Understanding the Dollar to Naira Exchange Rate: Black Market vs. CBN Rates

Understanding the Dollar to Naira Exchange Rate: Black Market vs. CBN Rates

Dollar to Naira Exchange Rate at the Black Market (Aboki FX) on 26th October

Current Exchange Rate

Inquire about the latest Dollar to Naira exchange rate at the black market (commonly known as the parallel market, or Aboki FX).

Here’s the rate for October 27:

What is the Dollar to Naira Exchange Rate Today in the Black Market?

Find out today’s black market exchange rate for the Dollar to Naira (Aboki dollar rate).

According to sources at Bureau De Change, on Friday, October 27, 2023, in Lagos Parallel Market (Black Market), individuals are buying a dollar for N1290 and selling it at N1300.

Note on CBN’s Stance

Please take note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market (black market).

It has issued directives for individuals looking to engage in Forex to approach their respective banks.

Dollar to Naira Exchange Rates

Black Market Exchange Rate Today

Get information on the Dollar to Naira exchange rate in the black market for today:

  • Buying Rate: N1290
  • Selling Rate: N1300

CBN Exchange Rate Today

Additionally, check out the official CBN (Central Bank of Nigeria) exchange rate for Dollar to Naira:

  • Buying Rate: 802
  • Selling Rate: 803

Please be aware that the actual rates for buying or selling forex may vary from what’s mentioned in this post since prices fluctuate.

Recent Improvement in Naira’s Value

On Wednesday, the Naira showed signs of gaining value against the US Dollar on the black market.

The exchange rate in the black market was N1,300 per dollar, marking a 0.76% increase (N10) compared to the previous rate of N1,310 recorded on Tuesday.

Relief from Foreign Exchange Pressure

Wednesday also witnessed a slight relief from the persistent foreign exchange pressure, which had worsened as the Naira fell to as low as N1,310 per dollar.

The demand for foreign currency eased, contributing to this improvement.

Recent Naira Appreciation

The most recent instance of Naira appreciation was noted on October 3, 2023, when it strengthened by 0.79% (N8) against the US Dollar.

The fluctuations in the Dollar to Naira exchange rate, particularly in the black market, are a reflection of Nigeria’s complex foreign exchange landscape.

It’s essential for individuals and businesses engaged in Forex transactions to stay informed about these rates, but they should also be aware of the Central Bank’s official stance on the parallel market.

Additionally, the recent slight appreciation of the Naira offers a glimmer of hope in the midst of ongoing currency challenges.