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 ₦1,560 for 1 USD As of July 11th, 2024.
This rate is sourced from the latest data provided by Bureau De Change (BDC) operators.
Join our WhatsApp ChannelHow Much is a Dollar to Naira Today in the Black Market?
What is the Dollar to Naira Exchange Rate at the Black Market also known as the Parallel Market (Aboki fx)?
The black market, also known as the parallel market or Aboki fx, plays a crucial role in the exchange rate dynamics of Nigeria.
Due to the high demand for foreign currency and limited supply from official channels, many Nigerians turn to the black market for their foreign exchange needs.
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 10th July 2024
The dollar to naira exchange rate in the black market can differ from the official rates provided by the Central Bank of Nigeria (CBN).
A local trader, Musa Ahmed, shared his experience: “The demand for dollars is still very high. People need it for various reasons, including travel, education, and business. The official channels cannot meet the demand, so many come to us.”
He added, “Today, we are buying dollars at N1,550 and selling at N1,560. The rates change frequently based on supply and demand.”
Dollar to Naira Black Market Rate Today
- DOLLAR (USD): Buy – N1550
- DOLLAR (USD) : Sell – N1560
- POUND (GBP): Buy – N1970
- POUND (GBP): Sell – N2000
- EURO (EUR): Buy – N1650
- EURO (EUR): Sell – N1670
Dollar to Naira CBN Rate Today
- DOLLAR (USD): Buy – N1548.89
- DOLLAR (USD) : Sell – N1549.89
- POUND (GBP): Buy – N1983.66
- POUND (GBP): Sell – N1984.94
- EURO (EUR): Buy – N1675.74
- EURO (EUR): Sell – N1676.82
- YUAN (CNY): Buy – N212.98
- YUAN (CNY): Sell – N213.12
CRYPTOCURRENCY
At the time of posting
BITCOIN
- 1BTC: NGN86.4M
- 1NGN: 0.000000001BTC
ETHEREUM
- 1ETH: NGN4.7M
- 1NGN: 0.00000021ETH
Variations in Forex Rates
Forex rates can vary widely across different platforms. The official rate provided by the CBN is often lower than the rates found in the black market.
This discrepancy is driven by the limited availability of foreign currency in official channels and the higher demand in the black market.
John Okeke, an economist, explains, “The disparity between the official and black market rates is primarily due to the supply constraints. Many individuals and businesses cannot get the dollars they need from banks, so they resort to the black market, which drives up the price.”
50 Dollars to Naira Today Black Market
For those looking to exchange 50 dollars, the black market rate today would see you receiving N77,500 if you are selling. Conversely, if you are buying 50 dollars, you would need to pay N78,000.
These rates highlight the premium that is often paid in the black market compared to official channels.
100 Dollars to Naira Today Black Market
Exchanging 100 dollars today in the black market would fetch you N155,000 if selling and cost you N156,000 if buying.
The demand for foreign currency remains high, contributing to these elevated exchange rates.
500 Dollars to Naira Today Black Market
For larger transactions, such as exchanging 500 dollars, the black market rate today would result in you receiving N775,000 if selling.
If you are buying, you would need to pay N780,000. These rates underscore the significant difference between the official and black market exchange rates.
1000 Dollars to Naira Today Black Market
Exchanging 1000 dollars in the black market today would provide N1,550,000 if selling, while purchasing the same amount would cost N1,560,000.
This amount highlights the financial implications for businesses and individuals needing large sums of foreign currency.
Economic Implications
The persistent gap between the official and black market rates has several economic implications. Businesses often face higher costs for importing goods, which can lead to increased prices for consumers.
Additionally, individuals seeking to pay for foreign services or products encounter financial strain due to the elevated rates.
Mary Johnson, a business owner, shared her concerns: “The high black market rates make it difficult for us to plan our finances. Importing goods has become very expensive, and we have to pass some of these costs to our customers.”
Regulatory Measures
The Central Bank of Nigeria has implemented various measures to stabilize the exchange rate and curb the activities of the black market.
However, these measures have met with limited success due to the high demand for foreign currency and the economic realities facing many Nigerians.
Dr. Tunde Bakare, a financial analyst, commented, “While the CBN’s efforts to control the exchange rate are commendable, the reality is that many people still rely on the black market.
Until there is sufficient supply in the official channels, the black market will continue to thrive.”
The dollar to naira exchange rate in the black market remains a critical aspect of Nigeria’s economy. As of today, the rates reflect the ongoing challenges and the high demand for foreign currency.
Individuals and businesses must navigate these rates carefully to manage their financial needs.
The disparity between the official and black market rates underscores the need for effective economic policies to address the underlying issues driving the demand for foreign currency.
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.
Follow Us