Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 17th October 2024

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 16th October, 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 N1695 and sell at N1705 on Wednesday 16th October 2024, 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

Dollar to Naira CBN 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.

MTN Nigeria and other multinational business leaders have urged the Federal Government to establish a fair, competitive environment that would allow businesses to maintain their investments within the nation.

The business operators lament that the government has not allowed them to increase their prices in the last ten years, stating that such policy must be reviewed if they must stay in business.

Naijaonpoint reports that this remark was articulated by Modupe Kadri, the Chief Financial Officer of MTN, who pointed out that the prevailing high inflation rates and fluctuations in foreign exchange have hindered the telecommunications sector’s ability to function efficiently.

Kadri highlighted the challenges faced by the firm during a panel discussion at the 30th Nigerian Economic Summit held on Tuesday in Abuja, which was themed ‘Navigating Business Growth in a Volatile Environment.’

The CFO emphasized that the current economic conditions have led to increased tariffs in the petroleum and electricity sectors, questioning why similar adjustments have not been authorized for the telecommunications sector.

He underscored that telecom operators have not been granted regulatory permission to modify their pricing for over ten years despite the fact that they import telecommunications equipment at foreign currency rates.

Kadri said, “For ten years now, telecommunication companies haven’t been permitted to increase prices, and this regulation is not providing us with a level playing field to operate. If we are to stay in business, this policy must be reviewed, similar to how electricity and fuel prices are adjusted to reflect current economic realities.

“Our business is mainly dependent on foreign exchange, so customers need to understand that for them to receive the services they desire, it costs money.

“When people have to invest in the country and are unable to monetise their investments, it cannot work.

“The only way this economy will thrive is if there is appropriate pricing such that investments in the sector are guaranteed. The government is talking about diversifying; I’m talking about survival. What is the business case for me to invest when I’m bleeding almost to death?

“The telecommunications industry contributes 16 per cent to the GDP, and it is not something that you can mess around with.”