Wondering about the Dollar to Naira exchange rate at the black market, also known as the parallel market (Aboki fx)? Here’s the latest update:
Dollar to Naira Exchange Rate Today (Black Market – Aboki Dollar Rate):
Discover the black market Dollar to Naira exchange rate for February 27th, 2024, and make informed decisions:
- Buying Rate: N1600
- Selling Rate: N1610
According to sources at Bureau De Change (BDC), The Informant247 gathered that players at the Lagos Parallel Market (Black Market) are buying a dollar for N1600 and selling at N1610 as of February 27th, 2024.
Dollar to Naira CBN Rate Today:
For comparison, here are the CBN rates:
- Buying Rate: 1661
- Selling Rate: 1662
Please note that the Central Bank of Nigeria (CBN) doesn’t recognize the parallel market (black market) and advises individuals engaging in Forex to approach their respective banks.
Keep in mind that actual rates for buying or selling forex may vary from those provided in this article due to market fluctuations.
CBN Imposes Limits on Dollar Purchase from BDCs
The Central Bank of Nigeria (CBN) has introduced limits on foreign exchange (FX) sales by Bureau De Change (BDC) operators, affecting dollar purchases for various purposes.
In a document titled ‘Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria,’ released on February 23, 2024, the CBN outlined the new regulations.
According to the circular, BDCs are authorized to sell foreign currency, including personal travel allowance (PTA) or business travel allowance (BTA), up to $4,000 and $5,000 respectively to individuals once every six months.
To facilitate the sale of foreign currencies, intending travelers must provide their bank verification number (BVN) or tax identification number (TIN), along with other necessary documentation such as a valid passport, visa, and international return ticket.
Additionally, for business travel allowance (BTA), customers must submit a letter of request from the corporate body detailing the purpose of the visit, along with business registration or incorporation certificates.
Keywords: Dollar to Naira exchange rate, Black market rate, Aboki fx, Lagos Parallel Market, Bureau De Change, Central Bank of Nigeria, CBN Rate, Forex transactions, February 28th, 2024, Bureau De Change operations, Foreign exchange sales, BDC regulations, Travel allowance, BVN, Tax identification number.