As of Wednesday, 23rd October 2024, the exchange rate for the US Dollar to the Nigerian Naira at the black market, also known as the parallel market or Aboki fx, has been reported. According to sources at the Bureau De Change (BDC), the buying rate is N1723 per dollar, while the selling rate is N1728 per dollar.
It is important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and has directed individuals to approach their respective banks for forex transactions. The official CBN rates as of the same date are N1655 for buying and N1656 for selling.
In contrast, the official exchange rates provided by other sources show a different picture. For instance, as of 23rd October 2024, the exchange rate was around 1639.34 Nairas per dollar according to some financial forecasts.
The disparity between the black market rates and the official CBN rates highlights the ongoing challenges in Nigeria‘s forex market. The black market rates often reflect the demand and supply dynamics outside the regulated financial system.
