Black Market Dollar (USD) to Naira (NGN) Exchange Rate Update for 15th May 2024

Black Market Dollar (USD) to Naira (NGN) Exchange Rate Update for 15th May 2024
Published on 15 May 2024 at 6:30 AM
By Noah Abdulsalam

Curious about the current Dollar to Naira exchange rate on the black market, also known as the parallel market (Aboki fx)? Check out the rates for 14th May below to swap your dollar for Naira……read also Black Market Dollar To Naira Exchange Rate Today – May 14, 2024

What’s today’s Dollar to Naira rate in the black market?
Dollar to Naira exchange rate today black market (Aboki dollar rate):
As of Tuesday, 14th May 2024, players in the Lagos Parallel Market (Black Market) buy a dollar for N1520 and sell at N1530, 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) and advises individuals interested in Forex to approach their respective banks.

Naira Crashes Further, Exchanges At Over ₦1,500 Against The Dollar
The Nigerian currency, the naira, continued its downward trajectory on Monday, facing further devaluation against the US dollar in the foreign exchange market.

Data sourced from both the parallel market and the FMDQ revealed a significant depreciation in the naira’s value.

In the parallel market, a Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, informed Dailypost that the naira had reached as high as ₦1,517 per dollar earlier in the day but settled at ₦1,500 per dollar by evening due to speculations about an impending crackdown by the Economic and Financial Crimes Commission (EFCC).

“The dollar was initially sold at ₦1,517 per dollar on Monday morning. However, upon hearing rumours of EFCC operatives’ impending visit, we reduced the rate to ₦1,500 by the evening,” Dayyabu disclosed.

This marked an increase from the ₦1,450 per dollar rate observed over the weekend.

In the official market, according to data from the FMDQ, the naira fell to ₦1478.11 per dollar on Monday, down from ₦1466.31 the previous Friday. This drop represents a decline of ₦11.8.