Emmanuel OchayiWhat is the Dollar to Naira Exchange rate at the black market popularly known as the parallel market (Aboki fx)?
The exchange rate for the US dollar (USD) to Nigerian Naira (NGN) in the black market, popularly known as the parallel market or Aboki fx, is N1,585 for 1 USD As of July 17th, 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, popularly known as the Parallel Market (Aboki fx)?
The black market dollar (USD) to naira (NGN) exchange rate has become a crucial aspect of Nigeria’s economy, influencing various sectors and the daily lives of many Nigerians.
As of today, July 17, 2024, we provide a comprehensive overview of the exchange rate dynamics, including direct insights from market participants.
The black market, popularly referred to as the parallel market or “Aboki fx,” plays a significant role in currency exchange in Nigeria. Unlike the official rate set by the Central Bank of Nigeria (CBN), the black market rate is influenced by market demand and supply.
Jane Uche, a regular customer at a currency exchange point, explained, “I usually check the rates daily because it fluctuates a lot. Today, I sold my dollars at N1,575 each.”
One trader in Lagos, John Oke, said, “The rate we offer is determined by how much demand there is for dollars. Right now, many people are trying to buy dollars, so the rate is higher.”
Dollar to Naira Black Market Rate Today
- DOLLAR (USD): Buy – N1575
- DOLLAR (USD) : Sell – N1585
- POUND (GBP): Buy – N2030
- POUND (GBP): Sell – N2060
- EURO (EUR): Buy – N1680
- EURO (EUR): Sell – N1700
Dollar to Naira CBN Rate Today
- DOLLAR (USD): Buy – N1565.39
- DOLLAR (USD): Sell – N1566.39
- POUND (GBP): Buy – N2033.44
- POUND (GBP): Sell – N2034.74
- EURO (EUR): Buy – N1708.78
- EURO (EUR): Sell – N1709.87
- YUAN (CNY): Buy – N215.57
- YUAN (CNY): Sell – N215.71
CRYPTOCURRENCY
At the time of posting
BITCOIN
1BTC: NGN102.5M
1NGN: 0.00000000098BTC
ETHEREUM
1ETH: NGN5.5M
1NGN: 0.00000018ETH
Variations in Forex Rates
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 16th July 2024
The forex rates in Nigeria vary widely between the official CBN rate and the black market rate.
These variations are influenced by several factors, including the level of foreign reserves, import demands, and economic policies.
A forex analyst, John Ebuka, remarked, “The disparity between the official rate and the black market rate is a reflection of the economic realities and the supply-demand imbalance in the market.”
50 Dollars to Naira Today Black Market
For those looking to exchange 50 dollars today, the black market rate would translate to:
- Buying: 50 x N1,575 = N78,750
- Selling: 50 x N1,585 = N79,250
100 Dollars to Naira Today Black Market
For a transaction involving 100 dollars, the exchange calculations are as follows:
- Buying: 100 x N1,575 = N157,500
- Selling: 100 x N1,585 = N158,500
500 Dollars to Naira Today Black Market
For those exchanging larger amounts like 500 dollars, the equivalent naira value would be:
- Buying: 500 x N1,575 = N787,500
- Selling: 500 x N1,585 = N792,500
1000 Dollars to Naira Today Black Market
For an even larger transaction involving 1000 dollars, the exchange rate in naira would be:
- Buying: 1000 x N1,575 = N1,575,000
- Selling: 1000 x N1,585 = N1,585,000
Implications for Businesses and Individuals
The high black market exchange rates have significant implications for businesses that rely on imported goods and raw materials.
A local importer, Musa Bello, shared his concerns, “We are struggling to keep prices stable because we have to buy dollars at such high rates to pay our suppliers.”
Individuals also feel the impact, especially those planning to travel or pay for services abroad. Mary Ade, a student preparing for studies overseas, noted, “The high exchange rate means I need to find more naira to cover my tuition fees in dollars.”
Government and Policy Responses
The Nigerian government and the CBN have been taking measures to bridge the gap between the official and black market rates.
Efforts include increasing forex supply to the official market and encouraging Nigerians to use official channels for transactions.
However, these measures have met with varying degrees of success.
An economist, Dr. Chinwe Ibekwe, commented, “While the government is making efforts, the deep-seated issues of dollar scarcity and high demand continue to drive people to the black market.”
The black market dollar (USD) to naira (NGN) exchange rate remains a critical issue in Nigeria’s economic landscape.
As of today, the rates highlight the ongoing challenges faced by individuals and businesses alike.
With the current buying rate at N1,575 and selling rate at N1,585, the black market continues to serve as a barometer for Nigeria’s economic pressures and the demand-supply dynamics of foreign exchange.
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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