As of May 6th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,420 NGN in the black market, also referred to as the parallel market or Aboki fx.
For those engaging in currency transactions in the Lagos Parallel Market (Black Market), News About Nigeria gathered that buyers purchased a dollar for N1,400 and sold it at N1,390 on Friday, May 3rd, 2024 based on information from Bureau De Change (BDC).
Meaning, the Naira exchange rate declined when compared to today’s rate below.
This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.
Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.
How Much is Dollar to Naira Today in the Black Market?
Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.
The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.
Black Market Dollar to Naira Exchange Rate
- Buying Rate: N1,420
- Selling Rate: N1,410
