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 September 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 N985 and sell at N988 on Saturday, 23rd September 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 | N985 |
| Selling Rate | N988 |
There are strong indications that the Federal Government has quietly returned to the fuel subsidy regime, as it was gathered that N169.4 billion was paid as a subsidy for the month of August.
Naija News understands that the payment of N169.4 billion as subsidy in August was to keep the pump price at N620 per litre.
Considering the dynamics of the global oil market, one might guess right to say the federal government had to quietly return to the subsidy regime to save Nigerians from further hardships.
The international oil benchmark Brent crude futures crossed the $95 per barrel barrier. This, with the current rapid depreciation of the naira, only indicates that the landing cost of petrol has gone beyond the current pump price of N617 per litre.
In the last week of August, petrol was trading for $1,030.11 per metric tonne at the international market compared with the $859.25 it traded around July when NNPC increased the pump price to an average of N617 per litre. This shows an increase of 19.88 per cent.
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