Dollar (USD) to naira black market exchange rate today 2024 Abokifx

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Dollar to Naira Black Market Exchange Rate today. You can now check dollar to naira black market here.

Let’s take to See the current dollar to Naira exchange rate as of today. Let’s help compare the Dollar to Naira bank rate vs aboki rate. 

Dollar to Naira Black Market Rate Today

Contents

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 1498 
Buying Rate 1485
   
   
   

Note

Honestly If you have just a few hundred of dollars right now in Nigeria, you are made, in fact you are  a rich man .

Interested in knowing what the black market rates are  in Abuja and Lagos?  dealers exchanged the naira at 1498 

While if you want to sell 1 dollar right now, they will buy it at 1485 

This means that if you have 1 Dollar right now you are going to change it for  

Previously it was reportedly sold  in Southend of Nigeria, In Uyo, dealers are said to  trade at 1480 dollar by punch 

Dollar, Pounds, Euro to Naira Today – GBP to Naira Today

 
DateCurrencySelling(NGN)Buying(NGN)
June 24, 2024US DOLLAR1485 1498 
June 24, 2024POUNDS STERLING19001870
June 24, 2024EURO16001570

USD is being traded at ₦1,498 in Black Market(Lagos) today, Monday, June 24, 2024. USD has been traded at ₦1498 when Black Market closed last week on Friday, June 21, 2024. This makes it -14.97% decline for USD against Naira this week.

When we look at this month, USD was traded at at the beginning of this June on Monday, June 3, 2024. As at today with USD being traded at ₦1,498 we see a % for USD to Naira exchange rate for this month.

Dollar to Naira Yesterday and Throughout the Week

How much is naira to dollar today in black market?

You can now See today’s black market dollar to naira exchange rate today. When we checked on PREMIUM TIMES reports on forex dealers in Uyo and Abuja respectively it was reported that the paired currency closed at N1485 and N1498 per $1 at the black market.

Based on what premium times report we have been able to arrived at the following calculations

Black Market  table rate 

11498
57490
1014980
1522470
2029960
2537450
3044940
4059920
5074900
100149800
150224700
200299600
250374500
300449400
350524300
500749000
7501123500
10001498000
15002247000
20002996000
50007490000
1000014980000
Black market rate

Let’s not forget that TheCable had earlier on given us a report , that the Nigerian Naira traded at N1485/$1.

“browsing through the market report and watch of TheCable showed that the Nigerian Naira was and currently exchanges at 1498 to the dollar at just three different markets in Lagos, ”

News flash:The dollar rose to between 1485 and 1498 in different parts report punch News paper

https://punchng.com/dollar-hits-n575-two-days-after-aboki-fx-update-suspension/

link from report of punch publication

The Central Bank of Nigeria has suspended the sale of Dollars to BDC and has asked banks to meet dollar demand of ordinary Nigerians who want to genuinely want dollars for genuine reasons. 

Right now The only exchange rate market recognize by CBN is the Investors and Exporters window, So if you want to buy or sell dollars you are expected to make use it without breaking the law.

Although everyone has been airing their own opinion on this matter. Expert has argued that had it been the BDC was operational things won’t have gone wrong this far.

Let’s not forget that the CBN has condemned the act of registered money changers  who engaged in round-tripping..


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Key Factors that Affect Foreign Exchange Rates

Here are factors we have identified that make naira or exchange rate to fluctuate.

INFLATION RATES: inflation is known to have a direct impact on blackmarket exchange rate. If the Nigerian economy can be stable and inflation put under control, it will impact positively on the Naira but on the other hand if the Naira continues to nose dive down it could tell that the prices of food and other basic necessities are getting higher on daily basis.

INTEREST RATES: interest rates is another instrument to watch. If the rate at which bank lends money out goes up then it will reflect negatively on the economy, making the economy to contract and hence naira will suffer a fall in value.

GOVERNMENT DEBT: National debt can influence investors confidence and subsequently inflow of dollars into the economy. If inflows are high naira exchange rate will appreciate favourably to the Naira.

SPECULATION: most times naira to dollar exchange rate are influenced because of speculators. They hoard money in anticipating gain and this makes naira to fall further.

TERMS OF TRADE: favourable terms of trade will lead to increase in the value of Naira to dollar but unfortunately Nigeria is experiencing an imbalance terms is trade. We import everything from China, India and most of Asians countries.

RECESSION: recession is a stress on the economy. This scares investors and direct investment away from the economy. Nigeria experienced recession in 2016 and a third recession in 2020 due to fall in oil price and Covid-19 impact on world economy.

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