Dollar to Naira Exchange Rate at Black Market (Aboki FX) July 23, 2024: USD to NGN CBN Rate

0
Dollar to naira today black market exchange rates

Dollar to Naira Exchange Rate at the Black Market (Aboki FX) Today, July 23, 2024

Most Nigerians, especially those engaged in foreign trade, travel, and investment, always tend to be very sensitive and inquisitive about the US dollar-to-naira exchange rate. Parallel market rates, otherwise referred to as black market or Aboki FX rates, would often show different prices from the official Central Bank of Nigeria current rates. For many, this is a critical source of foreign exchange.

How much is a dollar to naira now in black market? Dollar to naira exchange rate at black market yesterday (Aboki dollar rate): The exchange rate for a dollar to naira selling at Lagos Parallel Market (Black Market), yesterday, July 22, 2024, players bought dollars for N 1555 and sold at N 1565 according to sources at Bureau De Change, BDC.

Advertisement

Read Also: Ali Ndume Speaks on Leaving APC for PDP After Sack by Akpabio-Led Senate

Please take note that the Central Bank of Nigeria does not recognize the parallel market, popularly known as the black market, for it has directed anybody willing to sell Forex to go to their respective banks.

Advertisement

Dollar to Naira Black Market Rate Today, July 23, 2024

  • Buying Rate: N1570
  • Selling Rate: N1575

Dollar to Naira CBN Exchange Rate

Some stability may come with a government-regulated setting of official rates by the Central Bank of Nigeria. View current rates below:

Advertisements
  • Dollar to Naira (USD to NGN) CBN Rate Today:
    • Buying Rate: N1652
    • Selling Rate: N1653

These rates reflect government policies aimed at stabilizing the naira and managing foreign exchange reserves. Businesses and individuals who prefer regulated transactions frequently utilise these rates for their transactions.

Please note that the rate at which you are selling or buying forex may not be the same during capture in this piece because prices keep varying.

Dollar to Naira Exchange Rate at Black Market (Aboki FX) July 23, 2024: USD to NGN CBN Rate

Advertisements

Pounds and Euro to Naira Exchange Rates

For those dealing with currencies other than the US dollar, here are the latest rates:

Advertisements

Pounds to Naira (CBN Rates)

  • Buying Rate: ₦2,139
  • Selling Rate: ₦2,140

Euro to Naira (Black Market Rates)

Advertisements
  • Buying Rate: ₦1,798
  • Selling Rate: ₦1,799

These rates are also subject to market conditions and economic policies.

Advertisements

Geegpay and Grey: Online Exchange Platforms

Digital platforms like Geegpay and Grey offer convenient and secure options for currency exchange, providing competitive rates.

Advertisements

Geegpay Dollar to Naira Rates

  • EUR (€): Buying at ₦1,690.03, Selling at ₦1,695.55
  • GBP (£): Buying at ₦1,950, Selling at ₦1,965
  • USD ($): Buying at ₦1,504, Selling at ₦1,570

Grey Dollar to Naira Rates

Advertisement
  • EUR (€): Buying at ₦1,640.03, Selling at ₦1,719
  • GBP (£): Buying at ₦1,902, Selling at ₦2,015
  • USD ($): Buying at ₦1,550, Selling at ₦1,570

These platforms have gained popularity due to their ease of use, transparency, and security, making them viable alternatives to traditional methods.

Factors Influencing Black Market Rates

Understanding the factors that influence the dollar to naira exchange rate in the black market can help anticipate changes and make better financial decisions.

Economic Policies Government policies significantly impact exchange rates. Decisions on interest rates, inflation control, and foreign exchange regulations by the Central Bank of Nigeria (CBN) directly affect the naira’s value. For instance, when the CBN adjusts policies to manage inflation or stabilize the naira, it impacts the exchange rate.

Advertisements

Supply and Demand The availability of foreign currency versus the demand for it plays a crucial role. When foreign currency is scarce or demand is high, the naira depreciates, leading to higher exchange rates. Conversely, an abundant supply of dollars can lead to lower rates.

Political Stability Geopolitical events and internal political stability affect investor confidence. Political unrest or uncertainty can cause the naira to depreciate as investors move towards safer assets. Stability and positive political developments, on the other hand, can strengthen the naira.

Global Economic Conditions Global market conditions, such as shifts in oil prices (a major export for Nigeria), international economic trends, and global inflation rates, influence the naira’s value. For example, a significant drop in oil prices can negatively impact Nigeria’s economy and the naira.

Comparing Official and Black Market Rates

There is a significant disparity between official and black market rates. The black market offers higher rates but with substantial risks such as fraud and legal issues. The CBN advises using official channels to avoid these risks. Official rates are stable and reliable, making them suitable for the majority of transactions.

Why the Disparity Between Official and Black Market Rates?

The disparity between the official CBN rates and the black market rates is influenced by several factors:

  • Supply and Demand: The availability of foreign currency in the official market is often limited, leading individuals and businesses to seek forex in the black market where demand drives up prices.
  • Regulatory Restrictions: The CBN imposes restrictions on the amount of forex available for personal and business use, making it difficult for many to meet their needs through official channels.
  • Economic Instability: Fluctuations in oil prices, inflation, and economic policies can create uncertainty, prompting people to turn to the parallel market for more favorable rates.

Impact of Black Market Rates on the Economy

Advertisements

The high exchange rates in the black market can have various implications for the Nigerian economy:

  • Inflation: Higher costs for imported goods can drive up prices locally, contributing to inflation.
  • Investment: Unfavorable exchange rates can deter foreign investment as investors seek more stable economic environments.
  • Trade: Exporters may benefit from higher naira values per dollar, while importers face increased costs, potentially leading to trade imbalances.

How to Use the Parallel Market

For those needing to engage in forex transactions through the black market, safety and caution are paramount. Here are some tips:

  • Verify Rates: Always check the latest rates from reliable sources like Aboki FX to ensure you get the best deal.
  • Deal with Reputable Dealers: Engage with well-known and trusted Bureau De Change operators to avoid scams.

FAQs on Dollar to Naira Exchange Rate Black Market

  • How much is a dollar to naira today in the black market? The buying rate is N1570, and the selling rate is N1575 as of July 23, 2024.
  • Why does the black market offer higher rates than the CBN? The black market rates are driven by supply and demand dynamics, regulatory restrictions, and economic instability.
  • Is it legal to trade forex in the black market? While the CBN discourages it, many engage in the black market due to the unavailability of sufficient forex through official channels.
  • What are the risks of trading in the black market? Risks include fluctuating rates, potential scams, and the legal gray area of such transactions.
  • Can the CBN influence black market rates? The CBN can influence these rates through monetary policy, forex interventions, and regulatory measures, but direct control is limited.
  • How often do black market rates change? Rates can change on a daily or even multiple times per day, depending on market conditions and economic news.

Conclusion on the Dollar-Naira Exchange Rate Black Market.

Advertisement

The black market dollar-to-naira exchange rate represents an intricate play of economic factors, regulatory frameworks, and market dynamics. As critical as it is—being an alternative for many Nigerians who seek forex—it also underlines the challenges and opportunities that exist in Nigeria’s broader economic context.

Advertisements

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!