Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 24th 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 23rd 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 N1450 and sell at N1460 on Saturday 23rd 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	N1450
Selling Rate	N1460

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)	CBN Rate Today
Buying Rate	1447
Selling Rate	1448

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

Naira Gains Strength In Parallel Market, Trading At ₦1,470 Per Dollar

The Nigerian naira experienced a notable appreciation in the parallel foreign exchange market on Friday, trading at ₦1,470 per dollar, marking a 2 percent increase from the ₦1,500 rate on March 20.

Bureau De Change (BDC) operators in Lagos, the country’s commercial hub, have set the buying rate of the American currency at ₦1,430 and the selling rate at ₦1,470, yielding a profit margin of N40.

According to conversations with currency traders by TheCable, the naira’s recent surge in value has led to a decline in customer demand.

The traders attributed the reduced patronage to the strengthened local currency, which has lessened the frantic rush for dollars that typically characterizes the parallel market.

A trader who identified as Abdullahi said, “We don’t have customers like before and some BDC traders who bought the currency when the price was high would rather keep it.

“The rate was also not stable today.”

At the FMDQ Exchange, a platform that oversees official foreign exchange (FX) trading in Nigeria, the local currency dropped by 3.58 per cent to ₦1,431.49/$ on Friday — from ₦1,382/$ on March 21.