Dollar’s Unstoppable Rise: Nigerian Black Market Exchange Rate Hits Sh**cking New Heights

Dollar’s Unstoppable Rise: Nigerian Black Market Exchange Rate Hits Sh**cking New Heights

The Dollar to Naira exchange rate at the black market (often referred to as the parallel market or Aboki fx) continues to fluctuate daily. As of today, December 11, 2024, the exchange rate remains high, with significant...READ MORE…

variation from official rates.

According to sources within Bureau De Change (BDC) operations, the current exchange rates in the Lagos parallel market are as follows:

• Buying Rate: ₦1,650
• Selling Rate: ₦1,665

These rates represent the value at which players in the black market are buying and selling US dollars.

It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market rates, urging individuals and businesses to seek foreign exchange through licensed banks instead.

CBN Dollar Exchange Rates

For those transacting through official banking channels, the Central Bank of Nigeria’s rates are considerably lower:

• Highest Rate: ₦1,560
• Lowest Rate: ₦1,500

However, the disparity between the parallel market and the official rates continues to fuel the appeal of the black market, especially as many Nigerians struggle to access foreign currency through regular banking means.

The gap between these rates underscores the ongoing volatility in Nigeria’s currency exchange system, with many calling for urgent reforms to stabilize the Naira.

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