Black Market Dollar To Naira Exchange Rate Today 12th November 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 11th November, 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 N1125 and sell at N1135 on Saturday 11th November 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

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Buying Rate	N1125
Selling Rate	N1135

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Buying Rate	964
Selling Rate	965

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 recorded a striking appreciation against the US dollar, reaching a monthly peak of N780.14/$1 at the official market on Friday. This significant rally marks a 27.77% increase from its previous close, setting a new benchmark in the currency’s performance.

The Central Bank of Nigeria’s (CBN) proactive measures, including clearing its FX backlog, have bolstered investor confidence in the Naira. The move was well-received by market analysts, who view it as a positive step towards stabilizing the currency.

Data from the NAFEM, where forex is officially traded, highlighted this upswing, with the Naira gaining N216.61 from its Thursday close of ₦996.75. This jump surpassed the previous all-time high of ₦776.14, recorded on November 3rd.

However, the day’s trading saw significant volatility, with the Naira hitting an intraday high of ₦1096.17/$1 and a low of ₦700.00/$1. The forex turnover at the close of trading stood at $84.02 million, marking a 63.24% decrease from the day before.

Contrasting this official market gain, the Naira weakened in the parallel forex market, depreciating by 3.54% to N1130/$1. Peer-to-peer traders quoted rates around ₦1100/$1.

The CBN’s initiative to clear the backlog of foreign exchange forward contracts is a key driver of this recovery. This move is expected to relieve the business sector and stimulate the economy.