Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 4th October 2024

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 20th August 2024

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What 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 black market, especially the Aboki fx as of 20th August 2024 is N1,610 for 1 USD.

This rate is often sourced from the latest data provided by Bureau De Change (BDC) operators.

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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, 20th August 2024, the black market buying rate for the US dollar is N1,600, while the selling rate is N1,610.

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 N1,575.69

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:   Nigerian Equity Market Continues Downward Trend, Losing N847bn In 2 Weeks

Black Market Exchange Rate Today

Foreign Currency Buying rate Selling rate
DOLLAR ($USD) N1,600 N1,610
POUNDS STERLING  (GBP) N2,045 N2,065
EURO (EUR) N1,725 1,745
YUAN (CNY) N215 N225
SAUDI RIYAL (SAR) N425 N430

 

CBN Exchange Rate Today

Foreign Currency Buying rate Selling rate
DOLLAR ($USD) N1,574.69 N1,575.69
POUNDS STERLING  (GBP) N2,040.16 N2,041.46
EURO (EUR) N1,738.30 N1,739.40
YUAN (CNY) N220.22 N220.36
SAUDI RIYAL (SAR) N419.63 N419.9

 

CRYPTOCURRENCY

At the time of posting

BITCOIN

1BTC: N94.97M

1 NGN = 0.000000011 BTC 

ETHEREUM

1ETH: NGN41.19M

1NGN:   0.000000236 ETH

 

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 N80,000 if obtained at the buying rate of N1,600 per dollar.

For those buying from retailers, it would cost N80,500 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 N160,000 if sold at the current buying rate.

For those purchasing dollars, it will cost N161,000. 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 N800,000 at the buying rate and N805,000 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 N1,600,000 at the buying rate and N 1,610,000 at the selling rate.

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victor ezeja
Correspondent at Prime Business Africa | + posts

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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