Dollar to Naira Exchange Rate: Here’s the Latest Update Today – April 30, 2024
How Much Is Dollar To Naira Black Market Rate Today (April 30, 2024)?
Dollar to Naira Black Market/Aboki Rate Today
| Dollar (USD) to Naira (NGN) | Black Market /Aboki Exchange Rate Today |
| Buying Rate | ₦1350.00 |
| Selling Rate | ₦1385.00 |
The exchange rate between the US dollar and the Nigerian Naira is one of the most critical indicators of Nigeria’s economic situation.
The Naira has been under pressure for several years due to low oil prices, high inflation, and foreign exchange shortages.
In this article, we will examine the latest update on the dollar-to-naira exchange rate and answer some frequently asked questions about it.
What is the official exchange rate of the Dollar to Naira today?
The official dollar-to-naira exchange rate is determined by the Central Bank of Nigeria (CBN), which intervenes in the foreign exchange market to maintain stability and liquidity. According to the CBN website, the official exchange rate today, April 30, 2024, is ₦1,588.32 per Dollar for buying and ₦1,588.32 per Dollar for selling.
How much is 1 dollar to Naira in the black market today?
The parallel market, also known as the black market, is where individuals and businesses buy and sell foreign currencies without the involvement of the CBN. The parallel market exchange rate is usually higher than the official rate, reflecting the country’s high demand and low supply of dollars.
According to Openheavendaily.com, today, April 30, 2024, the parallel market exchange rate is ₦1,385.00 per Dollar for buying and ₦1,350.00 per Dollar for selling.
How Much Is Dollar To Naira Black Market Rate Today (April 30, 2024)?
Dollar to Naira Black Market/Aboki Rate Today
| Dollar (USD) to Naira (NGN) | Black Market /Aboki Exchange Rate Today |
| Buying Rate | ₦1350.00 |
| Selling Rate | ₦1385.00 |
Dollar to Naira Black Market Exchange Rate Table for Different Denominations:
Here’s a breakdown of the exchange rate for various denominations of Dollars to Nigerian Naira in the black market:
| Amount in Dollar ($) | Buying Rate (₦) | Selling Rate (₦) |
|---|---|---|
| 1 US Dollar ($1) to Naira | ₦1,350.00 | ₦1,385.00 |
| 5 US Dollars ($5) to Naira | ₦6,750.00 | ₦6,925.00 |
| 10 US Dollars ($10) to Naira | ₦13,500.00 | ₦13,850.00 |
| 20 US Dollars ($20) to Naira | ₦27,000.00 | ₦27,700.00 |
| 50 US Dollars ($50) to Naira | ₦67,500.00 | ₦69,250.00 |
| 100 US Dollars ($100) to Naira | ₦135,000.00 | ₦138,500.00 |
| 200 US Dollars ($200) to Naira | ₦270,000.00 | ₦277,000.00 |
| 300 US Dollars ($300) to Naira | ₦405,000.00 | ₦415,500.00 |
| 400 US Dollars ($400) to Naira | ₦540,000.00 | ₦554,000.00 |
| 500 US Dollars ($500) to Naira | ₦675,000.00 | ₦692,500.00 |
| 600 US Dollars ($600) to Naira | ₦810,000.00 | ₦831,000.00 |
| 800 US Dollars ($800) to Naira | ₦1,080,000.00 | ₦1,108,000.00 |
| 1000 US Dollars ($1000) to Naira | ₦1,350,000.00 | ₦1,385,000.00 |
| 5000 US Dollars ($5000) to Naira | ₦6,750,000.00 | ₦6,925,000.00 |
| 10000 US Dollars ($10000) to Naira | ₦13,500,000.00 | ₦13,850,000.00 |
Why is there a difference between the official and parallel market exchange rates?
The difference between the official and parallel market exchange rates is caused by several factors, such as:
- The CBN’s foreign exchange policies limit dollar access and availability to specific sectors and transactions, creating a scarcity in the market.
- The high inflation rate in Nigeria has eroded the purchasing power of Naira and made imports more expensive, increasing the demand for dollars to pay for goods and services from abroad.
- The low oil prices, which reduce Nigeria’s foreign exchange earnings and reserves, limit the CBN’s ability to intervene in the market and defend the Naira.
- The speculation and hoarding of dollars by some individuals and businesses, who npate further depreciation of the Naira and seek to profit from the exchange rate difference.
How can I get the best exchange rate for the Dollar to Naira?
The dollar-to-naira exchange rate depends on your needs and preferences. If you are looking for the official exchange rate, you will need a valid bank account and a valid reason for buying or selling dollars, such as travel, education, medical, or business purposes. You must also provide the necessary documentation and comply with the CBN’s guidelines and regulations.
