Wondering about the Dollar to Naira exchange rate at the black market, also known as the parallel market (Aboki fx)? Check out the rates for 3rd February below, where you can swap your dollar for Naira.
Dollar to Naira Exchange Rate Today Black Market (Aboki Dollar Rate)
The exchange rate for a dollar to Naira at Lagos Parallel Market shows players buying a dollar for N1460 and selling at N1470 on Saturday 3rd February 2024, according to sources.
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), directing individuals who want to engage in Forex to approach their respective banks.
Exchange Rate | Buying Rate | Selling Rate |
---|---|---|
Black Market (Aboki fx) | N1460 | N1470 |
CBN Rate | N1413 | N1414 |
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
- Buying Rate: N1460
- Selling Rate: N1470
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
- Buying Rate: 1413
- Selling Rate: 1414
Please note that the rates you buy or sell forex may differ from those captured in this article because prices vary.
Public Backlash and Economic Realities
Under the leadership of President Bola Ahmed Tinubu, Nigeria’s economic landscape has encountered formidable challenges, particularly concerning the Dollar to Naira exchange rate, notably within the black market. Let’s delve into the factors influencing this challenging economic scenario:
- Fuel Subsidy Removal and Exchange Rate Reform:
- In the second quarter of 2023, President Tinubu’s administration implemented pivotal economic policies, including the elimination of fuel subsidies and an overhaul of the exchange rate.
- The fuel subsidy removal resulted in heightened fuel prices, impacting transportation expenses and overall inflation.
- Market-Determined Exchange Rate:
- President Tinubu advocated for a market-determined exchange rate regime. However, this strategy led to a substantial depreciation of the Naira against the dollar.
- In the black market, citizens were acquiring one dollar for as much as N1,460. This instability introduced uncertainty, affecting the purchasing power of the populace.
- Rising Inflation and Weakened Consumption:
- The devaluation of the Naira contributed to escalating inflation rates and elevated interest rates.
- As the Naira weakened, the general consumption capacity of Nigerians experienced a downturn, causing financial strain.
- Measures to Stabilize the Naira:
- In response to the Naira’s free fall, the government introduced a range of new foreign exchange regulations.
- These measures encompassed a clampdown on illicit currency trading and the implementation of taxes for black market transactions.
- The objective was to stabilize the Naira by the conclusion of 2023.
- Public Backlash and Economic Impact:
- While these economic reforms aimed to address structural issues, they also prompted a public backlash due to the escalating costs of essential commodities like food and fuel.
- Striking a balance between economic stability and the well-being of citizens remains a multifaceted challenge for President Tinubu’s administration.
In essence, the amalgamation of policy shifts, market intricacies, and public responses has contributed to the challenging economic conditions linked to the Dollar to Naira exchange rate in Nigeria under President Tinubu’s stewardship.