Black Market Dollar To Naira Exchange Rate Today 30th January 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 29th January, 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 N1445 and sell at N1450 on Monday 29th January 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	N1445
Selling Rate	N1455

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)	CBN Rate Today
Buying Rate	1347
Selling Rate	1348

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

Moghalu Explains Why Naira Is Performing Poorly, Reinforces Call For Diversifying The Economy

A former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has explained why the country’s currency is performing poorly in the foreign exchange market.

In a post via his official X account on Friday, Moghalu explained that the government of President Bola Tinubu has not been able to diversify Nigeria’s economy from its heavy reliance on natural resources for foreign exchange to an export economy centred on value-added manufacturing and services, which is why the country’s economic policies continue to fail.

Naija News reports that Moghalu further disclosed that an extraordinary political will which focuses on merit and competent technocratic management was needed to fix Nigeria’s economic challenges.

He said, “The problem with the Naira today is not that it was or has been “floated”. In any case, we no longer have the oil revenues (for various reasons) to underpin a managed float with robust foreign reserves.

“The real failure of Nigerian economic policy is that of having failed to diversify its economy away from reliance of natural resources for forex supply towards an export economy based on value-added manufacturing and services. This is the zone of industrial and trade policy.

“The reason for this failure lies in Nigeria’s political culture that fosters a rentier economy. Habits, especially bad ones, are hard to break. But Malaysia, Thailand and Chile, all originally resource based economies, successfully achieved “economic complexity” over time, manufacturing and exporting increasingly sophisticated products. For Nigeria to achieve this will require what its present generation of politicians appear to lack, for you cannot give what you do not have.

“The level of political will required to change course is extraordinary, and requires a focus on merit and competent technocratic management rather than crony- empowerment based on vested self interest. Until these fundamentals are fixed, there is little hope for the Naira. The world has changed from the days of our being awash with oil money. Many other countries that are not in OPEC now produce massive amounts of oil.”