Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 12th November 2024
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 10th November, 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 N1725 and sell at N1735 on Sunday 10th November 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 | N1725 |
| Selling Rate | N1735 |
Dollar to Naira CBN Rate Today
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1654 |
| Selling Rate | N1655 |
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Fuel Scarcity: ‘Petrol Price Will Rise To ₦1,200/Litre, Naira To Hit ₦1,550/$’
An economist and the Chief Executive Officer of Financial Derivatives Company Limited, Mr. Bismarck Rewane, has projected that petrol prices in Nigeria could reach N1,200 per litre in the near future.
In his November 2024 economic outlook, Rewane also predicted that Brent crude could trade at $70 per barrel by December and that inflation might rise to 34%. He forecasted a potential appreciation of the Naira to N1,550/$ by January 2025.
According to ThisDay, Rewane shared these insights during the November edition of the Lagos Business School’s Breakfast Session titled ‘Democracy on Trial! Trump – Going Back to the Future.’
He highlighted that there is no economic rationale for the Naira to trade at less than 30% of its fair value within the next 12 months.
“According to the Economist Intelligence Unit, crude oil prices next year will average $74 per barrel, which could push petrol prices to N1,200 per litre,” he stated.
He added that global oil prices and logistics distribution costs will play a significant role in determining petrol prices, noting that higher petrol prices could help curb smuggling while official fuel exports to neighboring countries might boost foreign exchange revenue.
Rewane cautioned that while the Dangote Refinery has been viewed as a game-changer for Nigeria’s oil sector, it is not the ‘silver bullet’ many had hoped for.
“The refinery’s pricing strategy is dictated by global crude prices and operational costs,” he explained.
While it would ensure supply and availability, it would not necessarily stabilize prices, as the refinery operates on a cost-plus margin model.
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