Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 18th March 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 17th March, 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 N1595 and sell at N1608 on Sunday 17th March 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	N1595
Selling Rate	N1608

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)	CBN Rate Today
Buying Rate	1610
Selling Rate	1611

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

‘Why Prices Of Rice, Beans, Others Keep Increasing Despite Recent ‘Stable’ Forex’

The Central Bank of Nigeria (CBN) has implemented several measures aimed at arresting the free fall of the Naira against major foreign currencies, notably the US dollar.

These interventions have led to a marginal appreciation of the Naira, providing a semblance of stability in the forex market.

On February 20, the Naira experienced a sharp decline, reaching lows of ₦1,500 and ₦1,800 against the dollar in the official and parallel markets, respectively.

This depreciation had a direct impact on the cost of essential commodities, significantly increasing the financial burden on Nigerian households.

In a notable turnaround, the CBN, on February 27, 2024, resumed the sale of dollars to Bureau de Change (BDC) operators, three years after the suspension of this practice. Each eligible BDC operator now has access to $20,000 at a rate of ₦1,301/$.

Additionally, the revocation of the licenses of 4,173 BDC operators was among the drastic measures taken to stabilize the Naira. These actions have contributed to the currency’s appreciation to around ₦1,590 against the dollar in the parallel market.