What is the current exchange rate between the US Dollar and the Nigerian Naira on the black market, also referred to as the parallel market (Aboki FX)?
In this blog post, you will get to know the current black market exchange rate of the Nigerian Naira.
How much is a dollar to naira today in the black market?
It’s important to highlight that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market (black market) for foreign exchange. Instead, the CBN has instructed individuals seeking to participate in Forex transactions to approach their respective banks for such matters.
On Saturday, May 11th, 2024, sources from Bureau De Change (BDC) indicate that participants in the Lagos Parallel Market (Black Market) are purchasing a US Dollar for Naira at an approximate rate of N1450, while selling it at around N1470.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate |
| Buying Rate | N1450 |
| Selling Rate | N1470 |
Please be aware that the rates at which you buy or sell forex might differ from those mentioned in this article, as prices can vary.
Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks
| Dollar to Naira (USD to NGN) | Official Bank Exchange Rate |
| Buying Rate | N1424.90 |
| Selling Rate | N1424.90 |
The USDNGN rate as of 11th May 2024
LOG.NG has conveyed that the parallel exchange rate (also known as the black market rate) consistently contrasts with the CBN rate. The relationship between the United States Dollar (USD) and the Nigerian Naira holds substantial influence over the Nigerian economy.
📣 Purpose of this Update: This post is made to keep you informed about the current market rate for the Nigerian Naira. By having access to this information, you can make more informed financial decisions that align with your goals and plans.
- Exchange rates can be volatile and subject to sudden changes.
- Always verify information from reliable sources before making any financial decisions.
- Consult financial experts for personalized advice.
🚨 Important Reminders:
📌 Disclaimer: The provided exchange rate is for informational purposes only and should not be considered as financial advice.
Stay informed and make well-informed financial choices. 💰💹
#NGN #ExchangeRate #Forex #DailyUpdate #FinancialNews
This addition makes it clear that the post’s purpose is to empower readers with current market rate information, enabling them to make better financial decisions.
