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, especially the Aboki fx as of 1st August 2024 is N1,610 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, 1st August 2024, the black market buying rate for the US dollar is N1,600, while the selling rate is N1,610.
These rates changes 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 experience fluctuation, 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 N1,606.67.
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
DOLLAR (USD): Buy – N1,600
DOLLAR (USD): Sell – N1,610
POUND (GBP): Buy – N2,040
POUND (GBP): Sell – N2,060
EURO (EUR): Buy – N1,695
EURO (EUR): Sell – N1,715
SAUDI RIYAL (SAR): Buy N430
SAUDI RIYAL (SAR): Sell – N440
UAE DIRHAM (AED): Buy – N435
UAE DIRHAM (AED): Buy – N445
CBN Rate Today
DOLLAR (USD): Buy – N1,605.67
DOLLAR (USD): Sell – N1,606.67
POUND (GBP): Buy – N2,064.39
POUND (GBP): Sell – N2065.67
EURO (EUR): Buy – N 1,747.13
EURO (EUR): Sell – N1,748.22
YUAN (CNY): Buy – N220.87
YUAN (CNY): Sell – N221.97
SAUDI RIYAL (SAR): Buy – N429.11
SAUDI RIYAL (SAR): Sell – N429.38
CRYPTOCURRENCY
At the time of posting
BITCOIN
1BTC: NGN109.9M
1 NGN = 0.000000009BTC
ETHEREUM
1ETH: NGN5.5M
1NGN: 0.00000018ETH
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
People looking to exchange 50 US dollars today, the rate in the black market will approximately be N80,000 if obtained at the buying rate of N1,600 per dollar.
For those buying from retailers, it would cost N80,500 at the selling rate of N1,610 per dollar.
100 Dollars to Naira Today Black Market
Exchanging 100 US dollars today in the black market will get you N160,000 if sold at the current buying rate.
For those purchasing dollars, it will cost N161,000. This rate increase no doubt affects businesses, travelers, and others who need dollars and other foreign currencies for oversea transactions.
500 Dollars to Naira Today Black Market
A larger transaction of 500 US dollars will result in N800,500 at the buying rate and N805,000 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 N1,610,000 at the selling rate.
Naira Appreciation
At the official market segment, the Nigerian Autonomous Foreign Exchange Market (NAFEM) data released at the close of trading on Wednesday, 31st July revealed that official exchange rate slightly decreased to N1,608.73 per dollar indicating a 0.76 per cent appreciation of the naira from the rate of N1,621.12 per dollar recorded at the close of trading on Tuesday, 30th July.
This is despite CBN’s efforts to boost liquidity and achieve stability in the forex market. It had on Friday, announced that $148 million was disbursed to authorised FX dealers to meet demands at the retail end of the foreign exchange market in addition to other monetary policy measures.
Also, the NAFEM data showed that there was an intraday day high of N1,645.00/$1 and a low of N1,399.04/$1. The daily forex turnover was $270.81 million. 270.81 million This shows there was a an increase of $104.47 million or 62.80 per cent when compared to Tuesday’s $166.34 million.
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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