Viral
Dollar to Naira Exchange Rate – Black Market (Aboki Forex Rate)
The Nigerian naira recorded a marginal gain against the United States dollar in the parallel market, commonly known as the black market.
According to currency traders and Bureau De Change (BDC) operators in Lagos, the dollar was sold at an average rate of ₦1,384, while buyers purchased the greenback at ₦1,376.
The figures reflect the prevailing rates in the unofficial foreign exchange market, where many Nigerians turn to source foreign currency due to varying levels of demand and supply.
Black Market Dollar to Naira Exchange Rate
| Currency | Buying Rate | Selling Rate |
|---|---|---|
| US Dollar (USD) | ₦1,376 | ₦1,384 |
Despite the popularity of the parallel market, the Central Bank of Nigeria (CBN) continues to distance itself from black market transactions and has repeatedly advised individuals and businesses seeking foreign exchange to obtain it through authorized financial institutions.
The apex bank maintains that all legitimate foreign exchange transactions should be conducted through commercial banks and other approved channels in line with existing regulations.
CBN Official Dollar to Naira Exchange Rate
According to available data from the official foreign exchange market, the naira traded within the following range against the dollar:
| Currency | Highest Rate | Lowest Rate |
|---|---|---|
| US Dollar (USD) | ₦1,365 | ₦1,359 |
The gap between the official and parallel market rates continues to be closely monitored by investors, importers, exporters, and businesses, as fluctuations in the foreign exchange market often influence the prices of goods and services across the country.
Financial analysts note that exchange rates in both markets are subject to constant changes based on market forces, including foreign currency availability, demand pressures, economic policies, and investor sentiment.
It is important to note that actual exchange rates may vary depending on location, transaction volume, and negotiations between buyers and sellers. As a result, the rates quoted by individual Bureau De Change operators or forex dealers may differ slightly from the figures published in market reports.
Market participants are therefore advised to confirm prevailing rates before carrying out any foreign exchange transaction.
