Curious about the Dollar to Naira exchange rate at the black market, commonly known as the parallel market or Aboki fx? Discover the latest rates for January 11, 2024, and insights on buying and selling dollars for Naira.
Dollar to Naira Exchange Rate Today – Black Market (Aboki Dollar Rate):
Find out the current exchange rate for a dollar to naira at the Lagos Parallel Market (Black Market). As of Thursday, January 11, 2024, market players purchased a dollar for N1250 and sold it at N1260, according to reliable sources at Bureau De Change (BDC).
Please be aware that the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, directing Forex participants to approach their respective banks.
Dollar to Naira Rates Today:
- Black Market Exchange Rate:
- Buying Rate: N1250
- Selling Rate: N1260
- CBN Rate:
- Buying Rate: 892
- Selling Rate: 893
Note: Actual forex transaction rates may differ from those reported here due to market fluctuations.
| Exchange Rate Information – January 11, 2024 | Black Market (Aboki fx) | CBN Rates |
|---|---|---|
| Dollar to Naira | ||
| Buying Rate | N1250 | 892 |
| Selling Rate | N1260 | 893 |
Naira Devaluation Despite CBN’s Efforts:
The Nigerian naira has undergone a considerable devaluation of 26.36% against the US dollar at the official Investor and Exporter window. This decline follows the CBN’s recent announcement clearing a $2 billion backlog of forward contract obligations, including a disbursement of $61.64 million to foreign airlines.
Hakama Sidi Alia, the CBN’s Acting Director of Corporate Communications, expressed optimism that settling valid forward transactions would alleviate pressure on the exchange rate and boost investor confidence in the Nigerian economy.
Despite these efforts, the naira closed trading at N856.57/$ on Monday, falling further to N1082.32/$ as of Wednesday, as reported by data from the FMDQ Securities Exchange. Stay informed about ongoing developments in the currency exchange landscape.
