Emmanuel OchayiWhat is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
The exchange rate for the US dollar (USD) to Nigerian Naira (NGN) in the black market, also known as the parallel market or Aboki fx, is ₦1,522.23 for 1 USD As of July 4th, 2024.
This rate is sourced from the latest data provided by Bureau De Change (BDC) operators.
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What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
The black market exchange rate for the dollar to naira is often a topic of interest for many Nigerians. This is because the black market rate typically differs from the official Central Bank of Nigeria (CBN) rate.
The black market rate for the dollar to naira is a critical figure for businesses and individuals alike. Many prefer the black market because it offers quicker and sometimes more accessible transactions compared to official channels. Today’s
In contrast, the official CBN rate often differs from the black market rate. While the CBN rate provides a more stable benchmark, the black market rate usually reflects the true economic realities Nigerians face.
Dollar to Naira Black Market Rate Today
- Buying rate: ₦1,510.00 /$1
- Selling rate: ₦1,522.23/$1
- POUND (GBP): Buy – N1890
- POUND (GBP): Sell – N1920
- EURO (EUR): Buy – N1590
- EURO (EUR): Sell – N1610
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 3rd July 2024
Dollar to Naira CBN Rate Today
- Buying rate: ₦1,510/$1
- Selling rate: ₦1,511/$1
- POUND (GBP): Buy – N1916.07
- POUND (GBP): Sell – N1917.34
- EURO (EUR): Buy – N1623.27
- EURO (EUR): Sell – N1624.34
- YUAN (CNY): Buy – N207.78
- YUAN (CNY): Sell – N207.92
CRYPTOCURRENCY
At the time of posting
BITCOIN
- 1BTC: NGN91.2M
- 1NGN: 0.000000001BTC
ETHEREUM
- 1ETH: NGN5M
- 1NGN: 0.00000020ETH
Variations In Forex Rates
Forex rates in Nigeria are highly variable due to several factors, including government policies, economic stability, and global market trends. The gap between the black market and CBN rates indicates the pressure on Nigeria’s foreign exchange reserves and the high demand for dollars.
Financial analyst John Okeke states, “The high demand for dollars in the black market is driven by importers and investors who find it challenging to access foreign exchange through official channels.”
50 Dollars to Naira Today Black Market
If you were to exchange 50 dollars in the black market today, you would get N75,500.00 (50 x N1,510.00). Conversely, buying 50 dollars would cost you N76,111.50 (50 x N1,522.23).
100 Dollars to Naira Today Black Market
For 100 dollars, the black market buying rate today would give you N151,000.00 (100 x N1,510.00). To purchase 100 dollars, it would cost you N152,223.00 (100 x N1,522.23).
500 Dollars to Naira Today Black Market
Exchanging 500 dollars in the black market today would fetch you N755,000.00 (500 x N1,510.00). Buying 500 dollars would cost N761,115.00 (500 x N1,522.23).
1000 Dollars to Naira Today Black Market
For 1000 dollars, the black market buying rate today would give you N1,510,000.00 (1000 x N1,510.00). Purchasing 1000 dollars would cost N1,522,230.00 (1000 x N1,522.23).
Other Considerations
The black market rates for the dollar to naira are essential for individuals and businesses who need to exchange currency.
Despite the associated risks, the significant difference between the black market and CBN rates often drives people towards the parallel market.
Financial analyst Adewale Akinyemi commented, “The parallel market provides a crucial lifeline for businesses needing immediate access to foreign currency, but it also reflects the broader economic challenges facing Nigeria.”
The ongoing fluctuations in the forex market underscore the need for robust economic policies to stabilize the naira and bridge the gap between the black market and official rates. Until then, Nigerians will continue to rely heavily on the black market for their foreign exchange needs.
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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