Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 2nd June 2024

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

See the black market Dollar to Naira exchange rate for 1st June, below. You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1475 and sell at N1481 on Saturday 1st June 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira CBN Rate Today

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Nigerians are hopeful that the implementation of a new exchange rate recommendation for customs import duties will drive down commodity prices nationwide.

The Presidential Committee on Fiscal Policy and Tax Reforms, on Thursday, suggested that the federal government adopt an exchange rate of ₦800 per dollar specifically for customs import duties, a move that could stabilize the volatile import costs.

The committee chairman, Taiwo Oyedele, discussed this recommendation while speaking to journalists in Lagos on Thursday.

Oyedele highlighted the challenges businesses face due to the fluctuating foreign exchange rates, which affect their ability to plan and budget effectively.

He emphasized that the current unpredictability in the FX market leads to constantly changing import duty rates, complicating financial planning for importers and ultimately affecting prices consumers pay.

If the government adopts this fixed exchange rate for calculating customs duties, it could lead to lower costs for imported goods.

Such a measure is expected to make essential goods more affordable for Nigerians, who have been grappling with inflation and rising prices.