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 N1,570 for 1 USD as of 14th July 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 black market exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN) continues to be a topic of interest for many Nigerians.
The black market, also known as the parallel market, often offers different rates compared to the official rates provided by the Central Bank of Nigeria (CBN).
This market operates outside the regulatory framework of the Central Bank of Nigeria, and the rates fluctuate based on demand and supply dynamics.
This rate is crucial for individuals and businesses engaging in import and export activities, travel, and other financial transactions that require foreign currency.
“The exchange rate is influenced by various factors including the availability of foreign currency and the demand for it,” said a local forex dealer.
“The rates can vary from one location to another, and even from one dealer to another,” he added.
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 13th July 2024
Dollar to Naira Black Market Rate Today
- DOLLAR (USD): Buy – N1565
- DOLLAR (USD) : Sell – N1570
Dollar to Naira CBN Rate Today
- DOLLAR (USD): Buy – N1559.79
- DOLLAR (USD) : Sell – N1560.79
Variations In Forex Rates
The difference between the black market and official rates often creates a challenge for businesses and individuals.
The black market rate is higher because of the higher demand for dollars outside the official channels.
“People prefer the black market because it is more accessible and sometimes quicker, but it comes with the risk of volatility and lack of regulation,” explained a market observer.
50 Dollars to Naira Today Black Market
If you are looking to exchange 50 US Dollars today in the black market, you would receive N78,250 at the buying rate of N1,565 per dollar.
At the selling rate of N1,570 per dollar, you would get N78,500.
100 Dollars to Naira Today Black Market
For 100 US Dollars, the exchange would amount to N156,500 at the buying rate and N157,000 at the selling rate.
This calculation is essential for individuals needing small amounts of foreign currency for travel or minor international purchases.
500 Dollars to Naira Today Black Market
Exchanging 500 US Dollars today in the black market would yield N782,500 at the buying rate and N785,000 at the selling rate.
This amount is significant for businesses that need to conduct transactions involving moderate sums of foreign currency.
1000 Dollars to Naira Today Black Market
If you are exchanging 1000 US Dollars, you would receive N1,565,000 at the buying rate and N1,570,000 at the selling rate.
Large transactions like these are often done by businesses involved in substantial import and export activities.
Market Insights
Understanding the dynamics of the black market exchange rate is crucial for making informed financial decisions.
“The black market rate is driven by economic factors such as inflation, government policies, and the overall economic environment,” said an economist.
“People need to stay informed and cautious when dealing with the parallel market.”
However, the black market exchange rate for the US Dollar to the Nigerian Naira as of 14 July 2024, remains higher than the official rate.
The buying rate stands at N1,565 per dollar, while the selling rate is N1,570 per dollar.
This rate disparity continues to impact individuals and businesses involved in foreign currency transactions, highlighting the ongoing challenges in the Nigerian forex market.
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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