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 N1,530 for 1 USD As of July 6th, 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)?
The exchange rate between the dollar (USD) and the naira (NGN) in the black market, also known as the parallel market, fluctuates daily.
The black market rate is often different from the official rates provided by the Central Bank of Nigeria (CBN) due to various factors including demand and supply dynamics, economic conditions, and market sentiment.
Traders and buyers in the parallel market are experiencing varied exchange rates depending on their location and negotiation skills. The current black market buying rate is N1,522 per dollar, while the selling rate is N1,530 per dollar.
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 5th July 2024
This rate is a reflection of the current economic conditions and the high demand for foreign currency in Nigeria. A currency trader in Lagos stated, “We have seen a consistent demand for dollars which keeps the rates high.”
Contrary to the black market, the Central Bank of Nigeria (CBN) provides an official exchange rate which is typically lower. This rate is used for official transactions and is part of the government’s efforts to stabilise the naira. A CBN official noted, “We aim to maintain a stable exchange rate through our monetary policies.”
Dollar to Naira Black Market Rate Today
- Buying rate: N1,522.00 /$1
- Selling rate: N1,530.00/$1
- POUND (GBP): Buy – N1910
- POUND (GBP): Sell – N1930
- EURO (EUR): Buy – N1610
- EURO (EUR): Sell – N1625
Dollar to Naira CBN Rate Today
- Buying rate: N1,516.00 /$1
- Selling rate: N1,517.00/$1
- POUND (GBP): Buy – N1933.97
- POUND (GBP): Sell – N1935.24
- EURO (EUR): Buy – N1637.67
- EURO (EUR): Sell – N1638.75
- YUAN (CNY): Buy – N208.55
- YUAN (CNY): Sell – N208.69
CRYPTOCURRENCY
At the time of posting
BITCOIN
- 1BTC: NGN84.5M
- 1NGN: 0.000000001BTC
ETHEREUM
- 1ETH: NGN4.5M
- 1NGN: 0.00000022ETH
Variations in Forex Rates
The difference between the black market and the CBN rates highlights the ongoing challenges in Nigeria’s forex market.
Many factors contribute to these variations including inflation, foreign reserves, and economic policies.
A financial analyst explained, “The disparity between the official and parallel market rates indicates a need for more effective forex management policies.”
50 Dollars to Naira Today Black Market
For those looking to exchange 50 dollars in the black market, the calculation is straightforward. At the buying rate of N1,522, 50 dollars would amount to N76,100.
Conversely, at the selling rate of N1,530, 50 dollars would cost N76,500. This demonstrates the impact of even small currency exchanges on the total amount received or spent.
100 Dollars to Naira Today Black Market
Exchanging 100 dollars in the black market today would yield N152,200 at the buying rate of N1,522 per dollar.
At the selling rate of N1,530 per dollar, 100 dollars would be worth N153,000. These calculations are crucial for individuals and businesses that rely on forex for their operations.
500 Dollars to Naira Today Black Market
For larger transactions such as exchanging 500 dollars, the amounts become more significant. At the buying rate of N1,522, 500 dollars would equal N761,000.
At the selling rate of N1,530, the same amount would convert to N765,000. This reflects the substantial difference even a slight rate change can make in larger transactions.
1000 Dollars to Naira Today Black Market
When dealing with amounts like 1000 dollars, the figures illustrate the importance of rate differences.
At the current buying rate of N1,522, 1000 dollars would amount to N1,522,000. At the selling rate of N1,530, 1000 dollars would be N1,530,000. These conversions show the high stakes involved in the forex market.
Factors Influencing the Black Market Rate
Several factors influence the black market exchange rate. These include:
- Demand and Supply: High demand for dollars and limited supply can drive up the rate.
- Economic Policies: Government regulations and monetary policies impact forex availability and rates.
- Market Sentiment: Perceptions of economic stability can affect exchange rate fluctuations.
- Global Economic Trends: International economic conditions and currency valuations play a role in local exchange rates.
The black market dollar (USD) to naira (NGN) exchange rate as of 6th July 2024 is crucial information for individuals and businesses engaged in forex transactions.
With the current buying rate at N1,522 and the selling rate at N1,530, understanding these rates helps in making informed financial decisions.
The disparities between the black market and CBN rates highlight the complexities of Nigeria’s forex market and the ongoing challenges in achieving rate stability.
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.
