Advertisements

Dollar to Naira Black Market Exchange Rate Today 29th February 2024 AbokiFX

The exchange rate between the dollar and the naira is a constant topic of conversation in Nigeria, and for good reason. It has a significant impact on everything from the cost of imported goods to the value of savings and investments.

In recent times, the official exchange rate has remained relatively stable, but the black market presents a different story, often reflecting the anxieties and realities of Nigeria's economic landscape.

What is The Black Market?

The black market, also known as the parallel market, operates outside the official channels regulated by the Central Bank of Nigeria (CBN). Transactions occur between individuals or informal exchanges, often at prices significantly higher than the official rate. While illegal, the black market persists due to several factors, including:

  • Currency scarcity: When access to dollars through official channels is limited, individuals turn to the black market to meet their foreign currency needs.
  • High demand for imports: Nigeria relies heavily on imported goods, and increased demand for dollars to pay for these imports can drive up the price in the black market.
  • Lack of confidence in the official market: Fluctuations in the official exchange rate and concerns about government policies can lead to individuals seeking security in the black market, even at a premium.
Understanding the Dollar to Naira Black Market Today:
  • Rates are dynamic: The exchange rate in the black market can fluctuate daily, influenced by the factors mentioned above, as well as news, rumors, and even speculation. Tracking it requires checking with informal currency traders or online platforms that monitor black market activity.
  • Transparency is limited: Black market transactions are often conducted under the radar, making it difficult to verify exact rates or ensure authenticity of the exchange.
  • Risks are inherent: Engaging in the black market carries legal and financial risks. Individuals may be caught by authorities, exposed to scams, or receive counterfeit currency.

Alternatives to the Black Market

While the black market may seem like the only option at times, it's crucial to consider alternatives:

  • Bureau de Change (BDCs): Licensed BDCs offer a legal avenue to purchase and sell foreign currency, with rates typically closer to the black market than the official CBN rate.
  • Authorized online platforms: Some regulated online platforms facilitate buying and selling of dollars within legal limits and offer greater transparency.
  • Formal remittances: Using established remittance channels for receiving foreign currency from abroad can be a safe and reliable option.

How Much Is Dollar to Naira Black Market Rate Today, February 29, 2024?

The exchange rate for the dollar to naira on the black market today, February 29, 2024 in Lagos, Nigeria is around ₦1500 to $1.

How Much is Dollar to Naira in Black Market Today?

As of Today, Dollar is bought around ₦1500 and sold around ₦1530 in the black market. The table below shows the buying and selling rate of Dollars in the black market.

Dollar to Naira Black Market Today
Buying Rate ₦1500
Selling Rate ₦1530

Here are some sources for tracking the black market rate:

  • AbokiFx: Although the Central Bank of Nigeria banned this website, many Nigerians still use it as a reference point. Please note that information on this website might not be entirely accurate due to the ban.
  • Street traders: You can ask street traders who deal in currency exchange for the current rate. However, be cautious and compare rates from multiple sources before making a transaction.
  • News reports: Some Nigerian news outlets publish articles with the latest black market rates.

It's important to be note that the black market rate can fluctuate throughout the day and may vary depending on your location. The black market rates displayed on this page are compiled from various online sources, including media outlets. The actual rates you encounter when buying or selling foreign currency may differ from those listed here. This platform does not set or determine foreign exchange rates.

Convert Dollar To Naira in Black Market/AbokiFX?

Dollar to Naira Black Market rate conversion table. Convert USD to NGN

Amount in Dollar ($)Dollar to Naira Black Market Rate in Naira
1 US Dollar ($1) to Naira1,500
5 US Dollars ($5) to Naira7,500
10 US Dollars ($10) to Naira15,000
20 US Dollars ($20) to Naira30,000
50 US Dollars ($50) to Naira75,000
100 US Dollars ($100) to Naira150,000
150 US Dollars ($150) to Naira225,000
200 US Dollars ($200) to Naira300,000
300 US Dollars ($300) to Naira450,000
350 US Dollars ($350) to Naira525,000
400 US Dollars ($400) to Naira600,000
450 US Dollars ($450) to Naira675,000
500 US Dollars ($500) to Naira750,000
550 US Dollars ($550) to Naira825,000
600 US Dollars ($600) to Naira900,000
700 US Dollars ($700) to Naira1,050,000
800 US Dollars ($800) to Naira1,200,000
900 US Dollars ($900) to Naira1,350,000
1000 US Dollars ($1,000) to Naira1,500,000
1300 US Dollars ($1300) to Naira1,950,000
1500 US Dollars ($1500) to Naira2,250,000
1600 US Dollars ($1600) to Naira2,400,000
1800 US Dollars ($1800) to Naira2,700,000
1900 US Dollars ($1900) to Naira2,850,000
2000 US Dollars ($2,000) to Naira3,000,000
3000 US Dollars ($3000) to Naira4,500,000
5000 US Dollars ($5000) to Naira7,500,000
10000 US Dollars ($10,000) to Naira15,000,000

FAQ

How much is $1 to Naira in the black market today?

As of today, February 29, 2024, the exchange rate for $1 to Naira in the black market in Lagos, Nigeria, is around ₦1500.

How much is $100 to Naira today in the black market?

If you're looking to exchange $100 to Naira in the black market today, you would multiply the exchange rate by the amount. Using the provided rate of ₦1500 to $1, $100 would be approximately 150,000.

How Much is Dollar to Naira CBN Rate Today (February 29, 2024)

As of Today, (February 29, 2024), the Dollar to Naira Central Bank of Nigeria (CBN) exchange rate is ₦1506.85. The rate was gotten from cbn website here www.cbn.gov.ng/rates/ExchRateByCurrency.asp.

Dollar to Naira (USD to NGN) CBN Exchange Rate Today
Buying Rate ₦1506.85
Selling Rate ₦1506.85

How much is the dollar to Naira today in the bank rate? (February 29, 2024)

The Dollar to Naira Bank exchange rate is determined by Central Bank of Nigeria (CBN). Though Bank rates can vary, and it's recommended to check with your specific bank for the most accurate information. Bank rates are often different from the black market rates. You may contact your bank directly or check their official website for the latest exchange rates.

Meanwhile, Information on CBN exchange rate page has it that Dollar to Naira rate is ₦1506.85.

Dollar to Naira (USD to NGN) Bank Exchange Rate Today
Buying Rate ₦1506.85
Selling Rate ₦1506.85

How much is 100 dollars in Naira at the bank rate?

Similar to the black market rate, the bank rate can fluctuate. You would need to check with your bank for the current exchange rate. If, for example, your bank's rate has same rate with CBN rate which is ₦1506.85 to $1, then 100 dollars would be ₦150,000.

How much is 1000 dollars in Naira in the bank rate?

Again, the rate at which banks exchange dollars to Naira can vary. Contact your bank or check their official channels for the latest rates. Using a CBN rate of ₦1506.85 to $1, 1000 dollars would be ₦1,500,000.

Black Market Converter







Thanks for reading. Do you have a question? Please leave a comment below. Also tell us the exchange rate in your area. You are our source as well.

Related Articles

Leave a Reply

Back to top button

Adblock Detected

Adblock Detected, Please disable your adblock to continue browsing this website