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 ₦1,510 for 1 USD As of June 24, 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 referred to as the parallel market or Aboki fx, remains a point of interest for many Nigerians.
The black market rates often differ from the official rates provided by the Central Bank of Nigeria (CBN), making them an essential reference for individuals and businesses dealing with foreign currencies. The black market exchange rate is the rate at which foreign currencies are bought and sold outside the official banking system. Supply and demand dynamics often determine these rates and can be higher or lower than the official rates.
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 22nd June 2024
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
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Buying rate: ₦1,500.00 /$1
- Selling rate: ₦1,510.00/$1
Dollar to Naira CBN Rate Today
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Buying rate: ₦1,483/$1
- Selling rate: ₦1,485/$1
50 Dollars to Naira Today Black Market
If you are exchanging 50 US Dollars in the black market today, you will receive N75,000 at the buying rate of N1,500/$1. Conversely, if you are buying 50 US Dollars, it will cost you N75,500 at the selling rate of N1,510/$1.
100 Dollars to Naira Today Black Market
For 100 US Dollars, the buying rate in the black market is N150,000, while the selling rate is N151,000. This rate highlights the higher cost for individuals needing to purchase dollars for various purposes such as travel, education, or business.
500 Dollars to Naira Today Black Market
Exchanging 500 US Dollars in the black market today means you will receive N750,000 at the buying rate of N1,500 per dollar. If you are buying $500, it will cost you N755,000 at the selling rate of N1,510/$1.
1000 Dollars to Naira Today Black Market
For those dealing with larger sums, 1000 US Dollars in the black market today will get you N1,500,000 at the buying rate. If you need to buy 1000 US Dollars, you will need to pay N1,510,000 at the selling rate.
Impact on the Economy
The difference between the black market and official rates has significant implications for the Nigerian economy. Importers and exporters often face challenges due to these variations, leading to increased costs for goods and services.
A trader, Mrs. Oluchi Nwosu, commented, “The high black market rates make it difficult for small businesses to survive. We are forced to increase prices, which affects our customers.”
The black market exchange rate for the dollar to naira is a critical aspect of Nigeria’s economic landscape. With today’s rates at N1,500 for buying and N1,510 for selling, individuals and businesses must navigate these waters carefully.
Understanding these rates and their impact is essential for making informed 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.
