Emmanuel OchayiWhat is the Dollar to Naira Exchange rate at the black market, especially the Aboki fx?
The exchange rate for the US dollar (USD) to Nigerian Naira (NGN) in the black market, especially the Aboki fx, in Nigeria, is N1,610 for 1 USD as of 18th July 2024.
Join our WhatsApp ChannelThis rate is sourced from the latest data provided by Bureau De Change (BDC) operators.
How much is a dollar to naira today in the black market?
What is the Dollar to Naira Exchange rate at the black market popularly known as Aboki fx?
The black market rate for the dollar to naira has been a significant concern for many Nigerians.
Today, the rate stands at N1,600 per dollar for buying and N1,610 per dollar for selling.
A local forex trader, Adebayo, shared his insights on the current rates, “The demand for dollars is high due to the uncertainty in the economy, which has pushed the rates up.”
Dollar to Naira Black Market Rate Today
- DOLLAR (USD): Buy – N1605
- DOLLAR (USD) : Sell – N1615
- POUND (GBP): Buy – N2055
- POUND (GBP): Sell – N2085
- EURO (EUR): Buy – N1705
- EURO (EUR): Sell – N1725
Dollar to Naira CBN Rate Today
- DOLLAR (USD): Buy – N1572.49
- DOLLAR (USD) : Sell – N1573.49
- POUND (GBP): Buy – N2036.06
- POUND (GBP): Sell – N2037.36
- EURO (EUR): Buy – N1710.40
- EURO (EUR): Sell – N1711.49
- YUAN (CNY): Buy – N216.34
- YUAN (CNY): Sell – N216.48
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 17th July 2024
CRYPTOCURRENCY
At the time of posting
BITCOIN
- 1BTC: NGN103.9M
- 1NGN: 0.00000000096BTC
ETHEREUM
- 1ETH: NGN5.5M
- 1NGN: 0.00000018ETH
Variations In Forex Rates
Forex rates vary significantly between the official market and the black market.
A banker, Maryam, explained, “The wide gap between the official CBN rate and the black market rate is due to the limited availability of foreign currency in the official market, leading people to the black market for their forex needs.”
The black market rates are influenced by economic instability, inflation, and government policies.
50 dollars to naira today black market
If you have 50 dollars to exchange in the black market today, you will receive N80,000 for buying and N80,500 for selling.
This is based on the current rates of N1,600 for buying and N1,610 for selling.
100 dollars to naira today black market
For 100 dollars, the exchange will be N160,000 for buying and N161,000 for selling.
The high demand for dollars has kept these rates relatively high, as noted by a currency exchange dealer, Chinedu, “People are constantly seeking dollars for various needs, including travel, education, and business.”
500 dollars to naira today black market
Exchanging 500 dollars today in the black market will get you N800,000 for buying and N805,000 for selling.
The volume of the transaction often affects the rate slightly, but the difference remains marginal.
1000 dollars to naira today black market
For those dealing with larger sums, 1000 dollars in the black market today will be exchanged for N1,600,000 when buying and N1,610,000 when selling.
These large transactions are more common among businesses and individuals making significant purchases or investments.
Implications of the Current Rates
The disparity between the black market rate and the CBN rate has several implications. It affects the cost of imports, the prices of goods and services, and the overall economic stability.
A financial analyst, Kemi, mentioned, “The higher black market rates put pressure on businesses that rely on imports, leading to higher costs for consumers.”
Government and CBN Efforts
The Nigerian government and the CBN have been making efforts to stabilize the forex market.
Measures such as forex interventions, policy adjustments, and engaging with stakeholders aim to reduce the dependency on the black market.
However, these efforts have yet to bridge the gap between the official and black market rates.
The black market dollar to naira exchange rate today, 18th July 2024, highlights the ongoing challenges in Nigeria’s forex market.
With a buying rate of N1,600 and a selling rate of N1,610, the disparity with the official CBN rate remains substantial. Efforts to stabilize the market continue, but the high demand for dollars keeps the black market rates elevated.
As Nigerians navigate these rates, the impact on the economy and everyday life remains significant.
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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