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For individuals seeking the current dollar to naira exchange rate at the black market (commonly known as the parallel market or Aboki FX), here's an update:
As of Tuesday, January 9th, 2024, traders at the Lagos Parallel Market have set the buying rate for a dollar at N1235 and the selling rate at N1240, according to information gathered from Bureau De Change (BDC) sources.
It's essential to note that the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, advising individuals interested in foreign exchange transactions to consult their respective banks.
It's important to recognize that the actual rates for buying or selling forex may deviate from those outlined in this report due to fluctuations in market conditions.
Naira Strengthens Against US Dollar with CBN Efforts to Address Forex Backlog
The Nigerian Naira showcased a recovery against the US dollar in the regulated market on Monday, January 8, 2024, as reported by the Africa’s First Vertically Integrated Financial Market Infrastructure Group (FMDQ).
According to FMDQ's report, the official market witnessed the Naira closing at N856.57 per $1, a positive shift from the N869.39 recorded during the previous session on Friday.
Trading commenced on Monday at a rate of N921.36/$ but concluded the day at N856.57, signifying a 1.5% appreciation from Friday's trading rate (N869.39/$) and a notable 5.9% rise from the closing rate at the end of last year (N907.11/$).
These developments suggest a positive stride in the Naira's performance against the US dollar in the official market.
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