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 2nd 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 N1510 and sell at N1523 on Tuesday 2nd 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 (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1510. Selling Rate N1523
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1508. Selling Rate N1509
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Former Deputy Governor of the Central Bank of Nigeria (CBN), Professor Kingsley Moghalu, has said the removal of fuel subsidy and devaluation of naira by President Bola Tinubu were right policies wrongly implemented.
The Professor of Political Economics said both the petrol (fuel) subsidy and defence of naira by the previous administration of ex-president, Muhammadu Buhari, and CBN governor, Godwin Emefiele was not the best policy for the country.
Moghalu said what was wrong with the execution of the removal of the fuel subsidy and suspension of naira defense against the US Dollar was that President Tinubu failed to put measures in place to cushion the effects of the policy on the citizens.
He said the President “hurriedly”, without proper planning for consequences, removed fuel subsidy. He added that the President announced the floating of the naira without monetary tightening and a substantive CBN governor.
“The petrol subsidy and the forex subsidy were unsustainable. The fact that wrongheaded execution of their removal – removing the petrol subsidy hurriedly without proper planning for consequences and alternative transport solutions for the people, and floating the exchange without first tightening monetary policy and without a substantive Central Bank of Nigeria Governor with a real plan in place — is a very different thing from whether those reforms were needed.
“The issue was, and is, competence of conception and execution. Framing and executing evidence-based public policy is a real challenge for Nigeria and many African countries. I say this because the reality of the suffering faced by Nigerians should not confuse us as to why the situation is this way. My position on the fuel subsidy and exchange rate subsidy, given our country’s fiscal realities in 2023, remains consistent and not populist,” the former CBN Deputy Governor said.
