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 21st April, below. You can swap your dollar for Naira at these rates.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N738 and sell at N742 on Friday 21st April 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 (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N738 |
| Selling Rate | N742 |
Following the scarcity of new Naira notes that left owners of businesses grounded across the country for weeks due to limited funds in the running of activities, entrepreneurs in Lagos, especially those heavily reliant on cash, opened up on how their businesses have been able to recuperate from the adverse effects of cash crunch.
Businesses, especially petty traders in the first quarter of the year recorded low sales because of their unbanked customers who rely solely on cash transactions.
The cash crunch was witnessed from early February 2023 after the Central Bank of Nigeria (CBN) introduced the redesigned policy of the country’s currency to combat counterfeiting, ransom payment and take control of the Naira in circulation as well as manage inflation.
However, the implementation of this redesign did not go smoothly as the new currency was not readily available, leaving many Nigerians stranded and unable to access cash for their daily needs.
This led to long queues at banks and ATMs as people struggle to get their hands on the new Naira note, businesses were not left out, as activities in most stores came to a halt.
In March, the Supreme court eased the effect of the hardship faced by millions of citizens and businesses after the seven-member panel of the apex court faulted the entire policy of the CBN, saying the timing and implementation were defective and then ruled that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N738 and sell at N742 on Friday 21st April 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 (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N738 |
| Selling Rate | N742 |
Following the scarcity of new Naira notes that left owners of businesses grounded across the country for weeks due to limited funds in the running of activities, entrepreneurs in Lagos, especially those heavily reliant on cash, opened up on how their businesses have been able to recuperate from the adverse effects of cash crunch.
Businesses, especially petty traders in the first quarter of the year recorded low sales because of their unbanked customers who rely solely on cash transactions.
The cash crunch was witnessed from early February 2023 after the Central Bank of Nigeria (CBN) introduced the redesigned policy of the country’s currency to combat counterfeiting, ransom payment and take control of the Naira in circulation as well as manage inflation.
However, the implementation of this redesign did not go smoothly as the new currency was not readily available, leaving many Nigerians stranded and unable to access cash for their daily needs.
This led to long queues at banks and ATMs as people struggle to get their hands on the new Naira note, businesses were not left out, as activities in most stores came to a halt.
In March, the Supreme court eased the effect of the hardship faced by millions of citizens and businesses after the seven-member panel of the apex court faulted the entire policy of the CBN, saying the timing and implementation were defective and then ruled that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.
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