Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 4th April 2024

What is the exchange rate between dollars and naira on the black market, also referred to as the parallel market or Aboki forex?

View the illicit market value of one dollar to one naira on April 3rd below. You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Current black market dollar-to-naira exchange rate (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1245 and sell at N1250 on Wednesday, April 3, 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.

Current Black Market Rate for Dollar to Naira

Current Dollar-to-Naira CBN Rate

Please be aware that, due to price fluctuations, the rates at which you buy or sell forex may differ from those shown in this article.

Central Bank of Nigeria (CBN) and other banking institutions have significantly bolstered the foreign exchange market by injecting an additional $2.5 billion over the past two weeks.

This strategic move has led to a notable appreciation of the naira, which strengthened to N1,309 against the United States dollar, according to the latest figures from the FMDQ Securities Exchange.

The naira’s performance showed a slight improvement from N1,300/$1, continuing its upward trend and marking an eight-week low.

This gain comes amid the closure of trading activities on Friday due to a public holiday, underscoring the ongoing recovery of the Nigerian currency in the forex market.

Forex transactions also surged, with dealings between willing buyers and sellers at the Nigerian Autonomous Foreign Exchange Market climbing by 106 percent to $857 million at Thursday’s close, reaching the highest level since the CBN implemented new forex policies.

This turnover is the largest seen since 2021, with a notable previous peak at $760 million on June 2nd, 2022.

With an average daily forex turnover of around $220 million in March and $177 million throughout the year, the market has shown robust activity following the CBN’s cumulative sales of $1 billion in the previous week.