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 N1,620 for 1 USD as of 19th 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, Especially the Aboki fx?
According to a reliable source in the black market, the buying rate of one US Dollar today is N1,610, while the selling rate is N1,620. This means if you want to sell one dollar, you will get N1,610, and if you want to buy one dollar, it will cost you N1,620.
Speaking to a currency trader in Lagos, he said, “The rate is fluctuating, but today, we are buying at N1,610 and selling at N1,620.
The demand for dollars is high, and this affects the rates.” Many people prefer the black market due to its accessibility and less stringent requirements than official channels.
This discrepancy between the CBN rate and the black market rate is a result of limited foreign exchange supply and high demand in the market.
Dollar to Naira Black Market Rate Today
- DOLLAR (USD): Buy – N1630
- DOLLAR (USD) : Sell – N1640
- POUND (GBP): Buy – N2065
- POUND (GBP): Sell – N2100
- EURO (EUR): Buy – N1720
- EURO (EUR): Sell – N1740
Dollar to Naira CBN Rate Today
- DOLLAR (USD): Buy – N1583.74
- DOLLAR (USD) : Sell – N1584.74
- POUND (GBP): Buy – N2062.66
- POUND (GBP): Sell – N2063.96
- EURO (EUR): Buy – N1732.14
- EURO (EUR): Sell – N1733.23
- YUAN (CNY): Buy – N218.16
- YUAN (CNY): Sell – N218.30
CRYPTOCURRENCY
At the time of posting
BITCOIN
- 1BTC: NGN105.8M
- 1NGN: 0.00000000094BTC
ETHEREUM
- 1ETH: NGN5.6M
- 1NGN: 0.00000018ETH
Variations In Forex Rates
Forex rates can vary widely depending on the source. For instance, the rates provided by commercial banks, money transfer operators, and the black market all differ.
A financial analyst, Mr. Adewale, explained, “The variations are due to several factors, including the availability of foreign currency, economic policies, and market demand. The black market tends to have higher rates because it is more responsive to immediate supply and demand conditions.”
50 Dollars to Naira Today Black Market
If you are looking to exchange 50 US Dollars in the black market today, you will get N80,500 at the buying rate of N1,610 per dollar.
At the selling rate of N1,620 per dollar, you will need N81,000 to buy 50 US Dollars.
100 Dollars to Naira Today Black Market
For 100 US Dollars, the exchange rate today will give you N161,000 if you are selling at the rate of N1,610 per dollar.
If you are buying 100 US Dollars, it will cost you N162,000 at the rate of N1,620 per dollar.
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 18th July 2024
500 Dollars to Naira Today Black Market
Exchanging 500 US Dollars in the black market today means you will receive N805,000 at the buying rate of N1,610 per dollar.
On the other hand, to buy 500 US Dollars, it will cost you N810,000 at the selling rate of N1,620 per dollar.
1000 Dollars to Naira Today Black Market
For those dealing with larger amounts, 1000 US Dollars will get you N1,610,000 at the buying rate of N1,610 per dollar in the black market.
To purchase 1000 US Dollars, you will need N1,620,000 at the selling rate of N1,620 per dollar.
Impact of Exchange Rates on Everyday Life
The exchange rate between the Dollar and the Naira has a significant impact on everyday life in Nigeria.
Many importers rely on the black market to meet their foreign currency needs, affecting the prices of goods and services in the country.
Mrs. Johnson, a trader, stated, “We have no choice but to go to the black market. The official channels are too slow, and the paperwork is too much. But this means our costs go up, and we have to increase our prices.”
Government’s Efforts to Stabilize the Naira
The Nigerian government, through the Central Bank, has made several attempts to stabilize the Naira and bring the black market rates closer to the official rates.
This includes interventions in the forex market, policies to boost foreign reserves, and measures to increase foreign exchange inflow.
However, these efforts have had limited success due to underlying economic challenges.
The exchange rate between the Dollar and the Naira in the black market remains a crucial aspect of the Nigerian economy.
As of today, 18th July 2024, the rates stand at N1,610 for buying and N1,620 for selling. These rates reflect the high demand for foreign currency and the challenges faced by the official forex channels.
Staying informed about these rates is essential for individuals and businesses making financial decisions.
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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