Price of Dollar to Naira Black Market Today

The new price of US Dollar to Naira black market today, June 12, 2024 is ₦1,496.653 and this conversion rate is a topic of great interest and concern for many individuals and businesses in Nigeria. The black market refers to the unofficial or parallel market where foreign currencies are bought and sold outside the control of the government or official banking channels.
In Nigeria, the black market US dollar is mostly being sold by Aboki. Therefore, the Aboki price of the dollar is the same as the black market price. The Aboki black market exchange rate is higher than the official exchange rate which favors sellers of USDs. The main disadvantage of buying US dollars in the black market is because of too many scams.
This market operates based on supply and demand dynamics, and the exchange rates can fluctuate significantly daily. As Nigerians can expect, the increase or decrease in the exchange rate of the naira to the dollar or vice versa depends on the direction of these fluctuations.
The Battle for Value: Naira vs. Dollar in the Black Market Today
The battle for value between the Naira and the Dollar in the black market today reflects Nigeria’s economic challenges. The black market, or the parallel market, refers to the unofficial currency exchange market where currencies are traded outside the official banking system.
In this market, the exchange rate between the Naira and the Dollar is determined by supply and demand dynamics, as well as other factors such as inflation, government policies, and economic stability. As a result, the exchange rate in the black market can fluctuate significantly daily, making it difficult for businesses and individuals to plan and budget effectively.
One of the main reasons for the battle for value between the Naira and the Dollar in the black market is the scarcity of foreign exchange. The country heavily relies on oil exports for its foreign exchange earnings, and the decline in oil prices in recent years has led to a shortage of foreign currency.
This scarcity has created a high demand for the Dollar in the black market, driving up its price relative to the Naira. Additionally, strict foreign exchange controls imposed by the Nigerian government have limited access to official channels for obtaining foreign currency, forcing many individuals and businesses to turn to the black market.
How to avoid Black market Dollar Scams

  1. Use official channels

    Whenever possible, use official channels to exchange your currency. Banks and authorized foreign exchange bureaus are regulated and offer more security compared to the black market.

  2. Research reputable black market sources

    Before engaging in any black market currency exchange. These research reputable sources provide reliable exchange rates. Some black market sources are reputable, however, this doesn't refute the fact that many are scammers.

  3. Be cautious of too-good-to-be-true offers

    If someone is offering you a dollar exchange rate that seems too good to be true, it probably is. Scammers often lure unsuspecting individuals with attractive rates to steal their money.

  4. Verify the dollar currency

    If you decide to use a black market currency exchange service to buy US dollar, verify their credentials and reputation. Also, check the dollar very well to see if you see anything suspicious.

  5. Avoid street or unregulated exchanges

    Street exchanges or unregulated individuals should be avoided as they are more likely to be involved in scams. Stick to authorized establishments to minimize the risk.

How much is dollar to naira today in black market in Lagos?

What is the current Aboki naira to dollar exchange rate?

dollar to naira black market exchange rate today
The current aboki Naira to US dollar to naira black market exchange rate is between <strong>₦1,506.00</strong> and <strong>₦1,516.00</strong>

Dollar to Naira Black Market Today June 12, 2024
To find out the current exchange rate of the Naira to the Dollar in the black market as of today June 12, 2024, we have consulted various sources such as financial news websites, online forums, and local currency dealers. It is also worth noting that the black market exchange rates may differ between different regions or cities within Nigeria, as well as between different currency dealers.
The current Aboki exchange rate of US dollar to naira as of June 12, 2024 in the black market is ₦1,496.653. In Nigeria Today June 12, 2024, 100 US dollars is being exchanged at an equivalent value of ₦149,665.30 while $1,000 is worth ₦1,496,653.
See the table below for a breakdown of US Dollar to Naira Black Market Rates today June 12, 2024.

US dollar Amount ($)Naira Equivalent (₦)
$1 ₦1,496.653
$5 ₦7,483.265
$10 ₦14,966.53
$20 ₦29,933.06
$50 ₦74,832.65
$100 ₦149,665.30
$1000 ₦1,496,653.00

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Unmasking the Shadow Economy: Today’s Naira to Dollar Black Market Rate
The existence of a black market for currency exchange highlights the challenges faced by the Nigerian economy, including issues such as currency devaluation, capital flight, and the need for foreign currency to meet import demands.
Addressing these challenges requires comprehensive economic reforms, including stabilising the official exchange rate, improving transparency, and promoting foreign direct investment. By tackling the root causes of the black market, Nigeria can work towards a more stable and sustainable economy that benefits all its citizens.
The black market exchange rate between the Nigerian Naira (NGN) and the United States Dollar (USD) is a topic of great interest and concern for many individuals and businesses in Nigeria. This market operates outside the control of the government and often involves illegal activities.
The black market exchange rate is typically higher than the official exchange rate, reflecting the higher demand for foreign currency and the limited supply in the official market.


5 March 2024


16 March 2024

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