Black Market Dollar To Naira Exchange Rate Today 10th February 2024

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

ADVERTISEMENT

See the black market Dollar to Naira exchange rate for 9th February, 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 N1485 and sell at N1490 on Friday 9th February 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 N1485
Selling Rate N1490

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate 1473
Selling Rate 1474

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

Banks Dollar Sale Falls As Naira Weakens To N1,479/$

The Nigerian Autonomous Foreign Exchange Market (NAFEM) experienced a sharp decline in forex transactions, with the total value falling from $465.29 million on Tuesday to $203.93 million on Wednesday—a 56 percent drop, as reported by the FMDQ Exchange.

This significant decrease interrupts a previously observed steady increase in the value of forex transactions on the platform, spurred by a series of directives from the Central Bank of Nigeria (CBN) aimed at enhancing market liquidity.

ALSO READ  2023: Dangote Cement increases shareholder’s dividend by 50%, to N30 per share

In efforts to stabilize the forex market, the CBN recently issued circulars mandating banks to offload their excess dollar reserves and enforce accurate and transparent reporting of forex trading data.

Despite these measures, the naira witnessed a 1.4 percent depreciation against the dollar at the parallel market on Thursday, driven by robust demand for the US currency.

Exchange rates at the blackmarket showed the naira trading at N1,480 to a dollar, marking a N20 drop from Wednesday’s rate of N1,460 per dollar.

LEAVE A REPLY

Please enter your comment!
Please enter your name here