Emmanuel OchayiWhat is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
As of Friday, 14th June 2024, the exchange rate for a dollar to naira at the Lagos Parallel Market, commonly referred to as the black market, shows a difference from the official rates. According to sources at Bureau De Change (BDC), black market players are buying a dollar for N1480 and selling at N1485. This rate fluctuates daily and is influenced by various economic factors.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The US dollar was trading at a buying price of N1480 and a selling price of N1485 in the Lagos Parallel Market, also known as the Black Market. This information comes from sources within the Bureau De Change (BDC).
Join our WhatsApp ChannelIt’s important to note that the Central Bank of Nigeria (CBN) does not recognize this parallel market and instead directs individuals seeking Forex services to approach authorized banks.
Dollar to Naira Black Market Rate Today
The black market exchange rate for a dollar to naira today is:
- Buying Rate: N1480
- Selling Rate: N1485
These rates provide an alternative to the official channels for many Nigerians, despite the Central Bank of Nigeria (CBN) advising against using the parallel market.
Dollar to Naira CBN Rate Today
The CBN maintains an official exchange rate, which is often lower than the black market rate. For the same date, the CBN rates are:
- Buying Rate: N1481
- Selling Rate: N1482
The difference between the black market and CBN rates creates a challenge for individuals and businesses needing foreign exchange, as the CBN does not recognize the black market and encourages the use of official channels through banks.
READ ALSO: Dollar To Naira Rate Hits N461.50kobo In Official Market, Drops In Black Market
Variations in Forex Rates
Forex rates can vary significantly based on the market and the institution. Here are the rates from a major Nigerian bank for comparison:
- Zenith Bank Exchange Rate:
- Buying Rate: N1300
- Selling Rate: N1310
- UBA Exchange Rate:
– Buying: ₦1,300.00
– Selling: ₦1,310.00 - First Bank Exchange Rate:
– Buying rate: ₦1,380 per US Dollar
– Selling rate: ₦1,387 per US Dollar - Black Market Exchange Rate:
– Buying Rate: N1480
– Selling Rate: N1485
Implications for the Economy
The disparity between the black market and official exchange rates reflects underlying economic pressures and demand for foreign currency in Nigeria. Many Nigerians resort to the black market due to the ease of transactions and sometimes more favorable rates compared to the official channels.
The exchange rate dynamics between the dollar and naira remain a crucial aspect of Nigeria’s economic landscape. While the black market offers higher rates, it comes with risks and a lack of recognition from the CBN.
For those looking to exchange currency, understanding the differences in rates and the potential implications is essential for making informed decisions.
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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