The foreign exchange market is a critical aspect of Nigeria’s economy, particularly the black market, where the dollar-to-naira exchange rate often deviates significantly from official rates.
As of August 2, 2024, this rate is a key indicator of economic pressures and demand-supply dynamics in the country.
How much is a dollar to naira today in the black market?
- Buying Rate: ₦1,575 per US dollar
- Selling Rate: ₦1,585 per US dollar
These rates represent the cost of buying or selling one US dollar in the black market.
Dollar to Naira Black Market (Aboki) Exchange Rate Table
Here is a detailed breakdown of the exchange rate for different denominations:
| Amount in USD ($) | Buying Rate (₦) | Selling Rate (₦) |
|---|---|---|
| 1 USD | 1,575 | 1,585 |
| 5 USD | 7,875 | 7,925 |
| 10 USD | 15,750 | 15,850 |
| 20 USD | 31,500 | 31,700 |
| 50 USD | 78,750 | 79,250 |
| 100 USD | 157,500 | 158,500 |
| 200 USD | 315,000 | 317,000 |
| 300 USD | 472,500 | 475,500 |
| 400 USD | 630,000 | 634,000 |
| 500 USD | 787,500 | 792,500 |
| 600 USD | 945,000 | 951,000 |
| 800 USD | 1,260,000 | 1,268,000 |
| 1,000 USD | 1,575,000 | 1,585,000 |
| 5,000 USD | 7,875,000 | 7,925,000 |
| 10,000 USD | 15,750,000 | 15,850,000 |
Implications for Businesses and Individuals
The disparity in exchange rates affects various sectors:
- For Businesses: Companies that rely on imported goods face increased costs, which can lead to higher consumer prices.
- For Individuals: Those needing foreign currency for travel, education, or medical expenses abroad must pay a premium.
Government Measures and Responses
To address the gap between official and black market rates, the Nigerian government and the CBN have implemented several measures:
- Increasing Forex Supply: Efforts to boost the availability of dollars through official channels.
- Encouraging Official Channels: Initiatives to promote the use of formal forex markets and reduce dependence on the black market.
Despite these efforts, challenges such as dollar scarcity and economic pressures persist.
