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 ₦1,535 for 1 USD As of July 9th, 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)?
The black market exchange rate, also known as the parallel market rate, differs from the official rate set by the Central Bank of Nigeria (CBN).
The parallel market is where many Nigerians go to exchange foreign currencies, especially the US dollar, due to its accessibility and sometimes more favorable rates compared to the official channels.
The exchange rate in the black market today shows a slight increase from previous rates. “We are seeing a higher demand for dollars recently, which has driven up the price,” said a currency trader in Lagos. The rates can vary slightly depending on the location and the volume of the transaction.
READ ALSO: Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 8th July 2024
Dollar to Naira Black Market Rate Today
- DOLLAR (USD): Buy – N1525
- DOLLAR (USD): Sell – N1535
- POUND (GBP): Buy – N1930
- POUND (GBP): Sell – N1960
- EURO (EUR): Buy – N1630
- EURO (EUR): Sell – N1640
Dollar to Naira CBN Rate Today
Last updated 7/5/24 at the time of posting
- DOLLAR (USD): Buy – N1512.21
- DOLLAR (USD) : Sell – N1513.21
- POUND (GBP): Buy – N1934.87
- POUND (GBP): Sell – N1936.15
- EURO (EUR): Buy – N1636.06
- EURO (EUR): Sell – N1637.14
- YUAN (CNY): Buy – N208.02
- YUAN (CNY): Sell – N208.16
CRYPTOCURRENCY
At the time of posting
BITCOIN
- 1BTC: NGN87.3M
- 1NGN: 0.000000001BTC
ETHEREUM
- 1ETH: NGN4.6M
- 1NGN: 0.00000022ETH
Variations in Forex Rates
The difference between the black market rate and the official CBN rate is a reflection of the supply and demand dynamics in the country.
“The black market thrives because of the high demand for dollars, especially for business transactions and travel,” said a financial analyst.
People often turn to the parallel market when they cannot meet their dollar needs through official channels.
50 Dollars to Naira Today Black Market
For those looking to exchange 50 dollars today in the black market, the buying rate would be N76,250 (50 x 1,525), and the selling rate would be N76,750 (50 x 1,535).
100 Dollars to Naira Today Black Market
Exchanging 100 dollars in the black market today would mean paying N152,500 at the buying rate and receiving N153,500 at the selling rate.
500 Dollars to Naira Today Black Market
For larger transactions, such as exchanging 500 dollars, the amount in naira would be N762,500 if you are buying and N767,500 if you are selling.
1000 Dollars to Naira Today Black Market
Exchanging 1000 dollars today in the black market would involve N1,525,000 at the buying rate and N1,535,000 at the selling rate.
Other Considerations
It’s important to note that black market rates fluctuate frequently. “The rates can change within hours depending on market conditions,” said a trader.
Individuals and businesses involved in international transactions should keep an eye on these rates to make informed decisions.
Impact on the Economy
The disparity between the black market rate and the official rate has various economic implications.
For businesses that rely on importing goods, the high black market rate means increased costs, which are often passed on to consumers. This can lead to higher inflation rates as the prices of goods and services rise.
Government Measures
The Nigerian government has made several attempts to bridge the gap between the official and parallel market rates.
These include policies aimed at increasing the supply of foreign currency in the official market and measures to curb the activities of black market traders. However, these measures have had limited success due to the persistent high demand for dollars.
Public Opinion
Many Nigerians are concerned about the rising cost of dollars in the black market. “It’s becoming increasingly difficult to get dollars at a reasonable rate,” said a Lagos resident.
The general sentiment is that unless there is a significant increase in the availability of dollars through official channels, the black market will continue to thrive.
Future Projections
Looking ahead, analysts predict that the black market rate for the dollar to naira exchange will continue to be influenced by factors such as global oil prices, government policies, and the overall economic situation in Nigeria.
“We expect the naira to remain under pressure unless there is a substantial inflow of foreign currency,” said an economist.
In conclusion, the black market exchange rate for the dollar to naira today stands at N1,525 for buying and N1,535 for selling.
This rate is higher than the official CBN rate, reflecting the ongoing demand for dollars in the parallel market.
Nigerians engaging in foreign currency transactions should stay updated on these rates to navigate the financial landscape effectively.
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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