As of May 23rd, 2024, the exchange rate for the US dollar to the Nigerian Naira is at 1 USD to 1,500 NGN in the black market, also known 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 N1,480 and sold it at N1,470 on Wednesday, May 22nd, 2024 based on information from Bureau De Change (BDC).
This indicates a decline in the Naira exchange rate compared to the current rate.
How Much is Dollar to Naira in the Black Market
The black market rate reflects 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.
Kindly note 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 advises individuals seeking to participate in Forex transactions to utilize official banking channels.
Black Market Dollar to Naira Exchange Rate Today:
Buying Rate: N1,500
Selling Rate: N1,490
