Last Updated on November 22, 2023 by Twinbrodas
The exchange rate between the United States dollars and the Nigerian naira has been a hot topic of discussion in recent months. The naira has been gradually devaluing against the dollar, and as a result, the cost of importing goods has increased. The exchange rate of Dollar To Naira is not stable as the price keeps on going up and down. In this post, Gistbriefly.com will provide you all the information on the current exchange rate between the dollar and the naira. We will also compare the black market exchange rate to the CBN (Central Bank of Nigeria) exchange rate. If you want to exchange your pounds, You can check out the Pounds to Naira Exchange Rate Today Both Black Market and CBN Exchange Rates
Dollar to Naira Exchange Rate Today : Black Market
The dollar to naira exchange rate today is around N710 in some states while up to N750 in other states. Meanwhile the price above is the selling rate while buying rate is between N750 and N770 on the black market.
Dollar To Naira CBN Rate Today (Official Rate)
At the moment, the CBN Dollar to Naira rate is sitting at around 415 naira to the dollar.
The below Table Shows the current Dollar To Naira Exchange Rate Today. Black Market/CBN Rates
USD to Naira Black Market Rate Today
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
|Selling Rate||750 – 770|
|Buying Rate||710 – 740|
|Dollar to Naira (USD to NGN)||CBN Official Exchange Rate Today|
What is the difference between Black Market Exchange Rate and CBN Exchange Rate?
The black market exchange rate is the unofficial rate of dollar To Naira, you can also call it street value of the dollar.
The CBN (Central Bank of Nigeria) exchange rate is the official value of the dollar as set by the bank. It is what you will get if you go to a bank to convert your dollars into Naira.
Why do people use the black market rate?
The black market rate is usually more favourable to buyers than the CBN rate. For example, if you have $100 and want to sell, you will get about NNaira on the black market but only 41500 Naira on the CBN rate.
Nigeria’s economy has been struggling in recent years, and as a result, the naira has been falling in value against other currencies.
Dollar To Naira Aboki FX Rate Today
The Aboki FX Rate is the same thing as black market rate. The black market rate is the unofficial exchange rate. It’s what you’ll get if you take your dollars to a local market or street vendor. The Dollar to Naira Aboki exchange rate today is 750 Naira to Dollar.
The black market rate is usually higher than the cbn rate. This is because it’s not regulated, so there’s more room for negotiation. The cbn rate is fixed. However, the cbn rate is lower than the black market rate. That’s why Many people always consider exchanging the dollar at the black market.
The Central Bank of Nigeria (CBN) recently intervened in the market and offered $180 million to authorized dealers in the Bureau de Change (BDC) segment of the foreign exchange market.
This comes as a relief to many who have been struggling to access the official forex market, as the naira has been trading at a significantly higher rate on the black market.
At the moment, the CBN rate is sitting at around 415 naira to the dollar, while the black market rate is closer to 750 naira to the dollar.
1 Dollar To Naira Black Market Exchange Rate Today
The unofficial exchange rate ( Black Market Rate) of 1 dollar to naira is currently at 58,500 naira to 1 usd. This is significantly higher than the cbn exchange rate which is 415 naira to 1 usd.
How Much Is $100 To Naira?
In the black market, a $100 will give you up to N75,500 While the official rate of 100 dollar will give you 41,500 in Nigeria
The black market exchange rate is determined by the demand and supply of the currency, as well as other economic factors.
The cbn rate is set by the Central Bank of Nigeria and is usually more stable.
If you wish to exchange your dollars for naira, we recommend going for the black market exchange rate.
How to Exchange Money at the Black Market
If you have some USD that you want to exchange for Naira, Here is how to do it at the black market.
First, find a trusted trader and agree on a rate. Once you’ve settled on a rate, the trader will give you your money in Naira. Make sure to get a receipt or record the transaction in some way, as this will be your proof if there are any disputes later on.
The black market exchange rate has been steadily increasing in recent months, as the official CBN rate has remained unchanged.
If you want to exchange your dollars for nairas, the black market is the best. However, be aware that you may not get the best exchange rate in one place, you need to ask around before knowing the actual price, you can also check our blog daily as we always update the current exchange rate daily.
Originally posted 2022-11-01 11:58:22.