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 N1,600 for 1 USD as of 20th 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?
The black market rates often differ significantly from the official Central Bank of Nigeria (CBN) rates, reflecting the supply and demand dynamics in the informal forex market.
As of today, 20th July 2024, the black market buying rate for the US dollar is N1,590, while the selling rate is N1,600.
These rates are subject to fluctuations throughout the day, influenced by various factors such as economic conditions, market speculation, and government policies.
The dollar to naira exchange rate in the black market has been volatile, reflecting the economic challenges and forex shortages in Nigeria. Traders at the popular Yaba Market in Lagos confirmed the current rates.
“We are buying dollars at N1,590 and selling at N1,600,” said Musa Abubakar, a forex trader. This reflects a slight increase from the previous day’s rate, indicating a growing demand for dollars.
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 N1585.
The disparity between the official and black market rates highlights the pressure on the naira and the challenges in the country’s forex market.
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 19th July 2024
“The official rate is meant to stabilize the economy, but it often falls short of meeting actual demand,” explained economist Dr. Ngozi Okafor.
Dollar to Naira Black Market Rate Today
- DOLLAR (USD): Buy – N1580
- DOLLAR (USD) : Sell – N1600
- POUND (GBP): Buy – N2040
- POUND (GBP): Sell – N2070
- EURO (EUR): Buy – N1690
- EURO (EUR): Sell – N1710
Dollar to Naira CBN Rate Today
- DOLLAR (USD): Buy – N1584.06
- DOLLAR (USD) : Sell – N1585.06
- POUND (GBP) : Buy – N2056.75
- POUND (GBP) : Sell – N2058.05
- EURO (EUR): Buy – N1730.43
- EURO (EUR): Sell – N1731.52
- YUAN (CNY): Buy – N218.22
- YUAN (CNY): Sell – N218.36
CRYPTOCURRENCY
At the time of posting
BITCOIN
- 1BTC: NGN104.2M
- 1NGN: 0.00000000096BTC
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.
“The black market rate is often higher due to the high demand and limited supply of dollars,” said Mr. Adekunle, a financial analyst.
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 those looking to exchange 50 US dollars today, the rate in the black market will yield approximately N79,500 if sold at the buying rate of N1,590 per dollar.
If buying, it would cost N80,000 at the selling rate of N1,600 per dollar. “Small transactions like 50 dollars are common among students and travelers,” noted Mrs. Aisha Bello, a Forex agent.
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 impacts travelers, businesses, and those sending money abroad.
“We see a lot of activity at this level, especially from small business owners,” commented Mr. James Ibe, a currency trader.
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.
“Larger transactions are usually from importers and businesses needing to pay for goods and services abroad,” said Mrs. Chinwe Anozie, a market observer.
The higher volumes reflect the ongoing need for dollars in the business community.
1000 Dollars to Naira Today Black Market
For those dealing with 1000 US dollars, the black market will offer N1,590,000 at the buying rate and N1,600,000 at the selling rate.
“This level of transaction is common among importers and high net-worth individuals,” explained Mr. Olumide Johnson, a financial consultant.
The amounts reflect the broader economic impact of forex rate fluctuations on large-scale financial activities.
Other Considerations
The ongoing disparity between the black market and official rates continues to challenge Nigeria’s economic stability.
The government and the Central Bank of Nigeria have implemented various measures to stabilize the naira, but the informal forex market remains a critical factor in the broader economic landscape.
Mr. Babatunde Sola, a market economist, emphasized, “Until we address the root causes of the forex shortage, such as improving local production and reducing dependency on imports, the black market will remain a vital part of the forex ecosystem in Nigeria.”
The dollar to naira exchange rate in the black market reflects broader economic realities. Individuals and businesses must navigate these rates carefully to optimize their financial transactions and hedge against potential losses.
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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