By Mario Deepromoter
As Many Nigerians continue to navigate economic challenges, the dollar-to-naira exchange rate remains a focal point for those engaged in foreign trade, investments, and travel.
The black market, also known as the parallel market or Aboki FX, often reflects rates different from the official Central Bank of Nigeria (CBN) rates.
Today, the exchange rates offer insight into the fluctuating value of the naira.
Current Exchange Rates Today. Dollar to Naira Black Market Exchange Rate (Parallel Market): Buying Rate: ₦1,695 Selling Rate: ₦1,705
Dollar To Naira CBN Official Rates:
Buying Rate: ₦1,668 Selling Rate: ₦1,670 Pounds and Euro to Naira Exchange Rates Pounds to Naira (CBN Rates): Buying Rate: ₦2,176 Selling Rate: ₦2,180 Euro to Naira (Black Market Rates): Buying Rate: ₦1,846 Selling Rate: ₦1,847 Online
Exchange Platforms: Geegpay and Grey Geegpay Rates: Advertisements EUR (€): Buying at ₦1,798.03, Selling at ₦1,800.55 GBP (£): Buying at ₦2,120, Selling at ₦2,127 USD ($): Buying at ₦1,675, Selling at ₦1,680 Grey Rates: EUR (€): Buying at ₦1,845.03, Selling at ₦1,850 GBP (£): Buying at ₦2,102, Selling at ₦2,205 USD ($): Buying at ₦1,670, Selling at ₦1,675 Understanding Dollar to Naira Black Market Exchange Rate.
What is the Black Market? The black market is an unofficial exchange channel where currencies are traded without government regulation.
Due to high demand and limited supply, this market often offers more competitive rates.
Why Do People Use the Black Market?
Favorable Rates: Higher than official rates.
Accessibility: Easier to obtain foreign currency without stringent regulatory requirements.
Factors Influencing Black Market Rates Economic Policies: Government decisions on interest rates, inflation control, and forex regulations by the CBN directly affect the naira’s value.
These policies can stabilize or destabilize the exchange rates.
Supply and Demand: The availability of foreign currency versus its demand significantly influences exchange rates.
A shortage of foreign currency or high demand leads to naira depreciation.
Political Stability: Geopolitical events and internal political stability affect investor confidence.
Political unrest or uncertainty can cause the naira to depreciate, while stability strengthens it.
Global Economic Conditions: Global market conditions, such as oil prices, international economic trends, and global inflation rates, influence the naira’s value. For instance, a significant drop in oil prices negatively impacts Nigeria’s economy.