Dollar to Naira Black Market Exchange Rate

Dollar to Naira Black Market Today July exchange rate.

Dollar To Naira Black Market Exchange Rate

The Nigerian currency has depreciated in recent years compared to other major currencies.

The exchange rate between US dollar and Nigerian Naira fluctuates constantly.

The rate has been trending down in recent months. As the market flows, it still remains relatively low when looking at exchange rates for today’s date.

Naira to Dollar Black Market

In Nigeria, the black market has become an important part of the country’s economy. With the naira falling against the dollar and inflation on the rise, Nigerians have turned to this underground economy for survival.

The dollar is the most popular currency in Nigeria. It is also the most liquid, since it is traded on the parallel market. The black market for the dollar in Nigeria has been active for many years, with a very high demand for foreign currency.

The black market operates like any other black market: it trades goods and services outside of legal channels and at prices that are higher than those offered by legal channels. The main difference between this black market and others is that it trades currency rather than goods.

Although, the Dollar To Naira Black Market exchange rate may vary from individual’s / Bureau De Change (BDC) company or operator.

Meaning of Bureau De Change (BDC)

A Bureau De Change simply mean a person who buys foreign currency such as dollar, Pound, Euro e.t.c from a country’s Central/Commercial Banks or from individuals who posses currencies of other countries who wants to exchange it to currencies of their country of residence.

These Bureau De Changer is known as parallel market or Currencies Black Marketers in Nigeria.

While they are known as a Foreign Exchange Market (forex or FX market), internationally, their main aim is profits.

SEE: How To Get Fast Loan From Carbon Loan App

Dollar to Naira Black Market Today

There is no fixed amount on the exchange rate when you ask for how much is dollar to naira today in black market, but here is a list of today’s rate:

Buying Rates

  • 1 USD = ₦690
  • 1 USD = ₦695
  • 1 USD = ₦697
  • 1 USD = ₦699
  • 1 USD = ₦700
  • 1 USD = ₦710

As seen above, the rates at which black marketers buys Dollar to Naira Black in Market from individuals/sellers did not exceed ₦710/$1 as the highest bidder.

Whereas, the sellers sells as high as ₦710/$1 to individuals willing to buy from them for travelling purposes or hoarders.

Selling Rates

  • 1 USD = ₦699
  • 1 USD = ₦700
  • 1 USD = ₦ 705
  • 1 USD = ₦ 710
  • 1 USD = ₦ 710.5
  • 1 USD = ₦ 710.9

The above exchange rate between dollar to naira showed that buyers tend to buy at lower rates from sellers and sells above the initial price bought.

This is because there are several factors that may influence the dollar to naira exchange rate today black market, these factors inslude:

The amount of dollars to be exchanged

The higher the amount of dollars to naira to be exchanged/sold, the higher the prices.

This means that a seller who wants to sell $5,000 to Nigerian naira in black market may sell at the highest amount of ₦710/1$, because buyers/black marketers tend to bid at higher prices when the amount of dollars to be exchanged is big.

While lower amount of dollars to be exchanged may attract lower exchange rate, as a result of lower profits from the buyer/black Marketer’s end.

Location

Another factor that may influence the Black Market dollar to naira exchange rate is location.

For example, the amount of black marketers in Lagos and Abuja are much, compared to other states in Nigeria. Thus; people tend to exchange more amount of dollars to naira in the 2 states.

But exchange rates in those states can also be influenced by demand and supply of dollars to naira in circulation.

SEE: How to Create Paypal Account in Nigeria That Receive And Send Money

Dollar to Naira Black Market Lagos

The exchange rate of one dollar to naira in Lagos Parallel Market (Black Market) players buy one dollar at ₦710 and sell at ₦710 today, according to sources at the Bureau De Change.

Dollar to Naira Black Market Abuja

The current back market exchange rate of dollar to naira in Abuja Wuse Zone 4 which is condiserd as the hub of bureau de change operators in Abuja, sold at 700 as opposed to the 701 that it was sold for.

How Much Is Dollar To Naira In Black Market Now

As we have discussed above the current amount of 1 Dollar To Naira in Black Market is 705, but prices may be lower or higher depending on individual or state.

Central Bank of Nigeria Dollar to Naira Exchange Rate

The CBN dollar rate to naira today is often lower when compared to black prices as seen bellow:

1 USD = NGN 418.1

Although; the CBN exchange rate is not constant or high as compared to the black market exchangers rate, because the prices are mostly influenced by the forces of “Demand and Supply” of a country’s currency.

The CBN is biggest player of exchange rates in every country, the Apex bank is sells currencies to the commercial banks. While commercial banks sell and buys from individuals and Bureau De Changers.

SEE: How To Apply for CBN AGSMEIS Loan

Dollar To Naira Bank Rate Today

The current rate at which Dollar To Naira is exchanges in commercial banks is quite different, although their rate as at today is:

  • ₦490 GTB
  • ₦480 ACCESS

As seen above, the bank rate dollar to naira is different from bank to bank, they influence their price by selling at lower or higher prices. But not above the regulatory price by the CBN.

The Central Bank of Nigeria (CBN) is biggest supplier of other country currencies to commercial banks, and it also stand as a regulatory body of the commercial banks.

Todays Dollar To Naira Black Market

Facts About Dollar to Naira Black Market

Below are few things you should know about how much is 1 dollar to naira in black market:

Dollar to Naira Black Market Today: The Rate Is Not Good

The dollar to naira black market rate today is not good, but the naira to dollar black market rate today may still be good if you can find one in the region where it’s especially valued. The price of the dollar compared to the naira has been on a steady increase for some time now, and analysts aren’t sure what will happen next in either direction. Regardless of where you are located and whether you want to buy or sell, there are plenty of other things about buying or selling currencies in this way that you should know about first.

5 Things You Need To Know About Buying Dollars From Nigerian Banks

1. It is difficult to find a bank that sells dollars. 

2. You will need to have an account with the bank in order to buy dollars. 

3. The exchange rate is not good. 

4. You will need to pay a commission. 

5. There are limits on how much you can buy.

What Happens When You Don’t Have Enough Cash In The Bank?

Running out of cash is one of the main reasons businesses fail. When you don’t have enough cash, you can’t pay your bills, which can lead to defaulting on loans, not being able to make payroll, and ultimately having to close your doors. To avoid this fate, it’s important to have a handle on your cash flow and make sure you always have enough money in the bank.

How To Avoid Getting Ripped Off By Banks When Buying Dollars

If you’re looking to buy dollars on the black market, be aware that the rates can vary greatly from one day to the next. It’s important to know how much is dollar to naira today in black market so you don’t get ripped off by banks. There are a few ways to avoid getting ripped off, such as using an online currency converter or speaking to a financial advisor.

How To Convert Foreign Currency Without Losing Money At Airport Exchange Booths

When you’re converting foreign currency back into your home country’s currency, it’s important to be mindful of the exchange rate. Many airport exchange booths have high rates, which means you could lose money in the conversion. To avoid this, research the current rate before you leave on your trip and then withdraw cash from an ATM when you arrive at your destination. This way, you’ll get the most accurate conversion rate and won’t lose any money in the process.

How To Use Insider Tips On Converting Foreign Currency Without Losing Money

Currency conversion can be a tricky business, especially when you’re working with larger sums of money. However, by following a few simple tips, you can save yourself a lot of hassle and make sure you get the best possible rate. First, check the black market rate for the currency you’re interested in. Second, use an online currency converter to get an idea of what the current exchange rate is. Finally, always remember to take into account any fees or commissions that may be charged by your bank or broker.

Conclusion

As we’ve discussed above, the current Dollar to Naira exchange rate in black market, commercial or central bank showed that the Nigerian currency has depreciated in recent years compared to other major currencies. The Nigerian Naira over the years has barely appreciate, rather it’s becoming obsolete day-to-day.

Leave a Comment

%d bloggers like this: