Black Market Dollar To Naira Exchange Rate Today 14th 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 13th 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 N1130 and sell at N1140 on Monday 13th 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	N1130
Selling Rate	N1140

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.

Report Reveals CBN Might Be Unable To Clear Forex Backlog

A new report reveals reasons why the Central Bank of Nigeria might not be able to clear backlog owed to commercial banks.

In the report released on Friday, the Economic Intelligence Unit said the CBN lacked firepower to clear the backlog.

Additionally, it stated that the naira’s future is in doubt since the central bank needs more expertise to manage a foreign exchange float.

“An unsupportive monetary policy implies that the naira will remain under pressure, and the CBN lacks the firepower to adequately supply the market or clear a backlog of foreign exchange orders, valued at over US$6bn, which will keep foreign investors unnerved,” the report partly read.

“Official foreign reserves are reported at US$33bn, but up to one-third of the assets are encumbered, tied up in derivative contracts or loans. In the short to medium term, the official exchange rate will continue to be propped up by access restrictions, implying long lead times at the NFEM,” it added.

“However, we do not expect lasting commitment to a market-led naira, as the CBN lacks experience in conducting monetary policy under a float. High inflation and a continued spread with the parallel market will leave the exchange-rate regime unstable and result in periodic devaluations.”