Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 14th 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 13th 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 N1735 and sell at N1745 on Wednesday 13th 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 CBN Rate Today

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Naira Projected To Hit ₦1,993/$1 By 2028 – Report

A new report by BMI, a Fitch Solutions subsidiary, warns that the naira could weaken to ₦1,993 against the U.S. dollar by 2028, posing severe challenges to Nigeria’s pharmaceutical and medical device industries.

The report, titled “Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth,” highlights the impact on Nigeria’s import-reliant medical sector, which depends on foreign sources for over 95% of its medical devices.

The report stated, “Continued weakness of the naira will increase medical device import costs and erode consumer purchasing power. Similar to other markets in sub-Saharan Africa, Nigeria heavily relies on medical device imports, with reliance of over 95 per cent.

“We expect that the naira will end 2028 at ₦1,993/$ from ₦306/$ in 2018. As the naira weakens, the cost of importing medical devices will continually increase, eroding both the health system and patient purchasing power especially to invest in essential medical technologies given underfunding of the public health sector.

“This would particularly affect high-cost demand for devices such as diagnostics, orthopaedics and dental products. On the export front, a weaker naira will enhance the competitiveness of locally manufactured medical devices, fostering growth in the sector.”

Despite the challenges, the report indicates a potential benefit in the form of increased competitiveness for locally produced medical devices due to a weaker naira.

However, local manufacturing still faces hurdles, including a shortage of skilled labor, outdated technology, and inadequate infrastructure, despite government incentives.