The black market exchange rate for the dollar to naira, also known as the parallel market (Aboki fx), is updated today. As of October 31, 2024, reports from Bureau De Change (BDC) sources indicate that one dollar is bought at N1745 and sold at N1750 on the Lagos black market.
Dollar to Naira Black Market Exchange Rates (Aboki fx) Today:
Buying Rate: N1745
Selling Rate: N1750
CBN Official Exchange Rate:
Buying Rate: N1664
Selling Rate: N1665
Note: The Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals to use official banking channels for forex transactions. Actual exchange rates may vary.
Global Context: Nigeria’s naira has become the third worst-performing currency worldwide, following a 70% depreciation this year. With diminishing dollar liquidity and challenges in oil production, the naira’s volatility has intensified, prompting Finance Minister Wale Edun to stress the importance of increasing crude output to strengthen foreign reserves and stabilize the currency.