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 25th October, below. You can swap your dollar for Naira at these rates.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1730 and sell at N1740 on Friday 25th 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 (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1730. Selling Rate N1740
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1634. Selling Rate N1635
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
The federal government, under the leadership of President Bola Tinubu, has disclosed that plans are ongoing to significantly reduce the use of dollars in the Nigerian economy.
According to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the focus of the current administration is to de-dollarise the Nigerian economy and strengthen the local currency.
Edun made this known on Wednesday while speaking at a Global Investors’ Forum on the sidelines of the World Bank/International Monetary Fund (IMF) annual meeting in Washington DC.
He said the move is part of the economic reforms embarked upon by the Tinubu administration.
“There is also a move to de-dollarise the Nigerian economy,” Edun said, adding that local providers of services, regulators, and others are being asked to “invoice in Naira rather than dollars.”
“It reduces the value for dollar and of course increases the demand for Naira,” he explained.
