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Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 2nd April 2024

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

See the black market Dollar to Naira exchange rate for 1st April, below. You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1250 and sell at N1270 on Monday 1st April 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying RateN1250
Selling RateN1270

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)CBN Rate Today
Buying Rate1303
Selling Rate1304

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

As the Nigerian naira experiences an upturn against the dollar, economists have indicated that the positive effects on the country’s commodity prices might not be immediate.

Speaking to Punch, CEO of Economic Associates, Ayo Teriba, highlighted the time lag in the impact of currency fluctuations on market prices.

According to Teriba, while the strengthening naira is a positive sign for the economy, the translation of this development into reduced commodity prices will not be instantaneous.

Consumers may have to wait before seeing a noticeable decrease in the cost of goods and services, as market dynamics and pricing mechanisms gradually adjust to the new exchange rate reality.

He noted, “Foods that have been bought at the old exchange rate will still be tied to the old exchange rate.

“Whether a month or a quarter, it depends on the duration it takes to order and sell. The effect we should hope to see is that the prices have stopped going up. We call it acceleration.”

Echoing similar sentiments, President of Nigerian Economic Society, Adeola Adenikinju, highlighted the economic rationale behind the delay in price adjustments.

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