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 also known as the black market, especially the Aboki fx as of 18th August 2024 is N1,605 for 1 USD.
This rate is often 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, 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, 18th August 2024, the black market buying rate for the US dollar is N1,595, while the selling rate is N1,605.
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 fluctuate, 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 N1,585.34.
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: How CBN’s Delay In Providing Market Guidance Triggers Naira Fall – Report
Black Market Rate Today
| Currency | Buying | Selling |
|---|---|---|
|
DOLLAR ($USD) |
N1,595 | N1,605 |
|
POUND (GBP) |
N2,050 | N2,080 |
| EURO (EUR) | N1,700 | N1,730 |
| YUAN (CNY) | N223.62 | N230.62. |
| SAUDI RIYAL (SAR) | N423.58 | N430.58 |
CBN Rate Today
| Currency | Buying | Selling |
| DOLLAR ($USD) | N1,585.34 | N1,585.34 |
| POUND(GBP) | N2,032.07 | N2,033.35 |
| EURO (EUR) | N1,736.59 | N1,736.59 |
| YUAN (CNY) | N221.33 | N221.475 |
| SAUDI RIYAL(SAR) | N422.13 | N422.39 |
CRYPTOCURRENCY
At the time of posting
BITCOIN
1 BTC: N95.07M
1 NGN =0.000000011 BTC
ETHEREUM
1 ETH: NGN4.2M
1 NGN: 0.000000232ETH
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
For people looking to exchange 50 US dollars today, the rate in the black market will be approximately N79,750 if obtained at the buying rate of N1,595 per dollar.
For those buying from retailers, it would cost N80,250 at the selling rate of N1,605 per dollar.
100 Dollars to Naira Today Black Market
Exchanging 100 US dollars today in the black market will get you N159,500 if sold at the current buying rate.
For those purchasing dollars, it will cost N160,500. This rate increase no doubt affects businesses, travelers, and others who need dollars and other foreign currencies for overseas transactions.
500 Dollars to Naira Today Black Market
A larger transaction of 500 US dollars will result in N797,500 at the buying rate and N802,500 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 N1,595,000 at the buying rate and N1,605,000 at the selling rate.
Naira At Official Market
The naira also ended the week on a note of depreciation at the official segment of the foreign exchange market. The local currency closed trading on Friday, 16 August at N1,579.89 per dollar, losing N15.41 when compared to previous day’s trading when the naira exchanged N1,564.48 per dollar. The naira had opened the week on a positive note, appreciating to N1570.99 per dollar on Monday, 12 August against N1,574.20 on Friday, 9 August. It however, fell on Tuesday, 13 August (N1582.09/$) and Wednesday, 14 August (N1,586.04/$). After rising in value on Thursday, 15 August, it dropped again on Friday.
Analysts had attributed the drop in exchange rate to the Retail Dutch Auction System adopted by the Central Bank of Nigeria in which a total of $876 million was sold to end users whose bids were submitted by 26 commercial banks. It was an attempt by the apex bank to curb demand pressure on FX and strengthen the value of the naira.
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.
