Dollar to Naira Black Market Today: The black market exchange rate for the United States dollar (USD) to the Nigerian naira (NGN) is the unofficial rate at which people exchange these two currencies. This rate is often different from the official exchange rate set by the Central Bank of Nigeria and can fluctuate significantly.
The black market rate may be used by people who want to exchange large amounts of money and want to avoid the restrictions or fees associated with official channels. It may also be used by people who want to exchange money for illegal purposes, such as avoiding taxes or money laundering.
It is important to note that engaging in the black market can be illegal and carries the risk of financial loss or criminal penalties.
Dollar to Naira Today Black Market Exchange Rate
The following is the current rate of US Dollar to Nigerian Naira, as listed on the black market: Refer to the CBN and the aboki fx for the current exchange rate of the dollar to the naira. You can convert your US dollars to naira at this rate, convert dollar to naira at the most recent rate offered by the black market, or convert dollar to naira at the rate offered by the parallel market.
Because the exchange rate on the black market is significantly higher than the rate offered by banks, a large number of Nigerians choose to convert their foreign currency, particularly their dollars, into naira utilizing these unofficial markets. This website will show you the current pricing that is being offered on the dark web if you are interested in finding out more about it.
This page also includes the Aboki FX dollar to naira exchange rate, which was included so that you may quickly verify each of the rates for the currencies you wish to trade in the parallel markets. The most reliable source for the current rate of one dollar to one hundred naira on the black market is Aboki FX. The current rate of exchange for their currency may be seen here.
As the sun rose on the bustling streets of Lagos, Nigeria, on Thursday, 26th January 2023, currency traders and buyers alike flocked to the parallel market, commonly known as the black market, in search of the best exchange rate for their dollars. According to reports from Brand Spur Nigeria, the rate for buying a dollar was N748 and selling at N750 at the time of filing this report.
The local currency, known as AbokiFx, opened at N750 per $1, a slight dip from its closing rate of N752 per $1 the day before. Despite the fluctuation, the black market remains a popular destination for those looking to get the most value for their money.
| Dollar to Naira | Black Market Rate Today |
| Buying Rate | 748 |
| Selling Rate | 750 |
Important Link
How to Check Dollar to Naira Black Market
There are a few ways you can check the current exchange rate for the US dollar to the Nigerian naira on the black market:
Check online currency exchange rate websites: There are many websites that provide real-time exchange rates for different currencies, including the US dollar and the Nigerian naira. Some of these websites may provide black market exchange rates as well, although it’s important to note that these rates may not be entirely accurate or up-to-date.
Check with a local currency exchange bureau: If you are in Nigeria, you can check with a local currency exchange bureau to get the current black market exchange rate for the US dollar to the naira. Keep in mind that these rates can vary depending on the bureau, so it’s a good idea to shop around and compare rates.
Ask around: You can also try asking people in your local community or online forums about the current exchange rate on the black market. Keep in mind that this information may not always be reliable, and it’s important to use caution when relying on this method.
It’s important to note that the black market exchange rate for the US dollar to the Nigerian naira may fluctuate significantly and can be difficult to predict. It’s also worth noting that participating in the black market can be illegal in some countries, so it’s important to be aware of the laws and regulations in your jurisdiction.
Factors Affecting Dollar to Naira Today Black Market Rates
The black market exchange rate for the US dollar relative to the Nigerian naira can be influenced by many of the same factors that affect the official exchange rate, as well as some additional factors. Some of the main factors that may affect the black market exchange rate for the dollar to naira include:
- Controls on currency exchange: If the Nigerian government has put controls in place on the official exchange rate, this may create a demand for foreign currency on the black market, as individuals and businesses seek to obtain dollars or other currencies at a more favorable exchange rate. This can lead to a depreciation of the naira on the black market.
- Shortages of foreign currency: If there is a shortage of foreign currency, such as the US dollar, on the official market, this can create a demand for the currency on the black market, leading to an appreciation of the dollar relative to the naira.
- Political and economic instability: As with the official exchange rate, political and economic instability can lead to a decline in the value of the naira on the black market.
- Supply and demand: Like the official exchange rate, the black market exchange rate is determined by the supply and demand for the naira and the dollar. If there is a high demand for dollars on the black market, this can lead to an appreciation of the dollar relative to the naira.
It’s important to note that the black market exchange rate is often more volatile than the official exchange rate and can be influenced by a wide range of factors. It can also be illegal in some countries, including Nigeria.
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