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 18th 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 N1710 and sell at N1725 on Friday 18th 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 (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1710 |
| Selling Rate | N1725 |
Dollar to Naira CBN Rate Today
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1651 |
| Selling Rate | N1652 |
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
The World Bank has advised the Federal Government of Nigeria against reversing its ongoing economic reforms, cautioning that such actions could have severe negative implications for the country.
This warning comes in the wake of significant public discontent regarding the government’s economic policies, particularly the removal of fuel subsidies and the abolition of multiple foreign exchange systems, which were introduced on the first day of President Bola Tinubu’s administration.
At a press conference held in Abuja during the launch of the Nigeria Development Update (NDU) report, Dr. Ndiame Diop, the World Bank Country Director for Nigeria, acknowledged that while the reforms may cause immediate hardship for many citizens, they are essential for the nation’s long-term stability.
He stressed that reversing these reforms would be detrimental, stating, “Reversing these reforms would be detrimental and would spell doom for Nigeria.”
The economic landscape has shifted dramatically since the removal of the fuel subsidy, with the pump price of petrol surging from ₦198 to over ₦1,000 per litre.
Similarly, the naira has depreciated significantly, now trading above ₦1,700 for one dollar in the parallel market, compared to just below ₦600 prior to the reforms.