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 ₦1,545 for 1 USD As of July 10th, 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 US dollar to the Nigerian naira is a critical indicator for businesses and individuals in Nigeria. The rate at the black market, or parallel market, often differs from the official rates offered by the Central Bank of Nigeria (CBN).
The black market rate is largely determined by the forces of supply and demand and can be more reflective of the true market value due to various economic factors. This rate reflects the ongoing economic pressures in Nigeria and the fluctuating demand for foreign currency.
Traders in the black market have reported increased volatility, driven by factors such as inflation, foreign exchange reserves, and international market trends. “The dollar has become very scarce,” said Musa, a trader in Lagos. “People are holding onto their dollars because they are not sure when the naira will stabilize.”
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 9th July 2024
Dollar to Naira Black Market Rate Today
- DOLLAR (USD): Buy – N1535
- DOLLAR (USD) : Sell – N1545
- POUND (GBP): Buy – N1950
- POUND (GBP): Sell – N1980
- EURO (EUR): Buy – N1630
- EURO (EUR): Sell – N1650
Dollar to Naira CBN Rate Today
- DOLLAR (USD): Buy – N1523.87
- DOLLAR (USD) : Sell – N1524.87
- POUND (GBP): Buy – N1956.50
- POUND (GBP): Sell – N1957.78
- EURO (EUR): Buy – N1652.33
- EURO (EUR): Sell – N1653.42
- YUAN (CNY): Buy – N209.62
- YUAN (CNY): Sell – N209.76
CRYPTOCURRENCY
At the time of posting
BITCOIN
- 1BTC: NGN85.8M
- 1NGN: 0.000000001BTC
ETHEREUM
- 1ETH: NGN4.6M
- 1NGN: 0.00000022ETH
Variations In Forex Rates
The disparity between the black market and official rates creates a challenging environment for businesses and individuals.
Many Nigerians resort to the black market to meet their forex needs, as the official market is often inaccessible. This dual exchange rate system creates an economic paradox, where the same currency holds different values depending on the market.
“We have to use the black market,” said Chika, a small business owner. “The banks won’t sell us dollars at the official rate.”
50 Dollars to Naira Today Black Market
For those looking to exchange smaller amounts, the rate remains consistent. For 50 dollars, the current black market rate would be N76,750 for buying and N77,250 for selling.
This can have an impact on small-scale importers and everyday transactions.
100 Dollars to Naira Today Black Market
For 100 dollars, the black market rate today means one would get N153,500 if buying, and N154,500 if selling. This conversion rate is crucial for individuals who rely on remittances from abroad.
“I send money home regularly,” said John, who works in the United States. “The exchange rate affects how much my family gets.”
500 Dollars to Naira Today Black Market
Larger amounts reflect the same rate, but the sums become more substantial. For 500 dollars, the black market rate today is N767,500 for buying and N772,500 for selling.
This rate is particularly relevant for larger business transactions and investments.
1000 Dollars to Naira Today Black Market
Exchanging 1000 dollars today in the black market would yield N1,535,000 for buying and N1,545,000 for selling.
This conversion is significant for businesses dealing in large volumes of goods and services that require substantial foreign currency.
Other Considerations
The continuous depreciation of the naira against the dollar has significant implications for the Nigerian economy. It affects the cost of imported goods, inflation rates, and overall economic stability. The black market plays a crucial role in providing access to foreign currency, but it also exacerbates the challenges of economic regulation and policy implementation.
Economic experts suggest that Nigeria needs to address underlying economic issues, such as dependence on oil exports, insufficient foreign exchange reserves, and inflation. “We need a comprehensive economic strategy,” said Professor Adeola, an economist. “Relying on black market rates is not sustainable in the long term.”
However, the black market dollar (USD) to naira (NGN) exchange rate today highlights the ongoing economic challenges faced by Nigeria. The disparity between the black market and official rates reflects deeper economic issues that require strategic solutions. For now, the black market remains a vital source of foreign currency, impacting daily transactions and the broader economic landscape.
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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