Emmanuel OchayiWhat is the dollar to naira exchange rate at the black market also known as the parallel market (Aboki fx)?
The dollar to naira exchange rate at the black market, also known as the parallel market or Aboki fx, stands at ₦1,485/$1 as of June 18, 2024. This rate is sourced from the latest data provided by Bureau De Change (BDC) operators.
How much is a dollar to naira today in the Black Market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
In Lagos, the buyers in the parallel market despite the festive period are purchasing a dollar for ₦1,485 and selling it at ₦1,475. This is a slight decrease from the rate recorded on June 17, 2024, when buyers purchased a dollar for ₦1,510 and sold it for ₦1,500.
Join our WhatsApp ChannelThe increase highlights the fluctuating nature of the exchange rate in the black market, reflecting real-time currency dynamics outside of the official channels.
How much is a dollar to naira today in the black market?
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.
According to forex traders in the parallel market, the exchange rate for the U.S. dollar and Nigerian naira is as follows:
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 17th June 2024
- Buying rate: 1,475/$1
- Selling rate: ₦1,485/$1
Dollar to Naira CBN Rate Today
- Buying rate: N1,592/$1
- Selling rate: N1,593/$1
Variations In Forex Rates
Forex rates vary among banks in Nigeria. Here are some rates from various banks:
First Bank
- buying rate: ₦1,380 per USD
- selling rate: ₦1,387 per USD
GTBank
- buying rate: ₦1,300 per USD
- selling rate: ₦1,310 per USD
The difference between the black market rate and the CBN rate highlights the challenges in Nigeria’s forex market. Economic analysts note that these variations are due to several factors, including inflation, foreign investment levels, and the global economic environment.
One analyst explained, “The disparity between the official and black market rates shows the underlying economic issues. Many people and businesses prefer the black market because it is easier and faster to get dollars.”
Impact on Businesses and Individuals
Businesses that rely on imported goods and services are particularly affected by the high black market rates. An importer of electronics shared, “We have to buy dollars at the black market rate to pay our suppliers. This makes our products more expensive for customers.”
Similarly, individuals needing to pay for education or medical expenses abroad face increased costs. A parent noted, “My child’s school fees are in dollars. With the high black market rate, it is becoming more difficult to afford.”
Government Measures and Economic Policies
The Nigerian government has been trying to address the forex market issues through various policies. These include restricting access to dollars for certain imports and encouraging local production.
However, these measures have had mixed results. A government official mentioned, “We are working on several fronts to stabilize the naira and reduce the reliance on the black market.”
Today’s black market dollar to naira exchange rate highlights the ongoing economic challenges in Nigeria.
These differences impact businesses and individuals, creating a complex economic environment. As Nigeria continues to navigate these challenges, the forex market remains a key area of focus for policymakers and economic analysts.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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