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 ₦1,575 for 1 USD As of July 13th, 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 exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN) in the black market, also known as the parallel market or Aboki fx, is a crucial indicator for many Nigerians. Unlike the official rates provided by the Central Bank of Nigeria (CBN), the black market rates are determined by supply and demand dynamics in the informal sector.
Today’s rate is a slight increase from yesterday’s, where the buying rate was N1,560, and the selling rate was N1,570. The continuous rise in the black market rate has been attributed to the persistent demand for dollars by importers and the limited supply of foreign exchange in official channels.
Ahmed, a currency trader in Lagos, said, “The demand for dollars is still very high. Many people prefer the black market because it’s faster, even though it’s more expensive.”
Dollar to Naira Black Market Rate Today
- DOLLAR (USD): Buy – N1565
- DOLLAR (USD) : Sell – N1575
- POUND (GBP): Buy – N2020
- POUND (GBP): Sell – N2040
- EURO (EUR): Buy – N1670
- EURO (EUR): Sell – N1680
Dollar to Naira CBN Rate Today
- DOLLAR (USD): Buy – N1559.79
- DOLLAR (USD) : Sell – N1560.79
- POUND (GBP): Buy – N2016.50
- POUND (GBP): Sell – N2017.79
- EURO (EUR): Buy – N1697.05
- EURO (EUR): Sell – N1698.14
- YUAN (CNY): Buy – N214.05
- YUAN (CNY): Sell – N215.07
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 12th July 2024
CRYPTOCURRENCY
At the time of posting
BITCOIN
- 1BTC: NGN93.1M
- 1NGN: 0.000000001BTC
ETHEREUM
- 1ETH: NGN5M
- 1NGN: 0.00000020ETH
Variations In Forex Rates
The difference between the black market and official rates continues to widen, creating a gap that has led to various economic implications. The higher black market rate is often seen as a reflection of the true value of the naira in the international market.
John, an economist, explained, “The disparity between the official and black market rates is a sign of underlying economic issues. The government needs to address the root causes, such as inflation and dependency on oil exports.”
50 Dollars to Naira Today Black Market
For those looking to exchange smaller amounts, 50 dollars in the black market today would be bought for N78,250 and sold for N78,750.
These transactions are common among small business owners and individuals needing dollars for personal use.
100 Dollars to Naira Today Black Market
Exchanging 100 dollars in the black market today means getting N156,500 if you’re selling and paying N157,500 if you’re buying.
The ease of access and fewer bureaucratic hurdles make the black market appealing despite its higher rates.
500 Dollars to Naira Today Black Market
For larger sums, 500 dollars in the black market today would fetch N782,500 if sold and cost N787,500 if bought.
This substantial amount highlights the significant difference one can encounter when dealing with large forex transactions.
1000 Dollars to Naira Today Black Market
If you need to exchange 1000 dollars, the black market rate today means you would receive N1,565,000 when selling and need to pay N1,575,000 when buying.
This transaction size is often seen among businesses requiring substantial amounts of foreign currency.
Impact on the Economy
The black market exchange rate impacts various sectors of the Nigerian economy. Importers who rely on the black market for foreign exchange face higher costs, which are often passed on to consumers.
This situation contributes to inflation, making goods and services more expensive for the average Nigerian.
Ngozi, a shop owner, said, “We have to increase prices because the cost of importing goods is high. Customers are complaining, but there’s little we can do.”
Government’s Response
The Nigerian government and the CBN have been working to stabilize the naira and bridge the gap between the official and black market rates.
Measures include tightening monetary policies, increasing forex reserves, and promoting non-oil exports to boost foreign exchange earnings.
However, the success of these measures has been mixed. The reliance on oil exports, fluctuating global oil prices, and domestic economic challenges continue to pose significant hurdles.
Future Outlook
Analysts predict that the naira will continue to face pressure in the short term. Without substantial economic reforms and diversification, the black market will remain a critical source of foreign exchange for many Nigerians.
Bola, a financial analyst, noted, “Nigeria must diversify its economy and reduce dependence on oil. This will help stabilize the naira and reduce the reliance on the black market.”
However, the black market dollar (USD) to naira (NGN) exchange rate today, 13th July 2024, stands at N1,565 for buying and N1,575 for selling. This rate reflects the ongoing economic challenges and the need for comprehensive reforms to stabilize the naira and improve the overall economic situation in Nigeria.
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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