What is the Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki fx)? Below, you will find the black market Dollar to Naira exchange rate for August 20th. On this date, players in the Lagos Parallel Market were buying dollars for N660 and selling them for N680, according to sources from Bureau De Change (BDC). It is important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and has directed individuals seeking to engage in foreign exchange to approach their respective banks.
As of today, the Dollar to Naira (USD to NGN) black market exchange rates are as follows: the buying rate is N660, while the selling rate is N680. However, please be aware that the rates at which you buy or sell foreign exchange may differ from those mentioned in this article, as prices can vary.
In a related financial update, the Central Bank of Nigeria (CBN) reported that Power Generation and Distribution Companies (DisCos) owe Nigerian banks a total of N836.09 billion since their privatization over eight years ago. Data released in June 2022 indicated that power generation companies and independent power producers have accumulated debts of N562.19 billion during this period. Additionally, power transmission and distribution firms owe N273.89 billion. According to the Punch, core investors in the distribution companies are seeking to restructure the loans they received from banks for the acquisition of power assets. Media Talk Africa recalls that in November 2013, the nation’s distribution and generation companies were sold for $1.7 billion and $1.5 billion, respectively, through the Bureau of Public Enterprises (BPE). This privatization process generated approximately $3.2 billion for the Federal Government.
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