What is the exchange rate for the dollar and the naira on the parallel market, commonly known as the black market (Aboki fx)?

See below for the black market dollar to naira conversion rate for August 6, 2022. At current exchange rates, you can convert dollars to naira.

How much is the dollar to naira and the official exchange rate today, August 6, 2022?

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has advised anyone interested in forex to contact their local bank first.

The black market (parallel) exchange rate is always different from the CBN rate. The Nigerian economy is strongly impacted by the exchange rate between the US dollar and the Nigerian naira.

Inflation overtakes the economy as the value of the naira declines, which usually has an effect on the masses. The Central Bank has called on Nigerians to work towards this goal such as expanding exports and said the country’s economy needs a substantial turnaround.

Dollar prices on the black market are generally higher than those set by the Central Bank of Nigeria (CBN). The rate at which you can buy or sell dollars for naira on the CBN’s website, cbn.gov.ng, is known as the exchange rate.

When you use your Naira MasterCard or debit card from a Nigerian bank to make a purchase on a foreign website, you are using the bank rate from dollar to naira. Almost always these prices are cheaper than the black/parallel market.

Black market exchange rate of dollar to naira today, August 6, 2022

Dollar to Naira (USD to NGN) Black market exchange rate today
Sell ​​rate 636
Purchase rate 630

Factors influencing exchange rates

  • Commercial conditions
  • Speculators
  • Government debt
  • Interest rate
  • Inflation rate

Check: US dollar to naira black market exchange rate today, August 5, 2022