Dollar to Naira Exchange Rate: Black Market Update for August 7, 2024

Current Black Market Exchange Rate

As of August 6, 2024, the black market, also known as the parallel market or Aboki FX, presents the following exchange rates for the US dollar (USD) to Nigerian naira (NGN):

• Buying Rate: ₦1600
• Selling Rate: ₦1607

These rates reflect the amount you can expect to pay or receive when exchanging dollars at the Lagos Parallel Market.

Note: The Central Bank of Nigeria (CBN) does not officially recognize the black market rates and advises individuals to use their banks for forex transactions.

Official Exchange Rates

At the official CBN rate, the exchange for USD to NGN is:

• Buying Rate: ₦1605
• Selling Rate: ₦1606

Rates may vary, so be aware that actual transaction rates could differ from the figures reported here.

Naira’s Performance in the Official Market

In recent developments, the Nigerian naira has shown some improvement in the official forex market. The naira traded at ₦1,607.15 per US dollar on August 6, marking an appreciation of ₦9.93 or 0.61% from ₦1,617.08 on August 2.

Despite this positive movement, the total daily turnover decreased to $77.09 million on August 6, compared to $131.55 million on August 2. Within the Investor’s and Exporter’s (I&E) window, the naira fluctuated between ₦1,620.50 and ₦1,570.00 against the dollar.

Conclusion

While the naira has made strides in the official market, the black market continues to offer different rates, often reflecting more immediate market dynamics. Always consult current rates before making forex transactions to ensure you receive the best possible deal.

For the latest updates, stay tuned to reliable financial news sources.