Naira To Dollar Black Market Rate Today 26th September 2023

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 25th September 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 N988 and sell at N993 on Monday, 25th 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 Black Market Rate Today

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

Naira Depreciation Pushes Nigeria’s External Debt From N19 To N33 Trillion

The continuous depreciation in Nigeria’s naira has pushed the country’s external debt to N33.25 Trillion from N19.64 trillion.

Naija News reports that the naira devaluation has jacked up the nation’s external debt by 40.24 per cent, which translates to a difference of N13.38 trillion.

According to data from the Debt Management Office (DMO), the total external debt increased by $490 million between the first quarter of 2023 and the second quarter of 2023, which caused a significant increase in naira value.

The DMO data showed that Nigeria’s external debt was $43.16 billion in Q2 2023, from $42.67 billion in the previous quarter. In naira terms, the debt rose to N33.25 trillion in Q2 2023 from N19.64 trillion in the preceding quarter, showing an increase of N13.61 trillion due to the naira depreciation.

Recall that in June, President Bola Tinubu directed the Central Bank of Nigeria (CBN) to unify the nation’s foreign exchange rates.