Victor EzejaWhat is the Dollar to Naira Exchange rate at the black market, like the Aboki FX?
The exchange rate for the US dollar (USD) to Nigerian Naira (NGN) in the parallel market, especially the Aboki FX as of 8th August 2024 is N1,620 for 1 USD.
Join our WhatsApp ChannelThis rate is often sourced from the latest data provided by Bureau De Change (BDC) operators.
How Much is a Dollar to Naira Today in the Black Market?
What is the Dollar to Naira Exchange Rate at the Black Market, especially the Aboki FX?
Because of the dynamics of supply and demand in the informal foreign exchange market, the Central Bank of Nigeria (CBN) official rates often differ significantly from those on the black market.
As of today, 7th August 2024, the black market buying rate for the US dollar is N1,610, while the selling rate is N1,620.
These rates change from time to time during the day, influenced by various factors including economic conditions, market speculation, and government policies.
The dollar to naira exchange rate in the black market has continued to experience fluctuation, reflecting the economic challenges and forex shortages in Nigeria.
In contrast to the black market, the Central Bank of Nigeria (CBN) maintains an official exchange rate. Today, the CBN rate for one dollar is N1,593.13
The disparity between the official and black market rates highlights the pressure on the naira and the challenges in the country’s forex market.
READ ALSO: CBN FX Retail Auction: How 26 Banks Got $876.26m At N1,495/$
Black Market Rate Today
DOLLAR (USD): Buy – N1,600
DOLLAR (USD): Sell – N1,610
POUND (GBP): Buy – N2,050
POUND (GBP): Sell – N2,070
EURO (EUR): Buy – N1,720
EURO (EUR): Sell – N1,740
SAUDI RIYAL (SAR): Buy N430.50
SAUDI RIYAL (SAR): Sell – N428.62
CBN Rate Today
DOLLAR (USD): Buy – N1, 592.13
DOLLAR (USD): Sell – N1,593.13
POUND (GBP): Buy – N 2,020.10
POUND (GBP): Sell – N 2,021.37
EURO (EUR): Buy – N1,738.61
EURO (EUR): Sell – N1,739.70
YUAN (CNY): Buy – N222.60
YUAN (CNY): Sell – N222.74
SAUDI RIYAL (SAR): Buy – N424.01
SAUDI RIYAL (SAR): Sell – N 424.28
CRYPTOCURRENCY
At the time of posting
BITCOIN
1BTC: NGN89.41M
1 NGN = 0.000000012 BTC
ETHEREUM
1ETH: NGN3.83M
1NGN: 0.000000273ETH
Variations in Forex Rates
Forex rates in Nigeria vary across different markets and platforms. The black market, official CBN rates, and rates offered by commercial banks and international money transfer operators all differ.
This discrepancy creates arbitrage opportunities but also poses challenges for businesses and individuals needing foreign currency for legitimate transactions.
50 Dollars to Naira Today Black Market
People looking to exchange 50 US dollars today, the rate in the black market will approximately be N80,500 if obtained at the buying rate of N1,610 per dollar.
For those buying from retailers, it would cost N81,000 at the selling rate of N1,620 per dollar.
100 Dollars to Naira Today Black Market
Exchanging 100 US dollars today in the black market will get you N161,000 if sold at the current buying rate.
For those purchasing dollars, it will cost N162,000. This rate increase no doubt affects businesses, travelers, and others who need dollars and other foreign currencies for oversea transactions.
500 Dollars to Naira Today Black Market
A larger transaction of 500 US dollars will result in N805,000 at the buying rate and N810,000 at the selling rate in the black market today.
The higher volumes reflect the ongoing need for dollars in the business community.
1000 Dollars to Naira Today Black Market
For those that need up to 1000 US dollars, the black market will offer N1,610,000 at the buying rate and N 1,620,000 at the selling rate.
Naira Appreciates At Official Market
While the naira to dollar exchange rate depreciated at the black market, it however, appreciated at the official market.
According to data from the FMDQ Securities and Exchange, the official trading platform of the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira, at the close of trading on Wednesday, 7 August 2024 was N1,596.52 per dollar. This means it gained N4.48 from the previous day’s N1,601.
Meanwhile, there was an intraday high of N1,628.00 and a low of N1,520.
There was an increase in daily FX turnover from $61.90 million on Tuesday, 6 August to $93.92 million on Wednesday, 7 August. This is the first rise in daily FX turnover within the week.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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