On May 7th, 2024, the black market exchange rate (also known as Aboki fx or parallel market) for US dollar to Nigerian Naira was 1 USD to ₦1,430. CONTINUE READING
Data from the Bureau De Change (BDC) shows that on May 6th, 2024:
Buyers purchased dollars at ₦1,420
Sellers sold dollars at ₦1,410
Black market rates provide a real-time reflection of currency dynamics outside official exchange channels. They are valuable for investors and participants as they offer insights into the immediate value of the Naira against the dollar.
The Central Bank of Nigeria (CBN) does not recognize the black market. Individuals are advised to conduct forex transactions through official banking channels to comply with regulatory frameworks.
As of today:
Buying Rate: ₦1,430
Selling Rate: ₦1,420
Understanding currency exchange rates is crucial for making informed financial decisions. While black market rates offer immediate insights, adhering to regulatory guidelines ensures transparency and stability in forex transactions. CONTINUE READING
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