Victor Ezeja
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, especially the Aboki fx as of 24th July 2024 is N1,600 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, 24th July 2024, the black market buying rate for the US dollar is N1,590, while the selling rate is N1,600.
These rates changes 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 N1,542.09.
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 Raises Benchmark Interest Rate To 26.75% Amid Soaring Inflation
Black Market Rate Today
- DOLLAR (USD): Buy – N1,590
- DOLLAR (USD) : Sell – N1,600
- POUND (GBP): Buy – N2,050
- POUND (GBP): Sell – N2,070
- EURO (EUR): Buy – N1,660
- EURO (EUR): Sell – N1,680
- SAUDI RIYAL(SAR): Buy N425
- SAUDI RIYAL(SAR): Sell – N435
- UAE DIRHAM (AED): Buy – N430
- UAE DIRHAM (AED): Buy – N450
CBN Rate Today
- DOLLAR (USD): Buy – N1542.09
- DOLLAR (USD) : Sell – N1,541.09
- POUND (GBP) : Buy – N1,990.47
- POUND (GBP) : Sell – N1,991.76
- EURO (EUR): Buy – N93
- EURO (EUR): Sell – N1,01
- YUAN (CNY): Buy – N83
- YUAN (CNY): Sell – N97
- SAUDI RIYAL(SAR) Buy – N84
- SAUDI RIYAL(SAR): Sell – N10
CRYPTOCURRENCY
At the time of posting
BITCOIN
- 1BTC: NGN42m
- 1 NGN = 000000009BTC
ETHEREUM
1ETH: NGN5.51M
1NGN: 0.000000178 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 N79,500 if sold at the buying rate of N1,590 per dollar.
If buying, it would cost N80,000 at the selling rate of N1,600 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 N159,000. 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 N 795,000 at the buying rate and N800,000 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, 1,590,000 at the buying rate and N 1,600,000 at the selling rate.
Appreciation of the naira
The data reflects a slight increase in exchange rate from the previous day’s rate, which means there is a appreciation of the naira across all exchange windows of the forex market at the close of trading on Tuesday, 23rd July 2024. This is despite CBN’s intervention in the forex market last week by injecting $106.5 million into the to foreign exchange market to boost liquidity and achieve stability.
The Nigerian Autonomous Foreign Exchange Market (NAFEM) data released at the close of trading on Tuesday, 23rd July revealed that official exchange rate increased to N1,548.76 per dollar indicating a 3.23 per cent depreciation of the naira from the rate of N1,500.32 per dollar recorded at the close of trading on Monday, 22 July.
Also, the NAFEM data showed that there an intraday day high of N1,610/$1 and a low of N1,470/$1. The daily Forex turnover was $280.92 million. This shows there was an increase of 4.0 per cent when compared to yesterday’s $269.88 million.
