Dollar to Naira Exchange Rate Hits N1530 at Black Market

The dollar to naira exchange rate at the black market, also known as the parallel market or Aboki fx, has reached N1530 for sale and N1520 for purchase, according to sources at Bureau De Change (BDC) in Lagos.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, and has directed individuals who want to engage in Forex to approach their respective banks.

Meanwhile, Nigeria’s Foreign Exchange Reserves have hit a peak of $34.7 billion, according to figures from the Central Bank of Nigeria’s website. This marks a rise of $110 million from the previous day and an accumulation of $316 million over the last seven days.

Analysts attribute this surge to the recent uptick in oil prices, better remittances from the diaspora, and the Central Bank’s initiatives to stabilize the local currency.

Fitch Ratings has given a favourable outlook to Nigeria’s economic situation, highlighting major reforms that have brought back macroeconomic stability and improved the consistency and reliability of its policies.

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“The positive outlook partly reflects reforms over the last year, which have reduced distortions stemming from previous unconventional monetary and exchange rate policies,” Fitch Ratings said.