Dollar To Naira Black Market Exchange Rate: Today, we will provide you with the current Dollar to Naira Black Market Exchange Rate for you to understand how to haggle better doing USD to Naira conversion in the Aboki Fx Market.
Trust us, you will want to know how much is the current dollar to naira. This is one way to get a good deal and avoid being ripped off.
Another important piece of information that will come up in this post is the CBN official exchange rate as well as bank exchange rate while paying with your Bank ATM Card.
All information is very necessary if you make payment online using a foreign payment gateway, or you carry out forex exchange transactions from time to time.
Another way to say forex exchange transactions is Foreign exchange transactions which is the trading of one currency for another. For instance, swapping of Dollar (USD) to NGN.
If you are someone that conducts FX exchange transactions often, it is important you bookmark this page as we will always provide real-time updates on CBN rates, Bank rates as well as Black Market Rates. For the black market rate, this will ensure Bureau De Change (BDC) Operators or the Aboki FX never cheat you of your US Dollar during Conversion to Nigerian Naira or vice versa.
We will not only discuss the conversion of Naira to USD or NGN to US Dollar, also let you know some important details especially for people who are still new to how the Forex exchange works. Another important piece of information you will get is how to avoid being shortchanged by your bank if you carry out FX transactions repeatedly.
What is the United States Dollar to Naira (NGN)?
The United States Dollar is the official currency of the USA and arguably the strongest in the world. Some even tagged the US Dollar as the world’s currency since it is widely used for international trade or means of payments for goods and services purchased online or offline on certain occasions.
It is also the most common pairing for exchange, although there are others. But here in Nigeria, people transact with dollars more than any other foreign currency, therefore, you are likely to see more USD/NGN than any other you know.
Just like we have another monetary unit called Kobo (KB), the US also has its other unit popularly referred to as Cent. 100 worth of cents equals one U.S. Dollar. (¢) and $ are the symbols of Cent and Dollar.
There are some countries that also make use of the Dollar, but their exchange rate, value, and symbols are different except for the dollar sign. For instance, you will see the Australian dollar written as AU$ or A$ which is very different from the US $. The US dollar is also the most stable currency in the world as it has low inflation and does not fluctuate.
What is the Naira (NGN) to the United States Dollar?
Naira is the acceptable currency used in Nigeria and mostly the medium of exchange for goods and services in the country. The Naira symbol is ₦ and can also be expressed as NGN.
Kobo is another monetary unit in Nigeria as already stated in the preceding section. One hundred kobos (Kb) is equivalent to one naira. However, recently, the Naira has been weakening and there seems to be no end to bringing it back to what it used to be.
Experts claimed it was a result of the Central Bank of Nigeria banning the sales of dollars and other foreign notes to Bureau de Change (BDC) operators. This now sparked up a rise in the black market with the parallel market exchange rate depreciating further.
While the CBN has insisted that they would not return to selling to BDC operators from their reserve. Policies have been put in place to correct the abnormalities. Maybe with time, things might improve but currently not at the moment.
How much is the Dollar to Naira in the Black Market?
There are lots of factors that determine the exchange rate by Aboki at the Black Market. Among them are the prevailing conditions of the country, terms of trade, inflation rates, interest rate, and current account deficit. Therefore, today’s dollar to naira exchange rate might be different from yesterday’s and this is more reason why you need to know the conversion rate before meeting with the Aboki operating at the black market.
Also, there is the CBN exchange rate which is normally updated on the Central Bank Official site, which will also be provided on this page for individuals and businesses.
The bank exchange rate is also another. Banks also have their respective rate by which they convert naira to the dollar or vice versa. This is another detail we will provide in the following sections.
Dollar to Naira Black Market Exchange Rate Today
The Nigerian black market dollar exchange rate today is as follows:
|Dollar to Naira||Black Market Exchange Today (NGN)|
|Buying (USD to Naira)||590|
|Selling (USD to Naira)||595|
This is the current rate by which dollars are being converted or exchanged by the Aboki. The rate is always fluctuating, so you should always check back for the updated conversion rate. Alternatively, you can have this page bookmarked for quick access.
Dollar to Naira black market rate is the rate by which you convert at least a single unit of dollar to naira in the black market. This is normally exchanged by Aboki as they are fondly called or Bureau de changes operators.
The black market rate is always higher than the rate determined by the CBN and Banks. To exchange at this rate, you must be able to withdraw in dollars, which you are to take to the Aboki for FX exchange.
However, if the money is sent directly to your bank account, you are leaving it at the mercy of the bank which will be determined by the official exchange rate as proposed by the institution.
CBN Exchange Rate for Dollar to Naira Today (NGN)
The Central Bank Of Nigeria (CBN) dollar to naira exchange rate for Today is as follow:
- Buying (NGN): 414
- Selling (NGN): 415
See the dollar/naira official exchange rate as set by the CBN. The rate is normally published on their official website for individuals and enterprises looking to buy or sell dollars – www.cbn.gov.ng/rates/exchratebycurrency.asp.
The CBN dollar to naira exchange rate is the exchange rate as set by the Central Bank of Nigeria for buying and selling US dollars.
The exchange rate policy of the bank is to sustain the value of the naira and also maintain a favorable external balance and external reserves position as they continue to work on bringing about economic growth in the country.
Banks Dollar to Naira Exchange Rate Today
Below is the exchange rate set by banks when making payment online through a foreign payment gateway:
|Bank Dollar to Naira||Exchange Rate|
Bank Dollar to Naira Exchange Rate is the applicable rate set by commercial banks for customers buying or purchasing goods or services on a foreign website. The process involves the use of Debit Cards such as Naira MasterCard or VisaCard to make payment.
1. What is Aboki dollar to naira?
Aboki dollar to naira is a term normally used by buyers when asking for the current conversion rate of dollar to naira. Aboki is a Hausa language, which means Friend in English.
Since The Hausas are known to have the numbers when listing out the number of people operating as Bureau De Change Operators, it became the usual norm for asking for the current exchange rate in Nigeria.
2. How much is 300 dollars in Naira?
Whether you are exchanging 100 dollars to naira, 300 dollars to NGN, 3000 dollars to naira, or 30,000 dollars to the Nigerian currency, the first thing you need to know is the total amount is the current dollar to naira exchange rate.
Once you have the conversion rate, you will multiply the exchange rate in naira by the amount of dollar. For instance, if 1 dollar is equal to N500, and you have 1000 worth of dollars for exchange, then you will multiply 500 by 1000 dollars, giving you NGN 500,000.
3. Is dollar to naira conversion rate the same as the exchange rate?
Yes, they are the same. Whether, dollar to naira conversion rate or dollar to naira exchange rate, both are always used Interchangeably.
You can always walk up to the bank, BDC, or Aboki requesting to know the prevailing exchange rate of USD. Alternatively, you can also use the words, “conversion rate of US Dollar to Naira”
4. What is the best way to exchange the US Dollar for Naira?
This will depend on the manner by which you receive the dollars. If you are able to procure the dollars as physical notes, the best way is to go to Aboki or Bureau De Change to get better exchange value.
Foreign currency sent directly to your bank account will be converted at the official exchange rate set by the Bank. The rates are usually not friendly.
Now that you know better about the Dollar to Naira Black Market Exchange Rate. Do note that sometimes, exchange rate can also be determined by how best you know how to negotiate.
Also, Dollar exchange rate in Lagos could be different from the conversion rate in Abuja or any part of the country you find yourself in.
Our comment box is opened for you, you can also provide your input on what is going on in your location. Do note that the one we provide is the prevailing rate in most places in Nigeria.
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- Canadian dollar to naira black market exchange rate today.