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 ₦1,498 for 1 USD As of June 22, 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):
The exchange rate between the US dollar (USD) and the Nigerian naira (NGN) in the black market, also known as the parallel market, is keenly interesting for many Nigerians.
This rate often differs from the official rate provided by the Central Bank of Nigeria (CBN). Various factors, including demand and supply dynamics, economic conditions, and currency policies influence the black market rate.
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.
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 21 June 2024
The black market, also known as the parallel market, offers a different rate compared to the official rate set by the CBN. Traders in this market, often referred to as Aboki fx, determine the rates based on the prevailing market conditions.
Forex rates in Nigeria vary widely between the official market and the black market. The difference between these rates is primarily due to the limited supply of foreign currency in the official market and the high demand in the black market.
Economic policies, inflation, and foreign reserves also play crucial roles in determining these rates. Many people rely on the black market to meet their forex needs due to the stringent regulations and limited availability in the official market.
The rates can fluctuate daily and even within the day due to various economic activities and forex demand.
Dollar to Naira Black Market Rate Today
- Buying rate: ₦1,498.00 /$1
- Selling rate: ₦1,485.00/$1
Dollar to Naira CBN Rate Today
- Buying rate: ₦1,479.00 /$1
- Selling rate: ₦1,470.00/$1
50 Dollars to Naira Today Black Market
If you are looking to exchange 50 dollars in the black market today, you will need N74,900 to buy 50 dollars (50 x N1,498). On the other hand, if you are selling 50 dollars, you will receive N74,250 (50 x N1,485).
100 Dollars to Naira Today Black Market
For 100 dollars, the amount required in the black market today is N149,800 to buy 100 dollars (100 x N1,498). If selling, you will get N148,500 (100 x N1,485).
500 Dollars to Naira Today Black Market
To purchase 500 dollars in the black market today, you need N749,000 (500 x N1,498). If you are selling 500 dollars, you will receive N742,500 (500 x N1,485).
1000 Dollars to Naira Today Black Market
For 1,000 dollars, the cost in the black market today is N1,498,000 (1,000 x N1,498). Selling 1,000 dollars will give you N1,485,000 (1,000 x N1,485).
Impact on Businesses and Individuals
The fluctuating exchange rates impact businesses and individuals differently. Importers and exporters often feel the immediate impact of these changes. Importers need more naira to buy dollars, increasing the cost of imported goods.
Exporters, on the other hand, benefit when they convert their dollar earnings to naira at a higher rate. For individuals, the cost of foreign goods and services, including education and travel, becomes more expensive when the naira depreciates.
Understanding the black market exchange rate between the dollar and naira is crucial for anyone dealing with forex in Nigeria.
The significant difference between the official CBN rate and the black market rate highlights the challenges in the Nigerian forex market. Keeping an eye on these rates helps make informed decisions for businesses and individuals.
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.
