Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 8th July 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 7th July, 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 N1520 and sell at N1530 on Sunday 7th July 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.

Nigeria’s Foreign Exchange Reserves Hit $34.7 Billion

Nigeria’s Foreign Exchange (FX) reserves climbed to a peak of $34.7 billion based on figures from the Central Bank of Nigeria’s website.

Naija News reports that this marks a rise of $110 million from the day before, which stood at $34.5 billion.

Over the last seven days, the reserves have been on the rise, accumulating an increase of $316 million since July 1.

This surge can be attributed to various reasons, such as the recent uptick in oil prices, better remittances from the diaspora, and the Central Bank’s initiatives to stabilize the local currency.

Analysts see this rise in international currency holdings as beneficial for Nigeria’s economy, as it offers protection against external disturbances and bolsters the nation’s capacity to fulfil its financial commitments.

A recent assessment by Fitch Ratings has given a favourable outlook to Nigeria’s economic situation, highlighting major reforms that have brought back macroeconomic stability and improved the consistency and reliability of its policies.

Fitch said, “The positive outlook partly reflects reforms over the last year, which have reduced distortions stemming from previous unconventional monetary and exchange rate policies.”