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 26, 2024.
This rate is sourced from the latest data provided by Bureau De Change (BDC) operators.
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Dollar to naira exchange rate today black market (Aboki dollar rate):
The black market, also known as the parallel market or Aboki fx, is an unofficial market where individuals can buy and sell foreign currencies, including the US dollar, at rates that may differ from the official rates set by the Central Bank of Nigeria (CBN).
The black market rates are determined by supply and demand dynamics. This makes it a more volatile but often more accurate reflection of the actual market conditions.
Speaking with a local currency trader, known as Aboki, he mentioned, “The demand for dollars has been increasing recently. People are looking to buy more dollars for various reasons, including international travel and importation of goods.”
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 25th June 2024
As of today, 26th June 2024, the exchange rate for the US dollar (USD) to the Nigerian naira (NGN) at the black market is as follows:
Dollar to Naira Black Market Rate Today
- Buying rate: N1,495/$1
- Selling rate: N1,505/$1
Dollar to Naira CBN Rate Today
The official exchange rate set by the Central Bank of Nigeria (CBN) stands at:
- Buying rate: N1,480/$1
- Selling rate: N1,479/$1
Variations In Forex Rates
The wide gap between the black market rate and the CBN rate highlights the ongoing challenges in Nigeria’s foreign exchange market.
A financial analyst explained, “The variations are mainly due to the scarcity of foreign currency in the official channels. This drives people to the parallel market where the rates are higher.”
50 Dollars to Naira Today Black Market
For those looking to exchange smaller amounts, here is a breakdown of what you can expect. Exchanging 50 dollars in the black market today would get you approximately N74,750 if you’re selling, and you would need N75,250 to buy 50 dollars.
100 Dollars To Naira Today Black Market
For 100 dollars, you would get N149,500 when selling and need N150,500 to buy the same amount. This rate continues to reflect the high demand for dollars in the parallel market.
500 Dollars To Naira Today Black Market
When it comes to larger amounts, such as 500 dollars, you would receive N747,500 if you are selling your dollars in the black market. Conversely, you would need N752,500 to purchase 500 dollars.
1000 dollars to naira today black market
Finally, for 1000 dollars, the selling rate would get you N1,495,000, while you would need N1,505,000 to buy 1000 dollars. These rates show the significant premium placed on foreign currency in Nigeria’s parallel market.
Impact of Black Market Rates on Nigerians
The high black market rates have a substantial impact on the average Nigerian. Businesses that rely on imported goods find themselves paying much more for raw materials. This, in turn, leads to higher prices for consumers. A local business owner commented, “We are forced to pass the increased costs onto our customers. It’s a challenging situation.”
Government Measures and Economic Policies
The Nigerian government and the Central Bank have been implementing various measures to stabilize the foreign exchange market. However, the persistent gap between the official and parallel market rates indicates that more needs to be done.
Economists suggest that increasing foreign reserves and boosting local production could help alleviate the pressure on the Naira.
The black market Dollar (USD) to Naira (NGN) exchange rate remains a crucial aspect of Nigeria’s economy. As of today, June 26th, 2024, the rates are N1,495 for buying and N1,505 for selling.
These rates are a reflection of the ongoing demand and supply dynamics in the market. For individuals and businesses, staying informed about these rates is essential for making sound 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.
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