Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 8th April 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 7th April, 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 N1240 and sell at N1250 on Sunday 7th April 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.

Depreciation: Trans-Border Traders Reject Naira, Ask For CFA

The Naira’s depreciation over recent months has led to significant setbacks in the West African market, with trans-border traders increasingly rejecting the Nigerian currency in favor of the CFA or other local currencies of non-francophone countries.

Investigations by Vanguard at the Seme border reveal a shift in currency preference among traders, marking a departure from the era when the Naira dominated the sub-regional economy.

Historically, the Naira was the preferred medium of exchange due to Nigeria’s substantial trade volume with neighboring countries.

However, the currency’s status has been in decline since February, culminating in its outright rejection by March 2024.

Traders, including Nigerians, express concerns over the Naira’s falling value, with the worst depreciation rates recorded in the recent months.

Official figures show a steep decline in the Naira’s value against the CFA, dropping from N1/1.5CFA in early 2023 to N1/0.37595CFA recently.