What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
See the black market Dollar to Naira exchange rate for 26th August, below. You can swap your dollar for Naira at these rates.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1610 and sell at N1620 on Monday 26th August 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in 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 | N1610 |
| Selling Rate | N1620 |
Dollar to Naira CBN Rate Today
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1586 |
| Selling Rate | N1587 |
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
The combined effects of the ongoing depreciation of the Naira and rising inflation have led to a significant 121% increase in the cost of cement production, raising concerns among Nigerians hoping for a reduction in the price of the essential building material.
With the cost of cement already high, smuggling to neighboring countries where prices are even higher has exacerbated the problem.
In countries like Chad and Cameroon, the cost of a 50kg bag of cement ranges between $120 and $150.
When converted at an exchange rate of ₦1,600 per dollar, this translates to a price between ₦240,000 and ₦270,200 per bag, significantly more expensive than the local price of ₦8,000 in Nigeria.
This disparity in prices has fueled smuggling activities, further reducing the availability of affordable cement for local consumers.
Industry experts warn that without targeted intervention, the hope of lower cement prices in Nigeria may remain elusive as production costs continue to rise.
