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 N1,525 for 1 USD As of July 8th, 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, also known as the parallel market, has become an important part of the currency exchange ecosystem in Nigeria.
Due to the limited availability of foreign currency through official channels, many individuals and businesses turn to the black market to fulfill their forex needs.
Today, 8th July 2024, the exchange rate for the US Dollar to Nigerian Naira in the black market stands as follows: the buying rate is N1,515 and the selling rate is N1,525.
This rate reflects the ongoing economic challenges and the high demand for foreign currency among Nigerians.
A currency trader in Lagos, Musa Aboki, said, “The demand for dollars is very high because people need it for different reasons like traveling, paying school fees abroad, and importing goods.”
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 7th July 2024
Dollar to Naira Black Market Rate Today
- Buying rate: N1,515.00 /$1
- Selling rate: N1,525.00/$1
Dollar to Naira CBN Rate Today
- Buying rate: N1,503.00 /$1
- Selling rate: N1,517.00/$1
Variations In Forex Rates
The forex rates in Nigeria vary widely between the official and black market rates. This disparity often leads to confusion and frustration among individuals and businesses.
A Lagos-based businessman, Chinedu Okeke, shared his experience: “I needed to pay for imported goods, but I couldn’t get dollars at the bank rate. I had no choice but to buy at the black market, and it was much more expensive.”
50 dollars to naira today black market
If you need to exchange 50 US Dollars in the black market today, the amount you would receive in Naira would be N75,750 at the buying rate of N1,515 per dollar.
If you are selling, you would get N76,250 at the selling rate of N1,525 per dollar. This significant difference can affect individuals and businesses alike.
100 dollars to naira today black market
For 100 US Dollars, the amount in Naira would be N151,500 at the buying rate and N152,500 at the selling rate.
These rates highlight the high cost of obtaining foreign currency through unofficial channels, which is a burden on those who rely on it for international transactions.
500 dollars to naira today black market
Exchanging 500 US Dollars in the black market today would give you N757,500 at the buying rate and N762,500 at the selling rate.
The large sums involved illustrate the challenges faced by those needing substantial amounts of foreign currency.
1000 dollars to naira today black market
If you want to exchange 1000 US Dollars, you will receive N1,515,000 at the buying rate and N1,525,000 at the selling rate. This transaction underscores the significant impact of the black market rates on large-scale financial activities.
Others
Several factors, including demand and supply dynamics, economic policies, and global market trends influence the fluctuations in the black market exchange rates.
The limited access to foreign currency at official rates exacerbates the situation. For instance, students studying abroad, businesses importing goods, and travelers all contribute to the high demand for dollars in the black market.
An economist, Dr. Ifeoma Adebayo, explained, “The gap between the official and black market rates creates a dual exchange rate system, which can lead to arbitrage and other economic distortions. The government needs to address the root causes of these disparities to stabilize the currency market.”
Today’s black market exchange rate for the US Dollar to Naira highlights the ongoing economic challenges and the high demand for foreign currency in Nigeria. With a buying rate of N1,515 and a selling rate of N1,525, the black market continues to be a critical source of forex for many Nigerians.
The difference between the black market and official rates underscores the need for comprehensive economic reforms to bridge the gap and stabilize the currency exchange ecosystem.
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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