Victor EzejaWhat is the Dollar to Naira Exchange rate at the black market, like the Aboki FX?
The exchange rate for the US dollar (USD) to Nigerian Naira (NGN) in the parallel market also known as the black market, especially the Aboki fx as of 16th August 2024 is N1,600 for 1 USD.
This rate is often 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 the Aboki FX?
Because of the dynamics of supply and demand in the informal foreign exchange market, the Central Bank of Nigeria (CBN) official rates often differ significantly from those on the black market.
As of today, 16th August 2024, the black market buying rate for the US dollar is N1,590, while the selling rate is N1,600.
These rates change from time to time during the day, influenced by various factors including economic conditions, market speculation, and government policies.
The dollar-to-naira exchange rate in the black market has continued to fluctuate, 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. Today, the CBN rate for one dollar is N1,580.77.
The disparity between the official and black market rates highlights the pressure on the naira and the challenges in the country’s forex market.
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Black Market Rate Today
| Currency | Buying | Selling |
|---|---|---|
|
DOLLAR ($USD) |
N1,590 | N1,600 |
|
POUND (GBP) |
N2,040 | N2,060 |
| EURO (EUR) | N1,700 | N1,720 |
| YUAN (CNY) | N223.62 | N230.62. |
| SAUDI RIYAL (SAR) | N423.58 | N430.58 |
CBN Rate Today
| Currency | Buying | Selling |
| DOLLAR \($USD) | N1,579.77 | N1,580.77 |
| POUND(GBP) | N2,028.42 | N2,029.70 |
| EURO (EUR) | N1741.38 | N1,742.48 |
| YUAN (CNY) | N221.13 | N221.27 |
| SAUDI RIYAL(SAR) | N420.91 | N421.17 |
CRYPTOCURRENCY
At the time of posting
BITCOIN
1BTC: N94.8M
1 NGN = 0.00000001BTC
ETHEREUM
1ETH: NGN4.3M
1NGN: 0.000000232ETH
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 approximately N79,500 if obtained at the buying rate of N1,590 per dollar.
For those buying from retailers, it would cost N80,000 at the selling rate of N1,600 per dollar.
100 Dollars to Naira Today Black Market
Exchanging 100 US dollars today in the black market will get you N159,000 if sold at the current buying rate.
For those purchasing dollars, it will cost N160,000. This rate increase no doubt affects businesses, travelers, and others who need dollars and other foreign currencies for overseas transactions.
500 Dollars to Naira Today Black Market
A larger transaction of 500 US dollars will result in N795,000 at the buying rate and N800,000 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 that need up to 1000 US dollars, the black market will offer N1,600,000 at the buying rate and N 1,590,000 at the selling rate.
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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