$100 in Nigeria to Naira (NGN) on Black Market Today

On By Vaseline

The United States Dollar (USD) remains a highly sought-after foreign currency in Nigeria, with significant demand from individuals, businesses and traders.

However, the exchange rate between the USD and the Nigerian Nqwaira (NGN) on the parallel market, also known as the black market, has been subject to volatility due to various economic and political factors.

In this article, oke.ng will focus on the current black market Aboki FX rates for exchanging 100 US Dollars to Nigerian Naira, the factors that influence these rates, and some frequently asked questions about the parallel forex market.

Current black market rates for 100 USD to NGN (as of May 3, 2024)

According to reliable sources within the Aboki FX market, the current rates for exchanging 100 US Dollars to Nigerian Naira on the parallel market are as follows:

Dollar to Naira Black Market / Aboki Rate Today

Dollar (USD) to Naira (NGN) Black Market/Aboki exchange rate today
Purchase rate ₦1350.00
Sales figures ₦1375.00

Please note that these rates may vary slightly depending on the specific Aboki FX trader you are dealing with.

Dollar to Naira black market exchange rate table for different denominations:

Here is an overview of the exchange rate for different denominations of dollars to Nigerian naira on the black market:

Dollar amount ($) Buy price (₦) Sales rate (₦)
1 US Dollar ($1) to Naira ₦1,350.00 ₦1,375.00
5 US dollars ($5) for Naira ₦6,750.00 ₦6,875.00
10 US dollars ($10) for Naira ₦13,500.00 ₦13,750.00
20 US dollars ($20) for Naira ₦27,000.00 ₦27,500.00
50 US Dollars ($50) to Naira ₦67,500.00 ₦68,750.00
100 US Dollars ($100) to Naira ₦135,000.00 ₦137,500.00
200 US Dollars ($200) to Naira ₦270,000.00 ₦275,000.00
300 US Dollars ($300) to Naira ₦405,000.00 ₦412,500.00
400 US Dollars ($400) to Naira ₦540,000.00 ₦550,000.00
500 US Dollars ($500) to Naira ₦675,000.00 ₦687,500.00
600 US Dollars ($600) to Naira ₦810,000.00 ₦825,000.00
800 US Dollars ($800) to Naira ₦1,080,000.00 ₦1,100,000.00
1000 US Dollars ($1000) to Naira ₦1,350,000.00 ₦1,375,000.00
5000 US Dollars ($5000) to Naira ₦6,750,000.00 ₦6,875,000.00
10000 US Dollars ($10000) to Naira ₦13,500,000.00 ₦13,750,000.00

Factors Affecting Black Market Rates for 100 USD to NGN

The black market rates for exchanging 100 US Dollars to Nigerian Naira are influenced by several factors including:

  1. Supply and Demand: The demand for US dollars in Nigeria, driven by factors such as imports, foreign investment and personal remittances, influences parallel market rates. High demand for USD could lead to a rise in interest rates.
  2. Economic Conditions: Nigeria’s economic performance, including factors such as inflation, interest rates and foreign reserves, can affect parallel market rates.
  3. Government Policies: Regulations and policies regarding foreign exchange trading, import/export restrictions and capital controls can affect parallel market rates.
  4. Political Stability: Political instability or uncertainty can lead to increased demand for US dollars, driving up parallel market interest rates.

Frequently asked questions about black market rates for 100 USD to NGN

Question: Why is there a significant difference between official rates and black market rates for 100 USD to NGN?

A: The difference between the official rate and the black market rate arises from the high demand for US dollars in Nigeria, coupled with the efforts of the Central Bank of Nigeria (CBN) to monitor and manage the official exchange rate .

A: The Aboki FX market operates in a legal gray area as it is not officially licensed or regulated by the government. However, it is widely used due to the high demand for foreign currency in Nigeria.

Q: How can I find the best black market rates for exchanging 100 USD to NGN?

A: To find the best rates on the black market, it is advisable to shop around and compare rates from multiple traders or forex agencies. Additionally, keeping track of the latest rates and market trends can help you make informed decisions.

Question: Are there any risks associated with using the black market to exchange 100 USD to NGN?

A: Yes, there are risks associated with using the Aboki FX market as it is an unregulated platform. These risks can include fraud, counterfeit money and fluctuating rates. It is essential to be careful and deal with reputable and trusted traders.