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 ₦1,520 for 1 USD As of June 28, 2024.
This rate is sourced from the latest data provided by Bureau De Change (BDC) operators.
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What is the Dollar to Naira Exchange Rate at the Black Market (Aboki fx)?
As demand for foreign currency continues to surge, many individuals and businesses are turning to the black market, also known as the parallel market or “Aboki FX”, for their foreign exchange needs. This market operates outside of the official Central Bank of Nigeria (CBN) rates, with fluid and dynamic rates that can change multiple times within a single day.
Traders, known as “Abokis”, play a vital role in exchanging currencies on the streets and in informal settings. The current rates are higher than in previous days, reflecting the ongoing pressure on the Naira due to economic factors such as inflation and reduced foreign reserves. According to Musa, a currency trader in Lagos, “The rates are very volatile, we see changes every hour sometimes.”
The exchange rates in the black market are influenced by the level of demand and supply of the US Dollar. In contrast, the Central Bank of Nigeria (CBN) has set its official rate significantly lower, at N1508 per USD as of today. This disparity highlights the challenges faced by the Nigerian economy in stabilizing the currency.
Dollar to Naira Black Market Rate Today
- Buying rate: ₦1,510.00 /$1
- Selling rate: ₦1,520.00/$1
Dollar to Naira CBN Rate Today
- Buying rate: ₦1,499/$1
- Selling rate: ₦1,508/$1
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 27th June 2024
Variations in Forex Rates
The difference between the official CBN rate and the black market rate has significant implications for the economy. Businesses that rely on importing goods and services often resort to the black market when they cannot access enough foreign currency through official channels.
This creates a dual exchange rate system that can be confusing and costly. “We can’t get enough Dollars from the banks, so we have no choice but to buy from the black market,” explains Tunde, a business owner.
50 Dollars to Naira Today Black Market
For those looking to exchange smaller amounts, such as 50 dollars, the current rate would be calculated as follows:
- Buying: 50 dollars X N1,510 = N75,500
- Selling: 50 dollars X N1,520 = N76,000
100 dollars to naira today black market
Exchanging 100 dollars at today’s black market rate would yield:
- Buying: 100 dollars X N1,510 = N151,000
- Selling: 100 dollars X N1,520 = N152,000
500 dollars to naira today black market
For larger transactions, such as 500 dollars, the calculation is:
- Buying: 500 dollars X N1,510 = N755,000
- Selling: 500 dollars X N1,520 = N760,000
1000 dollars to naira today black market
Exchanging 1000 dollars would result in:
- Buying: 1000 dollars X N1,510 = N1,510,000
- Selling: 1000 dollars X N1,520 = N1,520,000
Implications of the Black Market Rates
The significant gap between the CBN rate and the black market rate underscores the challenges within Nigeria’s foreign exchange system. The pressure on the Naira and the high demand for Dollars in the black market are reflections of broader economic issues, including the need for structural reforms and increased foreign investment.
“The government needs to address the underlying issues causing this disparity,” says Dr. Adebayo, an economist. “Without addressing these fundamental problems, the Naira will continue to face pressure, and the black market will thrive.”
Today’s black market Dollar (USD) to Naira (NGN) exchange rate stands at N1,510 for buying and N1,520 for selling. The ongoing disparity between the black market and the official CBN rates presents challenges for Nigeria’s economy. Addressing the factors driving this disparity is crucial for achieving a more stable and robust foreign exchange system.
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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