Setting the Stage
The black market, also known as the parallel market or Aboki fx, plays a significant role in determining the exchange rate between the United States Dollar and the Nigerian Naira.
People often turn to this market for currency exchange, but it’s essential to keep in mind the Central Bank’s stance on it.
The Dollar to Naira Exchange Rate
As of October 30, 2023, the black market exchange rate for the US Dollar to the Nigerian Naira stands as follows:
- Buying Rate: N1170
- Selling Rate: N1180
These rates are subject to fluctuations, and it’s important to note that the Central Bank of Nigeria (CBN) has a different rate for the official market.
Central Bank vs. Parallel Market
The Central Bank of Nigeria (CBN) has its own exchange rate, distinct from the parallel market.
As of the same date:
- Buying Rate (CBN): 908 NGN
- Selling Rate (CBN): 909 NGN
The CBN’s stance is that individuals interested in foreign exchange should approach their respective banks rather than relying on the parallel market.
A Reminder on Rate Variations
It’s crucial to understand that the rates for buying or selling forex can vary, and this article provides a snapshot of the rates at a specific time.
Exchange rates are influenced by numerous factors, and those engaging in currency exchange should stay updated on the latest rates.”