Naira To Dollar Black Market Rate Today 27th May 2023

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 26th 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 N760 and sell at N765 on Friday 26th May 2023, 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

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

Panic As Naira Slumps To N760/$ At Black Market

Four days before the end of the Muhammadu Buhari administration, the naira have lost its long-standing N750/$ resistance as it dipped to N760/$ on Wednesday.

In a chat with The Guardian on Wednesday, some dealers said there has been a surge in the demand for foreign exchange (FX) since the beginning of the week, though they could not justify the sudden spike.

But further market intelligence suggests a comeback of high-ticket transactions to the black market. Sources linked the surge to next week’s inaugurations of new governors across the country.

The Guardian, however, could not independently confirm that the large volume of transactions is coming from the political circle. Previously, past governors and lawmakers had allegedly fled the country with ill-gotten wealth immediately after the end of their tenures for fear of being arrested by anti-corruption agencies.

This is not the first time naira would lose its hold ahead of the inauguration. The 2015 foreign exchange rate crisis pre-dated the general elections but spiked weeks before the inauguration of the Buhari administration, raising concern about the correlation between dollar scarcity and the winding down of subsisting administration.