Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 18th 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 17th 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 N1700 and sell at N1705 on Thursday 17th 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.

Naira Among Worst-performing Currencies – World Bank Reports

The Nigerian naira has been identified as one of the least-performing currencies in Sub-Saharan Africa for 2024.

Naija News understands that by August 2024, the naira had experienced a depreciation of around 43% year-to-date, placing it among the weakest currencies, alongside the Ethiopian birr and the South Sudanese pound.

This decline is largely due to a heightened demand for U.S. dollars in Nigeria’s parallel market, coupled with limited dollar inflows and sluggish foreign exchange allocations from the central bank.

The report indicates that financial institutions, non-financial end-users, and money managers driving the demand for dollars have further strained the naira.

Despite Nigeria’s efforts to reform its foreign exchange market, including the liberalization of the official exchange rate in June 2023, these measures have not been adequate to stabilize the currency.

Wider economic issues, such as dwindling foreign reserves and inflationary pressures, have intensified the naira’s challenges.