Emmanuel OchayiWhat is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
The exchange rate for the US dollar (USD) to Nigerian Naira (NGN) in the black market, also known as the parallel market or Aboki fx, is ₦1,500 for 1 USD As of June 21 2024.
This 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?
Dollar to naira exchange rate today black market (Aboki dollar rate):
As of today, June 21, 2024, the exchange rate for the dollar to naira in the black market is experiencing notable fluctuations. The black market, also known as the parallel market or Aboki fx, remains a crucial reference point for many Nigerians due to its different rates compared to the official Central Bank of Nigeria (CBN) rates.
The black market exchange rate is the rate at which foreign currencies are bought and sold outside the official banking system. These rates are often determined by supply and demand dynamics and can be higher or lower than the official rates. For many Nigerians, the black market rate provides a more realistic picture of the currency’s value due to the restrictions and limitations of the official market.
Dollar to Naira Black Market Rate Today
- Buying rate: ₦1,500.00 /$1
- Selling rate: ₦1,510.00/$1
Dollar to Naira CBN Rate Today
- Buying rate: ₦1,491/$1
- Selling rate: ₦1,485/$1
50 Dollars to Naira Today Black Market
If you are looking to exchange 50 dollars in the black market today, you will receive N75,000 at the buying rate. Conversely, if you are buying 50 dollars, it will cost you N75,500.
READ ALSO:Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 20th June 2024
100 Dollars to Naira Today Black Market
For 100 dollars, the black market buying rate will give you N150,000. If you are purchasing 100 dollars, you will need to pay N151,000.
500 Dollars to Naira Today Black Market
Exchanging 500 dollars at the black market buying rate will fetch you N750,000. On the other hand, buying 500 dollars will require N755,000.
1000 Dollars to Naira Today Black Market
For a larger transaction of 1000 dollars, you will receive N1,500,000 at the black market buying rate. If you are looking to buy 1000 dollars, you will need N1,510,000.
Reasons for the Difference Between Official and Black Market Rates
The significant difference between the official and black market rates can be attributed to several factors. Government controls and restrictions on the availability of foreign currency often lead to shortages in the official market.
Additionally, economic uncertainties and inflation can drive individuals and businesses to seek dollars at higher black market rates.
Impact on the Economy
The disparity between the black market and official rates has various implications for the Nigerian economy. It can lead to higher costs for imported goods, affect inflation rates, and create challenges for businesses that rely on foreign exchange for their operations.
Today’s black market rate for the dollar to naira reflects ongoing economic challenges and the demand for foreign currency in Nigeria. With the buying rate at N1,500 and the selling rate at N1,510, many Nigerians continue to rely on the parallel market for their forex needs.
The gap between the black market and CBN rates highlights the complexities of the country’s foreign exchange landscape.
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.
