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 ₦1,505 for 1 USD As of June 25, 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) on the black market, also known as the parallel market, is a critical piece of information for many Nigerians.
The black market exchange rate is often different from the official rate set by the Central Bank of Nigeria (CBN) and can provide a more accurate reflection of the currency’s value based on supply and demand.
Today, we will look at the exchange rate for the 25th of June, 2024, and understand the factors influencing these rates.
John, a forex trader in Lagos, said, “The rate has been quite stable over the past few days, but it could change anytime depending on market conditions.” He added that the demand for dollars usually increases towards the end of the month as businesses prepare for monthly imports and payments.
Dollar to Naira Black Market Rate Today
- Buying rate: ₦1,505.00 /$1
- Selling rate: ₦1,510.00/$1
Dollar to Naira CBN Rate Today
- Buying rate: ₦1,490/$1
- Selling rate: ₦1,483/$1
The official exchange rate, as set by the Central Bank of Nigeria (CBN), remains lower than the black market rate. As of today, the CBN rate is approximately N1,490/$1. This rate is maintained by the CBN to control inflation and stabilize the economy. However, many businesses and individuals find it challenging to access dollars at this rate due to limited supply from official channels.
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 24th June 2024
Variations in Forex Rates
Forex rates can vary widely between the official and black market rates. This variation is primarily due to differences in supply and demand in the official and unofficial markets.
The CBN controls the supply of foreign currency through official channels, often leading to shortages. As a result, individuals and businesses turn to the black market to meet their needs, driving up the exchange rate.
Lola, a businesswoman importing electronics, shared her experience: “I try to get dollars from the bank at the official rate, but it’s not always possible. So, I must use the black market, which is more expensive but more reliable in terms of availability.”
50 Dollars to Naira Today Black Market
For those looking to exchange smaller amounts, such as 50 dollars, the current black market rate means you would get approximately N75,250 when buying and N75,500 when selling. This calculation shows the direct impact of the exchange rate on everyday transactions.
100 Dollars to Naira Today Black Market
If you need to exchange 100 dollars today, you will receive N150,500 when buying and N151,000 when selling. This rate affects small business owners and individuals who need dollars for travel or personal expenses.
500 Dollars to Naira Today Black Market
Exchanging 500 dollars today in the black market would yield N752,500 when buying and N755,000 when selling. Larger transactions like this are common among importers and exporters who rely on the black market for their foreign exchange needs.
1000 Dollars to Naira Today Black Market
For even larger amounts, such as 1000 dollars, the current black market rate would give you N1,505,000 when buying and N1,510,000 when selling. This rate highlights the significant premium that people pay to access dollars in the parallel market compared to the official rate.
Impact on the Economy
The disparity between the black market and official exchange rates has several implications for the Nigerian economy. It can lead to higher inflation as businesses pass on the higher cost of foreign exchange to consumers. It also creates challenges for policymakers trying to stabilize the currency and control inflation.
Analysts suggest that addressing the root causes of the high demand for dollars in the black market, such as improving the availability of foreign exchange through official channels and promoting local production to reduce reliance on imports, could help bridge the gap between the official and black market rates.
The black market exchange rate for the dollar to the naira on the 25th of June, 2024, stands at N1,505 for buying and N1,510 for selling. This rate, much higher than the official CBN rate, reflects the high demand for dollars in the unofficial market.
Understanding these rates and their implications is crucial for anyone involved in forex trading or needing foreign currency for business or personal use.
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.
