Business
Black market Dollar to Naira exchange rate today 28 August 2024
What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Aboki Fx) today? As of August 28, 2024, the dollar to naira exchange rate is 1 USD to 1,610 NGN at the black market.
Topnaija.ng reports that this means that for every one US dollar, you can exchange it for ₦1,610.
This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.
How Much is Dollar to Naira Today in the Black Market?
This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦1610 and ₦1620 as of the time of writing today.
What is the current exchange rate of the dollar to naira in the black market today?
According to Topnaija.ng, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1610 and sold for ₦1615.
Exchange Rate of Dollar To Naira in Black Market Today?
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Selling Rate | 1610 |
| Buying Rate | 1620 |
What Factors Affect the Dollar to Naira Black Market Exchange Rate?
Several factors can affect the Dollar Black Market Exchange rate, including:
- Supply and Demand for the Dollar
- The political and economic situation in the US and Nigeria
- The value of the US dollar
The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.
Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.
It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.
The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.
To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:
- Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
- Follow financial news outlets: Financial news outlets such as Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
- Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
- Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.
By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.
Disclaimer: TOPNAIJA.NG does not set or determine forex rates. The official NAFEX rates are obtained from the FMDQOTC website. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.
