Dollar to Naira Exchange Rate at the Black Market (Aboki FX): Latest Update
Are you interested in converting your dollar to naira at a competitive rate? Here’s the latest update on the black market exchange rate, also known as the parallel market or Aboki FX. Please note that the Central Bank of Nigeria does not recognize this market, as it has directed individuals who want to engage in foreign exchange to approach their respective banks.
As of October 13th, 2024, the current exchange rate for a dollar to naira at the Lagos parallel market (black market) is as follows:
**Buying Rate:** N1695 per dollar
**Selling Rate:** N1700 per dollar
These rates may vary depending on the individual Bureau De Change (BDC) or customer. For reference, here is a table summarizing the current rates:
| **Dollar to Naira (USD to NGN)** | **Black Market Exchange Rate Today** |
| — | — |
| Buying Rate | N1695 |
| Selling Rate | N1700 |
The Central Bank of Nigeria sets a different rate, which is not recognized by the parallel market. Here is a comparison of the two rates for reference:
| **Dollar to Naira (USD to NGN)** | **CBN Rate Today** |
| — | — |
| Buying Rate | N1625 |
| Selling Rate | N1626 |
Please note that exchange rates may differ from what is stated here, as prices vary from one individual to another.
As bank customers, you may need to prepare for possible service interruptions and transaction delays in the coming weeks. Many banks are upgrading their core banking systems to more secure and cost-effective software, which may lead to disruptions. The President of the Bank Customers Association of Nigeria (BCAN) has expressed concern over the limited communication from banks regarding these changes.
“Bankers should have better informed customers about the potential impact of these upgrades,” said Dr. Uju Ogubunka, President of BCAN. “The ultimate goal is to improve the system and services, but it’s debatable whether all these upgrades should happen simultaneously, causing major disruptions. Many banks also failed to provide adequate notice to their customers, leaving them unprepared.”
