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 ₦1,565 for 1 USD As of 12th July 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 exchange rate between the dollar and the naira at the black market, commonly known as the parallel market or Aboki fx, is a topic of interest for many Nigerians.
Unlike the official rate set by the Central Bank of Nigeria (CBN), the black market rate is influenced by supply and demand dynamics and can vary widely. As of today, 12th July 2024, the exchange rate has seen a change compared to previous days.
These rates are based on the information provided by various sources in the parallel market. It is important to note that these rates can fluctuate throughout the day due to various factors, including market demand and economic policies.
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 11th July 2024
Speaking to a trader at the popular Wuse Market in Abuja, Ahmed Musa, he explained, “The dollar to naira exchange rate in the black market changes frequently. This morning, we are buying at N1,555 and selling at N1,565. It might change later in the day depending on the demand.”
Similarly, in Lagos, a trader named Chinedu Okeke mentioned, “The rate has been relatively stable this week. We are buying at N1,555 and selling at N1,565 today.”
Dollar to Naira Black Market Rate Today
- DOLLAR (USD): Buy – N1555
- DOLLAR (USD) : Sell – N1565
- POUND (GBP): Buy – N2000
- POUND (GBP): Sell – N2030
- EURO (EUR): Buy – N1660
- EURO (EUR): Sell – N1680
Dollar to Naira CBN Rate Today
- DOLLAR (USD): Buy – N1520.06
- DOLLAR (USD) : Sell – N1521.06
- POUND (GBP): Buy – N1950.54
- POUND (GBP): Sell – N1951.83
- EURO (EUR): Buy – N1645.32
- EURO (EUR): Sell – N1646.40
- YUAN (CNY): Buy – N208.91
- YUAN (CNY): Sell – N209.05
CRYPTOCURRENCY
At the time of posting
BITCOIN
- 1BTC: NGN94.7M
- 1NGN: 0.000000001BTC
ETHEREUM
- 1ETH: NGN5.1M
- 1NGN: 0.00000020ETH
Variations in Forex Rates
Forex rates can vary greatly depending on the market you are looking at. While the black market rates are influenced by immediate supply and demand, the official rates are often more stable.
However, the large gap between these rates highlights the challenges within the Nigerian economy.
50 Dollars to Naira Today Black Market
For those looking to exchange smaller amounts, 50 dollars in the black market today will fetch you N77,750 when buying and you will get N78,250 when selling.
These calculations are based on the current rates of N1,555 and N1,565 respectively.
100 Dollars to Naira Today Black Market
Exchanging 100 dollars in the black market today will give you N155,500 when buying, and you will need to pay N156,500 when selling.
This rate is based on the current buying and selling prices.
500 Dollars to Naira Today Black Market
For larger transactions, 500 dollars will be bought at N777,500 in the black market today, while the selling price will be N782,500.
As with all transactions, it is advisable to confirm the rates before proceeding, as they can change quickly.
1000 Dollars to Naira Today Black Market
If you are dealing with even larger amounts, 1000 dollars will be bought at N1,555,000 and sold at N1,565,000 in the black market today.
These figures show the significant sums involved in currency exchanges at the parallel market rate.
Other Considerations
The continued disparity between the official and black market rates raises several issues. Many businesses and individuals find it challenging to plan their finances with such unpredictable fluctuations.
Additionally, the black market rate impacts the prices of imported goods and services, contributing to inflation.
Economic analysts have often discussed the reasons behind these discrepancies. Dr. Ifeoma Eze, an economist at the University of Lagos, explains, “The difference between the official and black market rates is driven by several factors, including foreign exchange reserves, government policies, and the overall economic environment. Until these underlying issues are addressed, the black market will continue to thrive.”
The Central Bank of Nigeria has also been active in attempting to bridge the gap between these rates. Efforts have included adjusting monetary policies and increasing foreign exchange supply to the official market. However, the success of these measures has been limited.
For individuals and businesses, it is crucial to stay informed about the latest rates and trends in the foreign exchange market. Regular updates and consultations with reliable forex traders can help in making informed decisions.
However, the black market exchange rate for the dollar to naira today stands at N1,555 for buying and N1,565 for selling. This rate is higher than the official CBN rate of N770, reflecting ongoing economic challenges and market dynamics.
Understanding these rates and their implications is essential for anyone engaged in foreign exchange transactions in Nigeria.
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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