For many Nigerians, especially those engaged in foreign trade, travel, and investments, there is a nagging concern for the dollar-naira black market exchange rate.
The black market rate for dollars to naira, parallel or Aboki FX as some know it will most of the time give different rates from the official CBN rates.
The exchange rate at this point was still wiggling up and down. We will discuss in this article how the rate has moved up to this current dollar to naira exchange rate today, August 6, 2024, what drives the rate, and how all these affect the economy of Nigeria. Dollar to Naira Today Black Market. Current Black Market Dollar to Naira exchange rate. Buying Rate: N1605 Selling Rate: N1610 Official CBN Rates Buying Rate: N1600 Selling Rate: N1602 Understanding the Black Market for Forex What is the Black Market? The black market refers to unofficial exchange channels where currencies are traded without government regulation. This market often provides more competitive rates due to the high demand and limited supply of foreign currencies.