Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 28th July 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 27th July, 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 N1585 and sell at N1593 on Saturday 27th July 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.

CBN Sells $148 Million To 29 Authorised Dealers

In a move to stabilize the foreign exchange market and counteract the recent depreciation of the naira, the Central Bank of Nigeria (CBN) has disbursed $148 million to 29 authorized dealers.

This was disclosed in a statement posted on the apex bank’s website on Friday.

The statement highlighted that the sales were conducted on Monday, July 22, and Tuesday, July 23, 2024, with exchange rates ranging between ₦1470.00/$1 and ₦1510.00/$1.

This intervention follows the CBN’s previous disbursement of $122.67 million to 46 authorized dealers two weeks ago, aimed at promoting market stability and reducing volatility.

Additionally, a week ago, the CBN announced the sale of $20,000 to each Bureau De Change (BDC) operator at the rate of ₦1,450/$1.

Despite these efforts, the naira has continued to depreciate, trading above ₦1,600 against the US dollar at the official market on Thursday.

The continuous decline of the naira has raised concerns among businesses and consumers, with rising import costs and increasing inflationary pressures.