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 15th November, below. You can swap your dollar for Naira at these rates.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1132 and sell at N1137 on Wednesday 15th November 2023, 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
Buying Rate N1132
Selling Rate N1137
Dollar to Naira CBN Rate Today
Buying Rate 843
Selling Rate 844
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Eight Firms Record N918.1 Billion Loss On Currency Revaluation
At the end of September 2023, eight firms declared an N918.1 billion loss due to a 68.55 per cent decline in the value of the naira against the dollar.
The decision of the Central Bank of Nigeria (CBN) to allow the market to determine the value of the local currency, has seen naira fall from 461/$1 as of December 2022 to 777/$1 in September 2023.
An analysis of the financial statements of these firms showed that the devaluation of the naira from N465/$ at the end of May 2023 to N776.79/$ gave rise to this recorded exchange loss.
The firms include: Dangote Sugar Refinery Plc, Dangote Cement Plc, Nestle Nigeria Plc, Nigerian Breweries Plc, Guinness Nigeria Plc, MTN Nigeria Communications Plc, Airtel Africa Plc, MRS Oil Nigeria Plc, and Seplat Energy Plc
According to the World Bank, the naira is one of the worst-performing currencies in Africa, losing nearly 40 per cent of its value since June.
This has negatively impacted firms like Dangote Sugar which recorded a revaluation loss of N90.99 billion.
