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 N1,565 for 1 USD As of July 16th, 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, or parallel market, known locally as “Aboki fx,” is where many Nigerians go to exchange dollars for naira due to more favourable rates compared to official sources.
The rates at the black market are often higher than those set by the Central Bank of Nigeria (CBN) but not today’s own, and they are influenced by supply and demand dynamics.
The black market dollar (USD) to naira (NGN) exchange rate is a crucial indicator for many Nigerians, reflecting the true value of the naira in comparison to the dollar.
These rates fluctuate daily based on various factors including the availability of dollars, economic policies, and overall demand for foreign currency.
Mr. Adewale, a currency trader at Lagos Island, said, “The demand for dollars has been very high lately, especially with the recent economic uncertainties. People are looking to hedge against inflation by holding onto dollars.”
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 15th July 2024
Dollar to Naira Black Market Rate Today
- DOLLAR (USD): Buy – N1560
- DOLLAR (USD) : Sell – N1565
- POUND (GBP): Buy – N2020
- POUND (GBP): Sell – N2040
- EURO (EUR): Buy – N1675
- EURO (EUR): Sell – N1685
Dollar to Naira CBN Rate Today
- DOLLAR (USD): Buy – N1565.62
- DOLLAR (USD) : Sell – N1566.62
- POUND (GBP): Buy – N2034.05
- POUND (GBP): Sell – N2035.35
- EURO (EUR): Buy – N1708.40
- EURO (EUR): Sell – N1709.49
- YUAN (CNY): Buy – N215.95
- YUAN (CNY): Sell – N216.09
CRYPTOCURRENCY
At the time of posting
BITCOIN
- 1BTC: NGN100.8M
- 1NGN: 0.00000000099BTC
ETHEREUM
- 1ETH: NGN5.4M
- 1NGN: 0.00000019ETH
Variations in Forex Rates
The difference between the black market and official rates often causes confusion and difficulties for businesses and individuals who need foreign currency for transactions.
Mr. Chinedu, an importer in Lagos, stated, “We are forced to buy dollars from the black market at higher rates because we can’t get enough from the banks. This increases our costs and affects our pricing.”
50 Dollars to Naira Today Black Market
For those exchanging smaller amounts, such as 50 dollars, the rate at the black market means you will get N77,750 when selling, and you will need N78,250 to buy 50 dollars.
These small transactions are common among travelers and small business owners.
100 Dollars to Naira Today Black Market
Exchanging 100 dollars today in the black market will get you N155,500 if you are selling, and you will need N156,500 to buy 100 dollars.
The higher rates impact the overall cost of goods and services, especially imported ones.
500 Dollars to Naira Today Black Market
For larger transactions, like exchanging 500 dollars, you will receive N777,500 when selling, and you will need N782,500 to buy 500 dollars.
This amount is often used by businesses and individuals making substantial purchases or investments.
1000 Dollars to Naira Today Black Market
When exchanging 1000 dollars today, you will get N1,555,000 if you are selling, and you will need N1,565,000 to buy 1000 dollars.
Such large transactions are typical for major business deals or personal investments.
The Impact of Exchange Rates on the Economy
The disparity between the black market and official exchange rates has implications for the Nigerian economy.
Many businesses rely on the black market for foreign exchange, which increases their costs and ultimately, the prices of goods and services.
The average Nigerian feels the impact in the form of higher prices for imported goods, including essential items such as food and medicine.
Dr. Amina, an economist at the University of Lagos, explained, “The black market rates are a reflection of the true state of the economy. The wide gap between official and black market rates indicates underlying issues such as inflation and foreign exchange scarcity.”
Government Measures to Address Forex Challenges
The Nigerian government and the CBN have implemented various measures to bridge the gap between the official and black market rates.
These include policies aimed at boosting foreign exchange reserves, encouraging export-oriented businesses, and controlling inflation.
However, these measures have had limited success in stabilising the naira.
Mr. Okafor, a financial analyst, noted, “The government needs to address the root causes of the forex crisis, such as diversifying the economy and reducing dependency on oil exports. Until then, the black market will continue to thrive.”
The black market dollar (USD) to naira (NGN) exchange rate is a critical aspect of the Nigerian economy, influencing both businesses and individuals.
As of today, 16th July 2024, the rates stand at N1,555 for buying and N1,565 for selling.
The difference between the black market and official rates highlights ongoing economic challenges and the need for effective policies to stabilize the naira.
For now, Nigerians continue to navigate these challenges, hoping for a more stable and predictable forex environment in the future.
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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