Victor EzejaWhat is the Dollar to Naira Exchange rate at the black market, especially Aboki dollar to naira today?
The exchange rate for the US dollar (USD) to Nigerian Naira (NGN) in the black market, especially Aboki dollar to naira today, 22nd July 2024 is N1,620 for 1 USD.
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, especially Aboki dollar to naira today?
The black market rates often differ from the official Central Bank of Nigeria (CBN) rates, reflecting the supply and demand dynamics in the informal forex market.
As of today, 22nd July 2024, the black market buying rate for the US dollar is N1,600, while the selling rate is N1,620.
This reflects a slight increase from the previous day’s rate, indicating a growing demand for dollars.
These rates change from time to time during the day, due to various factors including economic conditions, market speculation, and government policies.
The dollar to naira exchange rate in the black market has been volatile, reflecting the economic challenges and forex shortages in Nigeria.
In contrast to the black market, the Central Bank of Nigeria (CBN) maintains an official exchange rate. The CBN rate for one dollar is N1,586.
The disparity between the official and black market rates highlights the pressure on the naira and the challenges in the country’s forex market. Those who cannot access Forex from the official foreign exchange market window usually patronise black market operators.
READ ALSO: Nigerian Govt To Raise $10bn To Boost Foreign Exchange Liquidity As Naira Falls To N1,850/$1
Black Market Rate Today
- DOLLAR (USD): Buy – N1,600
- DOLLAR (USD) : Sell – N1,620
- POUND (GBP): Buy – N2,020
- POUND (GBP): Sell – N2,070
- EURO (EUR): Buy – N1,750
- EURO (EUR): Sell – N1,770
- SAUDI RIYAL(SAR): Buy N428
- SAUDI RIYAL(SAR): Sell – N435
- UAE DIRHAM (AED): Buy – N440
- UAE DIRHAM (AED): Buy – N470
CBN Rate Today
- DOLLAR (USD): Buy – N1,584.5
- DOLLAR (USD) : Sell – N1,586
- POUND (GBP) : Buy – N2,047.47
- POUND (GBP) : Sell – N2048.77
- EURO (EUR): Buy – N1,724.81
- EURO (EUR): Sell – N1,725.90
- YUAN (CNY): Buy – N218.22
- YUAN (CNY): Sell – N218.36
- SAUDI RIYAL(SAR) Buy – N422
- SAUDI RIYAL(SAR): Sell – N423
CRYPTOCURRENCY
At the time of posting
BITCOIN
- 1BTC: NGN109.2M
- 1 NGN = 0.000000009 BTC
ETHEREUM
- 1ETH: NGN5.62M
- 1NGN: 000000171ETH
Variations In Forex Rates
Forex rates in Nigeria vary across different markets and platforms. The black market, official CBN rates, and rates offered by commercial banks and international money transfer operators all differ.
This discrepancy creates arbitrage opportunities but also poses challenges for businesses and individuals needing foreign currency for legitimate transactions.
50 Dollars to Naira Today Black Market
For people looking to exchange 50 US dollars today, the rate in the black market will be N80,000 if sold at the buying rate of N16,000 per dollar.
For those buying forex, it would cost N81,000 at the selling rate of N1,620 per dollar.
100 Dollars to Naira Today Black Market
The exchange of 100 US dollars today in the black market will yield N160,000 if sold at the current buying rate.
For those purchasing dollars, it will cost N162,000 to buy $100.
This rate increase no doubt affects businesses, travelers, and others who need dollars and other foreign currencies for oversea transactions.
500 Dollars to Naira Today Black Market
A transaction of up to 500 US dollars will result in N800,000 at the buying rate and N810,000 at the selling rate in the black market today.
The higher volumes reflect the ongoing need for dollars in the business community.
1000 Dollars to Naira Today Black Market
For those going for a large transaction of up to 1000 US dollars, the black market will offer N1,600,000 at the buying rate and N1,620,000 at the selling rate.
CBN Intervention
There rise in exchange rate recently was, according to the Central Bank of Nigeria (CBN), driven largely by demand pressure from corporate entities and expected seasonal uptick during the summer period.
To improve supply and ensure stability of rates in the foreign exchange market, the CBN said it has resumed regular sales of Forex to authorised dealer banks and licensed Bureau de Change (BDC) operators.
The apex bank disclosed that it sold USD$106.5 million between Thursday, 18 July and Friday, 19 July 2024.
“In line with the above, the CBN on Thursday, July 18 and Friday, July 19, 2024, sold a total sum of US $106,500,000.00 (One Hundred and Six Million and Five Hundred Thousand US Dollars Only) to 29 (Twenty-Nine) Authorized Dealer banks between an exchange rate range of N1,498.00/us$1 to N1,530.00/US$ 1.
“In addition, it bought US$9,500,000 (Nine Million and Five Hundred Thousand Dollars) from 4 (Four) Authorised Dealer banks at rates between N1,510.00/US$1 and N1,550.00/US$1. The value date for all the transactions is July 19, 2024,” the CBN’s statement signed by Dr Omolara Omotunde Duke said.
The bank added that it would continue to monitor compliance with existing trading rules and regulations by authorised dealer banks to promote ethical conduct and support the drive to achieve stability in the foreign exchange market.
The bank also advised the general public to direct their foreign exchange demand to their banks and BDC operators in accordance with prevailing market regulations. This is to ensure that are not ripped off by unscrupulous currency speculators.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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