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If you will observe the present Dollar to Naira exchange rate i n black market or CBN, and compare it to that of a few years back you will quite agree with me that the Nigerian Naira is currently losing its value. It is important you get yourself acquainted with these terms when you are trying to trade or exchange dollars to Naira in various financial institutions or money exchangers. The selling rate is always higher than the buying rate. The selling rate, on the other hand, is the rate all the above-mentioned institutions will sell a Dollar to you when you pay in Naira. The buying rate is the amount in Naira that the Central Bank of Nigeria, Western Union, Money Gram, Nigerian Banks, or Aboki exchangers will give you for 1 Dollar. These rates vary among banks and they are usually higher than CBN rates. The Nigerian bank’s exchange rates are actually the exact amount various banks in Nigeria charge your Naira Master or Visa Card when you use it to buy products or services on foreign sites that only trade in Dollars. If you will observe, these are rates are always smaller when compared to aboki or bank rates. The CBN exchange rate is the amount in Naira they are buying or selling Dollars. The rate these aboki exchangers buy and sell Dollars for Naira is called the black market rateĬBN like you already know stands for Central Bank of Nigeria.
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They are found in almost all major cities in Nigeria. This is the exchange rate you will get from Aboki exchangers within the streets. The black market, Aboki change rate, or parallel market can be used interchangeably as they all mean the same thing. The exact rate at this present moment (because it is updated in real-time) is the one you have seen above.īlack Market Exchange Rate of Dollar to Naira The exchange rate of Dollar to Naira is the exact equivalent of 1 Dollar in Naira. With respect to this, there are certain terms related to exchange rates you need to know and get yourself familiar with. The exchange rate of the United States Dollar (USD) to Naira differs among financial institutions in Nigeria and various parallel or black markets win different states in the country. Terms You Should Know About Dollar to Naira Exchange Rate The exchange rate of the Dollar to Naira i n black market today is as follows: Look at them below: Dollar To Naira Exchange Rate in Black Market Today, January 2022 We shall be giving you daily updates of both dollar rates on this page. The United States Dollar to Nigerian exchange rate today in the black market is quite different from the official CBN rate.
How much is dollar to naira today in black market how to#
One hundred Kobo makes up a Naira and the symbol for the Naira is ₦, while the code is simply written as NGN.Īlso read: How To Register Into The Pepsi Football Academy In Nigeria How Much Is Dollar To Naira Exchange Rate Today? The foreign exchange rate of the Nigerian Naira has been on the decline at an alarming rate. In the present 21st century especially in recent times, things have really changed negatively. The exchange rate of Nigeria Naira is experiencing a reduction in Value at the moment, but before now it has maintained a stand of being one of the strongest currencies in Africa during the 20th century. The Naira is the currency used by the Federal Republic Of Nigeria. One good fact about the United States Dollar is that it has an inflation rate of 0,10%.
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Examples of such countries include Ecuador, Zimbabwe, Canada, East Timor, Palau, Federated States of Micronesia, Panama, Turks and Caicos Island, Marshall Island, El Salvador, Caribbean Netherlands, British Virgin Islands, etc. Some other countries also make use of the Dollar as their official currency but their value and exchange rates are quite different from that of the United States Dollar. The code for the United States Dollar is USD. A hundred Cents make up a Dollar, and the symbols of Cent and Dollar respectively are (¢) and $. It is accepted in most parts of the world as a means of payment of services or transactions carried but online and offline. The United States Dollar (USD) is unarguably one of the strongest currencies in the world today.