallel (black) market, where it traded at ₦1,520 to the dollar, down 1.32 percent from ₦1,500 on Friday.

This divergence in performance highlights ongoing volatility in the forex markets, which the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, recently attributed to seasonal fluctuations.

During a press briefing in Abuja last Tuesday following the Monetary Policy Committee meeting, Governor Cardoso noted the recent market volatility, stating it reflected the “seasonal demand and a freely functioning market system of demand and supply.”

Leave a Reply

Your email address will not be published. Required fields are marked *