Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today – July 1, 2024

Curious about the current exchange rate of the Dollar to Naira in the black market, also known as the parallel market (Aboki FX)? Here’s the Dollar to Naira exchange rate for July 1, 2024. You can exchange your Dollar for Naira at these rates.

Dollar to Naira Black Market Rate Today: The exchange rate for a Dollar to Naira at the Lagos Parallel Market (Black Market) is as follows:

• Buying Rate: N1503
• Selling Rate: N1510

Official CBN Dollar to Naira Rate Today: Please note, the Central Bank of Nigeria (CBN) does not recognize the parallel market. For foreign exchange transactions, individuals are advised to approach their respective banks. The official rates are as follows:…….CONTINUE READING

• Buying Rate: N1469
• Selling Rate: N1470

Please note that the actual rates you buy or sell forex may vary as prices fluctuate.

Naira Depreciates by 40% Against Dollar in First Half of 2024: The Naira has depreciated by over 40 percent in the foreign exchange market during the first half of 2024. According to FMDQ data, the Naira weakened to ₦1505.30 per dollar on Friday, down from between ₦896.6 and ₦907.11 on December 29, 2023.

This depreciation indicates ongoing instability in the Naira’s value against other currencies in recent months. After a period of appreciation ending in mid-April 2024, the Naira peaked at ₦1,665.50 in February 2024 and hit its lowest points in April at ₦1,140 and ₦1,230.61 in the official and parallel markets, respectively.

Several policies implemented by the Central Bank of Nigeria (CBN) have contributed to this depreciation, including:

• Unifying the FX market
• Regulating International Money Transfer Operators
• Intervening with Bureau De Change operators
• Imposing regulations on excess FX to banks
• Withdrawing the Price Verification System Portal for importers

Despite these reforms, the Naira continues to fluctuate against the Dollar and other currencies in the foreign exchange market.