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 July 2nd, 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, or the parallel market or Aboki fx, is where currencies are traded unofficially. Unlike the official exchange rate determined by the Central Bank of Nigeria (CBN), the black market rates fluctuate based on demand and supply dynamics.
These rates often differ significantly from the official rates due to various factors, including economic conditions, forex policies, and market speculation.
The black market rate is critical for many Nigerians. It impacts the cost of imported goods, overseas education fees, and other expenses. Despite government efforts to stabilize the naira through official channels, the black market continues to thrive, reflecting the real-time demand and supply of forex.
A local trader, Musa, who operates in Lagos, shared his perspective: “The demand for dollars is still very high, especially from importers and people planning to travel. This keeps the rates up despite any government intervention.”
Dollar to Naira Black Market Rate Today
- Buying rate: ₦1,500.00 /$1
- Selling rate: ₦1,510.00/$1
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 1st July 2024
Dollar to Naira CBN Rate Today
- Buying rate: ₦1,469/$1
- Selling rate: ₦1,470/$1
Variations in Forex Rates
Forex rates can vary significantly across different markets. While the official CBN rate aims to stabilise the naira and control inflation, the black market rate is more responsive to the immediate economic conditions and the behaviour of traders.
“People prefer the black market because it is more accessible, even though it is higher,” said Chinedu, an economist based in Abuja.
50 Dollars to Naira Today Black Market
For those looking to exchange smaller amounts, here is a breakdown of the current rates:
- 50 USD to Naira at the buying rate: N75,000
- 50 USD to Naira at the selling rate: N75,500
A trader at the Yaba Market, Lagos State, Aminu, commented, “Even small amounts like 50 dollars are in high demand. People need forex for various reasons, and the black market is where they find it.”
100 Dollars to Naira Today Black Market
For 100 USD, the exchange rates are:
- 100 USD to Naira at the buying rate: N150,000
- 100 USD to Naira at the selling rate: N151,000
According to Muhammed, who runs a bureau de change in Ajao Estate, “Customers come to us because they need quick transactions. The rates might be higher, but they get their dollars without much hassle.”
500 Dollars to Naira Today Black Market
For larger transactions such as 500 USD, the rates are:
- 500 USD to Naira at the buying rate: N750,000
- 500 USD to Naira at the selling rate: N755,000
“Businesses often need larger amounts of forex, especially those importing goods,” said Tunde, a business owner in Lagos. “The black market rates, though higher, provide a realistic picture of the exchange environment.”
1000 Dollars to Naira Today Black Market
For the highest amount in our breakdown, 1000 USD, the rates are:
- 1000 USD to Naira at the buying rate: N1,500,000
- 1000 USD to Naira at the selling rate: N1,510,000
Ahmed, a trader in Ajao Estate, noted, “Dealing with 1000 dollars or more is common for large scale transactions. The black market is where we can meet our forex needs promptly.”
The black market exchange rate for the dollar to the naira remains a crucial aspect of Nigeria’s forex landscape.
With the buying rate at N1,500 and the selling rate at N1,510 as of today, July 2, 2024, many Nigerians and businesses continue to rely on this market despite the high rates.
The discrepancies between the official CBN rates and the black market rates underscore the ongoing economic challenges and the significant demand for foreign currency in the country.
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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