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, 9th May 2024?
The exchange rate for the dollar to naira on the black market today, 9th May 2024 in Lagos, Nigeria is around ₦1435 to $1.
How Much is Dollar to Naira in Black Market Today?
As of Today, Dollar is bought around ₦1435 and sold around ₦1445 in the black market. The table below shows the buying and selling rate of Dollars in the black market.
| Dollar to Naira | Black Market Today |
|---|---|
| Buying Rate | ₦1435 |
| Selling Rate | ₦1445 |
Here are some sources for tracking the black market rate:
- AbokiFx: Although the Central Bank of Nigeria banned this website, many Nigerians still use it as a reference point. Please note that information on this website might not be entirely accurate due to the ban.
- Street traders: You can ask street traders who deal in currency exchange for the current rate. However, be cautious and compare rates from multiple sources before making a transaction.
- News reports: Some Nigerian news outlets publish articles with the latest black market rates.
It’s important to be note that the black market rate can fluctuate throughout the day and may vary depending on your location. The black market rates displayed on this page are compiled from various online sources, including media outlets. The actual rates you encounter when buying or selling foreign currency may differ from those listed here. This platform does not set or determine foreign exchange rates.
Convert Dollar To Naira in Black Market/AbokiFX?
Dollar to Naira Black Market rate conversion table. Convert USD to NGN
| Amount in Dollar ($) | Dollar to Naira Black Market Rate in Naira |
|---|---|
| 1 US Dollar ($1) to Naira | 1,435 |
| 5 US Dollars ($5) to Naira | 7,175 |
| 10 US Dollars ($10) to Naira | 14,350 |
| 20 US Dollars ($20) to Naira | 28,700 |
| 50 US Dollars ($50) to Naira | 71,750 |
| 100 US Dollars ($100) to Naira | 143,500 |
| 150 US Dollars ($150) to Naira | 215,250 |
| 200 US Dollars ($200) to Naira | 287,000 |
| 300 US Dollars ($300) to Naira | 430,500 |
| 350 US Dollars ($350) to Naira | 502,250 |
| 400 US Dollars ($400) to Naira | 574,000 |
| 450 US Dollars ($450) to Naira | 645,750 |
| 500 US Dollars ($500) to Naira | 717,500 |
| 550 US Dollars ($550) to Naira | 789,250 |
| 600 US Dollars ($600) to Naira | 861,000 |
| 700 US Dollars ($700) to Naira | 1,004,500 |
| 800 US Dollars ($800) to Naira | 1,148,000 |
| 900 US Dollars ($900) to Naira | 1,291,500 |
| 1000 US Dollars ($1,000) to Naira | 1,435,000 |
| 1300 US Dollars ($1300) to Naira | 1,865,500 |
| 1500 US Dollars ($1500) to Naira | 2,152,500 |
| 1600 US Dollars ($1600) to Naira | 2,296,000 |
| 1800 US Dollars ($1800) to Naira | 2,583,000 |
| 1900 US Dollars ($1900) to Naira | 2,726,500 |
| 2000 US Dollars ($2,000) to Naira | 2,870,000 |
| 3000 US Dollars ($3000) to Naira | 4,305,000 |
| 5000 US Dollars ($5000) to Naira | 7,175,000 |
| 10000 US Dollars ($10,000) to Naira | 14,350,000 |
FAQ
How much is $1 to Naira in the black market today?
As of today, 9th May 2024, the exchange rate for $1 to Naira in the black market in Lagos, Nigeria, is around ₦1435.
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 ₦1435 to $1, $100 would be approximately 143,500.
How Much is Dollar to Naira CBN Rate Today (9th May 2024)
As of Today, (9th May 2024), the Dollar to Naira Central Bank of Nigeria (CBN) exchange rate is ₦1383. 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 | ₦1383 |
| Selling Rate | ₦1383 |
How much is the dollar to Naira today in the bank rate? (9th May 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 ₦1383.
| Dollar to Naira (USD to NGN) | Bank Exchange Rate Today |
| Buying Rate | ₦1383 |
| Selling Rate | ₦1383 |
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 ₦1383 to $1, then 100 dollars would be ₦143,500.
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 ₦1383 to $1, 1000 dollars would be ₦1,435,000.
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.
