Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 6th August 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 5th August, 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 N1600 and sell at N1605 on Monday 5th August 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.

CBN Raises Import Duty Rate To ₦1,618.73/$

The Central Bank of Nigeria (CBN) has raised the exchange rate for cargo clearance at the nation’s seaports and airports from ₦1,600.32 to ₦1,618.732.

Naija News reports that this adjustment marks the highest rate since March 2024 and coincides with a 6.43% depreciation of the naira in July.

Importers are expected to face additional challenges due to increased import costs and inflationary pressures.

Despite the CBN’s efforts to stabilize the naira through various foreign exchange sales, market challenges persist.

The Nigeria trade hub reported a rise of ₦18 in the exchange rate to the USD, reaching ₦1,618.732 from the previous rate of ₦1,600.32.

The naira’s depreciation occurred despite the CBN’s interventions to address liquidity issues in the official market through dollar sales.

In July, the CBN conducted multiple FX sales to authorized dealers and Bureau de Change (BDC) operators in response to significant pressure on the naira.

Clearing agent, Oladimeji Majekodunmi, expressed concerns that the cost of clearing containers at ports will substantially increase due to the exchange rate hike. Source-Naijanews