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 8th October 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 N996 and sell at N1000 on Sunday, 8th October 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 | N996 |
| Selling Rate | N1000 |
Nigeria’s currency, the naira, has experienced a concerning drop in its value, raising alarms about the country’s economic outlook, according to data from Q3 2023.
Staggering Loss in Parallel Market
The parallel or “black” market witnessed the most significant setback, where the exchange rate plunged a staggering 23% from N770/$1 to N1000/$1. In contrast, the official exchange rate went from N769.25/$1 to N755.27/$1 by the end of Q3, as reported by Nairametrics.
External Reserves on Decline
Nigeria’s external reserves did not fare any better, slipping from $34.1 billion at the end of Q2 to a slightly lower $33.2 billion by Q3’s end. This decline further adds to the concerns regarding the country’s economic stability.
Forex Backlog to Blame
The Central Bank of Nigeria (CBN) cites a forex backlog estimated between $6 billion to $10 billion as a significant factor for the naira’s depreciation.
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