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 ₦1,525 for 1 USD As of June 29, 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 exchange rate for the US Dollar (USD) to the Nigerian Naira (NGN) continues to draw significant attention. As of today, 28th June 2024, the buying rate is N1,515, while the selling rate is N1,525. These figures are higher than the official rates offered by the Central Bank of Nigeria (CBN), reflecting the premium individuals and businesses pay to obtain foreign currency outside official channels.
A trader at a popular exchange point in Lagos commented;”We are seeing high demand for dollars. People are willing to pay more because it’s hard to get foreign currency through official means.”
This disparity between the official rate and the black market rate highlights the challenges facing Nigeria’s forex market
Dollar to Naira CBN Rate Today
- Buying rate: ₦1,515.00 /$1
- Selling rate: ₦1,525.00/$1
Dollar to Naira CBN Rate Today
- Buying rate: ₦1,470/$1
- Selling rate: ₦1,485/$1
Variations In Forex Rates
The differences between the black market and official rates are due to several factors. These include the limited availability of foreign currency through official channels, economic uncertainty, and inflation.
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 28th June 2024
An economist explained, “The gap between the black market and official rates is driven by supply and demand. People and businesses need dollars for imports, travel, and other expenses, but they can’t get enough from the banks.”
50 dollars to naira today black market
Converting smaller amounts like $50 in the black market gives you a buying rate of N75,750 and a selling rate of N76,250.
A street trader noted, “Smaller transactions are common. People change small amounts to meet their immediate needs.”
100 dollars to naira today black market
For $100, the exchange rate is N151,500 for buying and N152,500 for selling. A customer at a bureau de change said, “I needed $100 for an online purchase. The bank couldn’t provide it, so I had to buy from the black market at a higher rate.”
500 dollars to naira today black market
When dealing with larger sums, like $500, the buying rate is N757,500 and the selling rate is N762,500. A business owner shared, “I needed $500 for importing goods. The black market was my only option, though it’s expensive.”
1000 dollars to naira today black market
For those exchanging $1000, the black market rate is N1,515,000 for buying and N1,525,000 for selling. A frequent traveler remarked, “Traveling abroad often requires significant foreign currency. The black market is more expensive, but it’s sometimes the only option.”
Why the Black Market Rates are Higher
Several factors contribute to the higher rates in the black market. Limited access to official forex channels forces people to seek alternatives, driving up demand.
Economic policies, inflation, and external economic conditions also play a role. A financial analyst explained, “The black market thrives on scarcity. As long as there’s a gap between supply and demand, the rates will remain high.”
Impact on the Economy
The disparity between the black market and official rates has significant implications for the economy.
It affects the prices of imported goods, contributes to inflation, and impacts businesses. A market trader noted, “Everything we import costs more because we buy dollars at a high rate. This makes our products more expensive.”
Government Efforts to Control Rates
Prime Business Africa reported that the Nigerian government and the CBN have implemented various measures to control the exchange rates. These include tightening regulations on forex transactions and increasing forex supply through official channels.
However, these measures have had limited success. A government official commented, “We are working hard to stabilize the forex market. It’s a complex issue, and it takes time to see significant changes.”
However, the black market dollar to naira exchange rate today, 28th June 2024, reflects the ongoing challenges in Nigeria’s forex market.
With the black market buying rate at N1,515 and the selling rate at N1,525, individuals and businesses continue to face higher costs for foreign currency.
The gap between the black market and official rates underscores the need for effective solutions to stabilize the market and address the underlying economic issues.
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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