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 July 3rd, 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, also known as the Parallel Market (Aboki fx)?
Today, the black market, also known as the parallel market, shows a high level of activity as people flock to exchange their dollars for naira. The exchange rate on the black market can be quite different from the official rates provided by the Central Bank of Nigeria (CBN).
This rate is largely determined by supply and demand, with many individuals and businesses opting to use this market due to its accessibility and speed.
The exchange rate for a dollar to naira in the black market today stands at N1,510 for buying and N1,520 for selling. This means that if you have dollars and want to sell them, you will get N1,510 per dollar. Conversely, if you want to buy dollars, you will need to pay N1,520 per dollar.
These rates fluctuate daily based on several factors, including inflation, economic policies, and global market trends. Many Nigerians prefer using the black market for currency exchange due to its relatively straightforward process, despite the higher rates compared to official channels.
Dollar to Naira Black Market Rate Today
- Buying rate: ₦1,510.00 /$1
- Selling rate: ₦1,520.00/$1
- POUND (GBP): Buy – N1890 POUND (GBP) : Sell – N1920
- EURO (EUR): Buy – N1580 EURO (EUR): Sell – N1610
Dollar to Naira CBN Rate Today
- Buying rate: ₦1,508.00 /$1
- Selling rate: ₦1,509.00/$1
- POUND (GBP): Buy – N1913.32 POUND (GBP) : Sell – N1914.59
- EURO (EUR): Buy – N1623.35 EURO (EUR): Sell – N1624.42
- YUAN (CNY): Buy – N207.57 YUAN (CNY): Sell – N207.71
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 2nd July 2024
CRYPTOCURRENCY
At the time of posting
BITCOIN
- 1BTC: NGN94.9M
- 1NGN: 0.000000001BTC
ETHEREUM
- 1ETH: NGN5.2M
- 1NGN: 0.00000019ETH
Variations in Forex Rates
Forex rates can vary widely between the official market and the black market. The differences are often driven by government policies, regulatory measures, and economic stability.
In Nigeria, the gap between the CBN rate and the black market rate is particularly pronounced, highlighting issues such as foreign currency scarcity and inflationary pressures. These variations are a crucial aspect of the forex landscape in Nigeria.
50 Dollars to Naira Today Black Market
If you have 50 dollars and you want to exchange them in the black market today, you would receive N75,500 based on the buying rate of N1,510 per dollar.
If you are buying 50 dollars, you will need to pay N76,000, according to the selling rate of N1,520 per dollar.
100 Dollars to Naira Today Black Market
Exchanging 100 dollars in the black market today will get you N151,000 based on the buying rate. If you need to purchase 100 dollars, it will cost you N152,000.
This calculation is based on the current rates of N1,510 and N1,520, respectively.
500 Dollars to Naira Today Black Market
For those looking to exchange 500 dollars today in the black market, you would get N755,000 at the buying rate. Conversely, if you need to buy 500 dollars, you would have to pay N760,000 at the selling rate.
This amount highlights the impact of the high exchange rates on large transactions.
1000 Dollars to Naira Today Black Market
If you have 1000 dollars to exchange in the black market, you will receive N1,510,000 at the buying rate. To buy 1000 dollars, you would need to pay N1,520,000.
This demonstrates the high cost of foreign currency in Nigeria’s parallel market and its implications for businesses and individuals.
Market Reactions and Economic Implications
The disparity between the official and black market rates has implications for Nigeria’s economy. Many businesses, especially those involved in import and export, rely heavily on the black market to obtain the necessary foreign currency.
This reliance on the parallel market can increase costs and contribute to inflation.
An economist, Dr. Emeka Ude explained, “The black market rates reflect the real demand and supply dynamics in the Nigerian economy. While the CBN controls the official rate, the black market operates on market forces, which often reveals the true state of the economy.”
Government Measures and Market Adjustments
The Nigerian government has been implementing measures to bridge the gap between the official and black market rates.
Efforts include increasing foreign reserves, improving monetary policies, and encouraging foreign investments. However, these measures have had limited success so far, and the black market remains a dominant force in Nigeria’s forex market.
Mrs. Chioma Okoro, a currency trader, noted, “Many people prefer the black market because it’s faster and more reliable. The official channels are often cumbersome and have lots of restrictions.
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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