The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 7th, 2024 stood at 1 USD to ₦1,430.
Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,420 and sold it at ₦1,410 on Monday, May 6th, 2024.
This indicates a decline in the Naira exchange rate compared to the current rate.
The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.
Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.
It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.
The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.
How much is dollar to naira today in the black market
For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:
- Buying Rate: ₦1,430
- Selling Rate: ₦1,420
As economic conditions continue to evolve, staying informed about currency exchange rates empowers individuals to make informed financial decisions. While the black market provides immediate insights, adherence to regulatory guidelines ensures stability and transparency in forex transactions.
