Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 5th July 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 4th July, 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 N1515 and sell at N1520 on Thursday 4th July 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	N1515
Selling Rate	N1520

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)	CBN Rate Today
Buying Rate	N1510
Selling Rate	N1511

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

Naira Depreciates To ₦1,520/$ In Parallel Market

The Nigerian currency experienced another day of depreciation in both the parallel and official markets as economic pressures continued.

Yesterday, the Naira slid to ₦1,520 per dollar in the parallel market, a slight decrease from ₦1,515 per dollar on Tuesday.

In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also saw a decline, falling to ₦1,512.61 per dollar, down from ₦1,509.45 per dollar the previous day. This depreciation of ₦3.16 highlights ongoing volatility in the foreign exchange markets.

Data from FMDQ revealed a significant drop in market activity, with the volume of dollars traded plummeting by 98.4 percent to $114.91 million from $213.31 million traded on Tuesday.

This dramatic fall in turnover reflects the cautious stance of investors and traders amid fluctuating rates.

The gap between the parallel market rate and the NAFEM rate has widened, now standing at ₦7.39 per dollar compared to ₦5.55 per dollar on Tuesday.

This growing disparity points to increasing challenges in currency stabilization and the effectiveness of policy measures aimed at managing exchange rate dynamics.