Latest Black Market Exchange Rate: Dollar to Naira (Aboki Fx)
The parallel market, also known as the black market, is a hub for exchanging foreign currencies, particularly the US dollar. As of November 6th, 2024, here’s the latest rate for exchanging your dollar for naira:
Black Market Exchange Rate: Dollar to Naira (Aboki Fx)
As of today, the buying rate for a dollar in Lagos’ parallel market is N1725, while the selling rate is N1730. These rates are based on information from Bureau De Change (BDC) sources.
Important Note
The Central Bank of Nigeria (CBN) does not recognize the parallel market, and those looking to exchange foreign currency are advised to approach their respective banks. The CBN’s exchange rate is different, as shown below.
CBN Exchange Rate: Dollar to Naira (Aboki Fx)
As of November 6th, 2024, the CBN’s buying rate for a dollar is N1668, while the selling rate is N1669.
Market Variations
Please note that rates may vary depending on the market and the individual. What you can get or sell your dollar for may differ from the rates listed here.
Petroleum Products Fiasco
Meanwhile, a dispute has emerged between Dangote Refinery and the Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN). Dangote Refinery recently claimed that oil importers, including DAPPMAN members, are bringing in substandard fuel and collaborating with international traders to flood Nigeria with low-quality products. DAPPMAN has strongly denied these allegations.
DAPPMAN’s Response
In a statement, DAPPMAN’s Executive Secretary, Olufemi Adewole, emphasized that its members operate responsibly and would never compromise fuel quality for profit. He stressed that international market prices for petroleum products fluctuate based on market forces, and DAPPMAN’s members calculate their costs accordingly, using publicly available templates. He refuted Dangote Refinery’s claims, calling them fallacious and unacceptable.
