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CBN Warns Against Black Market: Dollar To Naira Exchange Rates Soar
CBN Warns Against Black Market: Dollar To Naira Exchange Rates Soar....KINDLY READ THE FULL STORY HERE▶
Dollar to Naira Exchange Rate Today
What is the current Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki fx)? Check out the exchange rate for August 6th below. You can exchange your dollars for Naira at these rates.
Dollar to Naira Exchange Rate in the Black Market Today (Aboki Dollar Rate):
In the Lagos Parallel Market (Black Market), the exchange rate for a dollar to naira is as follows:
- Buying Rate: N1600
- Selling Rate: N1607 Source: Bureau De Change (BDC) operators on Tuesday, August 6, 2024.
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and advises individuals needing Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
|---|---|
| Buying Rate | N1600 |
| Selling Rate | N1607 |
Dollar to Naira CBN Rate Today
| Dollar to Naira (USD to NGN) | CBN Rate Today |
|---|---|
| Buying Rate | N1605 |
| Selling Rate | N1606 |
Please note that the rates at which you buy or sell Forex may differ from those mentioned here due to market fluctuations.
Naira Gains Strength Against US Dollar in the Official Market
The Nigerian currency, the Naira, appreciated in the official market, with a trading rate of ₦1,607.15 per US dollar.
Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the Naira improved by ₦9.93. This represents a 0.61% gain compared to the previous trading day on August 2, when the exchange rate was ₦1,617.08 to the dollar.
However, the total daily turnover decreased to 77.09 million dollars on Monday, down from 131.55 million dollars on August 2.
In the Investor’s and Exporter’s (I&E) window, the Naira fluctuated between ₦1,620.50 and ₦1,570.00 against the dollar.
During an interview on Channels Television’s ‘Politics Today’, former minister Rotimi Amaechi dismissed recent comments made by FCT Minister Nyesom Wike regarding his selection as a running mate, stating that he does not respond to subordinates and noting that Wike never employed him.....KINDLY READ THE FULL STORY HERE▶
Additional context regarding the political exchange includes:
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Wike’s Remarks: During a media briefing, Wike alleged that Amaechi’s selection was financially motivated rather than strategic, questioning his electoral viability and political influence post-2011.
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Amaechi’s Response: Maintaining that he is currently focused on mourning, Amaechi indicated that he intends to respond more forcefully once his campaign activities officially begin.
During an interview on TVC News, former Lagos State Peoples Democratic Party (PDP) chairman Deji Doherty disputed claims that Chief Olabode George is a founding father of the party, asserting instead that George was introduced into the party’s leadership by former President Olusegun Obasanjo around 1999.....KINDLY READ THE FULL STORY HERE▶
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Criticism of Leadership: Doherty argued that Obasanjo’s decision to entrust the management of the Lagos State PDP chapter to George was a mistake and that the affairs of the state branch were poorly handled.
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Internal Party Crises: Displaying reconciliation documents during the broadcast, he noted that past efforts by respected party elders to resolve internal party disputes have failed to secure long-term peace.
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Call for Youth Empowerment: Doherty emphasized that the ongoing leadership struggles should pave the way for a younger generation to take charge of the nation’s political future, regardless of party affiliation.
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Parallel (Black) Market Rates: According to Bureau De Change (BDC) sources in Lagos for Tuesday, August 4, 2026, the parallel market traded the US Dollar at a buying rate of ₦1,410 and a selling rate of ₦1,425.....KINDLY READ THE FULL STORY HERE▶
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Official CBN Rates: Central Bank of Nigeria figures recorded rates ranging from a low of ₦1,361 to a high of ₦1,364.
Key Advisory Notes
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Regulatory Stance: The CBN does not officially recognize the parallel market and advises individuals engaging in foreign exchange transactions to utilize authorized banking channels.
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Price Variance: Actual market transaction rates may differ across various dealers and locations due to continuous market fluctuations.
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