Black Market Dollar (USD) To Naira (NGN) Exchange Rate For 29th September 2024

Black Market Dollar (USD) To Naira (NGN) Exchange Rate For 29th September 2024

Curious about the Dollar to Naira exchange rate on the black market, also known as the parallel market (Aboki FX)? Here’s the current rate as of 29th September 2024. You can exchange your dollars for naira at the following rates:

How much is the Dollar to Naira exchange rate today in the black market?

The exchange rate for a dollar at the Lagos Parallel Market (Black Market) is:

• Buying Rate: N1695
• Selling Rate: N1700

These rates were reported by sources at the Bureau De Change (BDC) as of Saturday, 28th September 2024.

Note:

The Central Bank of Nigeria (CBN) does not officially recognize the black market for currency exchange. Individuals are encouraged to engage in foreign exchange transactions through their respective banks.

Dollar to Naira Exchange Rates (Black Market):

Dollar to Naira CBN Official Rate:

The CBN official rate differs slightly from the black market rate:

Please note, the actual rates for buying or selling forex may vary slightly depending on the individual dealer.

CBN Sells Dollars to BDC Operators at ₦1,590/$

In a recent move to address demand for foreign exchange, the Central Bank of Nigeria has approved the sale of US dollars to qualified Bureau De Change (BDC) operators at a rate of ₦1,590 per dollar. Each BDC is allocated $20,000 to facilitate eligible invisible transactions.

This directive, issued by the CBN’s acting director of the trade and exchange department, W.J. Kanya, aims to provide additional liquidity to the market.

The CBN has instructed BDCs to sell to end-users at a margin of no more than 1% above the purchase rate. Interested BDCs are required to deposit naira payments into CBN deposit accounts.

This step is part of ongoing efforts to stabilize the exchange rate and meet retail market demands.