What is the current exchange rate for the US Dollar to the Nigerian Naira in the unofficial market, commonly referred to as the parallel market (Aboki fx)? Below, you will find the exchange rate for the US Dollar to the Nigerian Naira as of October 6th, 2023, in the black market. You can exchange your US Dollars for Naira at these rates…CONTINUE READING....KINDLY READ THE FULL STORY HERE▶

How much is the US Dollar to Naira exchange rate in the black market today?

The exchange rate for the US Dollar to the Nigerian Naira at the Lagos Parallel Market (Black Market) indicates that individuals can buy a US Dollar for N996 and sell it for N1000 on Friday, October 6th, 2023, based on information from Bureau De Change (BDC) sources.

Please be aware that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market (black market) for foreign exchange transactions. The CBN has directed individuals who wish to engage in foreign exchange transactions to do so through their respective banks.

US Dollar to Naira Black Market Rate Today:

• Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
• Buying Rate: N996
• Selling Rate: N1000

Kindly note that the actual rates for buying or selling foreign currency may differ from those provided in this article due to fluctuations in the market.

Additionally, it has been confirmed that the landing cost of Premium Motor Spirit (PMS), commonly known as petrol, has increased to N720 per liter from N651 in August. This price surge is attributed to the volatility in the exchange rate.

As of Wednesday, the official foreign exchange rate set by the Central Bank of Nigeria (CBN) was approximately N766 per US dollar, while it was hovering around N990 per US dollar in the parallel market.

The Chief Executive Officer of PETROCAM Trading (Nig) Ltd., Patrick Ilo, confirmed the development and stated that as of Tuesday, his company had imported 52,000 metric tonnes of petrol at N720 per liter without subsidy.