In the latest developments at the Lagos Parallel Market, commonly referred to as the Black Market or Aboki FX, the exchange rates for Dollar to Naira transactions remained relatively stable on November 28, 2023.
According to sources at Bureau De Change (BDC), as of Monday, November 27, 2023, traders at the Black Market were buying a dollar for N1153 and selling at N1157.
Current Rates
Dollar to Naira Exchange Rate (Black Market – Aboki Dollar Rate)
- Buying Rate: N1153
- Selling Rate: N1157
Note: The Central Bank of Nigeria (CBN) officially does not recognize the parallel market and advises individuals seeking Forex transactions to approach their respective banks.
The CBN maintains its official rates, with the buying rate at 805 and the selling rate at 806 as of the same date.
Dollar to Naira Exchange Rate (CBN Rate)
- Buying Rate: N805
- Selling Rate: N806
People engaging in Forex transactions should be aware that the rates mentioned in this report are indicative and may vary during actual transactions, as prices are subject to fluctuations.
As the CBN maintains its stance against recognizing the parallel market, you’re advised to conduct their Forex transactions through established banking channels to ensure transparency and compliance with regulatory guidelines.
The Black Market exchange rates continue to serve as a benchmark for those seeking to swap dollars for Naira, reflecting the dynamics of the informal currency market in Nigeria.
