Dollar to Naira exchange rate in the black market – 27th December 2023

As we navigate through the financial landscape, staying informed about currency exchange rates is crucial. Here’s the latest update on the Dollar to Naira exchange rate in the black market, also known as the parallel market, courtesy of Aboki FX.

Current Black Market Exchange Rates (Aboki Dollar Rate):

On Tuesday, 26th December 2023, at the Lagos Parallel Market (Black Market), the dollar to naira exchange rate was reported as buying at N1210 and selling at N1220. Please be aware that these rates are subject to change, and prices may vary.

Central Bank of Nigeria’s Stance:

It’s essential to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market (black market). The CBN directs individuals engaging in forex transactions to approach their respective banks for legitimate transactions.

Exchange Rate	Date	Buying Rate (NGN)	Selling Rate (NGN)
Black Market	December 26, 2023	N1210	N1220
CBN Rate	December 27, 2023	N1038	N1039

Comparison with CBN Rates:

In contrast, the official CBN rates for the same date indicate a buying rate of 1038 and a selling rate of 1039 for the dollar to naira exchange.

Disclaimer:

Please keep in mind that the forex rates mentioned in this article are indicative, and the rates you encounter during your forex transactions may differ due to market fluctuations.

Moghalu’s Response to CBN’s Cryptocurrency Decision:

In other financial news, the former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has shared his thoughts on the recent decision by the CBN to lift the ban on cryptocurrency.

The ban, initially imposed by former President Muhammadu Buhari in 2021, was lifted as announced in a circular dated Friday, December 22, 2023, by the CBN’s Director of the Financial Policy and Regulation Department, Haruna Mustafa.

Moghalu’s reaction adds to the ongoing discourse surrounding the evolving landscape of digital currencies in Nigeria.