Dollar to Naira Black Market Exchange Rate Today

Filed in News by on August 15, 2022

Dollar to Naira Black Market Exchange Rate Today: If you are interested in knowing the dollar-to-naira exchange rate today in the black market, you’ve come to the right place. As the world is aware, Nigeria is currently affected by a severe economic crisis, which means that the country’s currency has taken a drastic blow, affecting many aspects of life. In this article we will be discussing the current dollar to naira rate in detail and how it could affect your daily life.

Naira to Dollar Exchange Rate Today – Black Market (Nigeria)

The black market is a term used to describe the unofficial exchange rate between two currencies. The black market exchange rate is the rate at which one currency can be exchanged for another currency in the black market, as opposed to official governmental rates. The reason why this occurs is that some people prefer to trade at non-standardized rates, which are more favorable to them due to their illicit nature.

As the Nigerian naira has plummeted in value, inflation has surged and is expected to continue to rise. Central Bank Governor Godwin Emefiele urged Nigerians to work toward a turnaround of their economy by observing thrift and practicing patience.

The black market, or Aboki market, is a common name given to informal currency exchange markets in Nigeria and is usually associated with fraud and corruption. The exact rate of exchange at the Aboki market is difficult to determine, as it is not regulated by any official body. The Central Bank of Nigeria (CBN) does not regulate Aboki rates, which are usually higher than the official exchange rate listed on the bank’s website: cbn.gov.ng

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There are many reasons why people would want to use this type of currency exchange service when traveling abroad compared with going through regular channels. Using these types of services means that you do not have any restrictions on what you can buy or sell as long as you have access to a computer and internet connection, which isn’t always possible depending on where you are traveling from/to or even how long your trip will last!

Dollar to naira parallel market

The parallel exchange rate (also known as the black market rate) is always different from the official Central Bank of Nigeria (CBN) exchange rate. Currently, one U.S. dollar costs 600 nairas on the black market, which is affecting the Nigerian economy significantly.

The rates you get from the parallel market are unofficial. They’re not set by the Central Bank of Nigeria, but they do represent an accurate reflection of what people are willing to pay for naira at a given time.

You can also find these rates online on websites like NairaExchangeRate.com and ForexPeaceArmy.com, which give up-to-date currency exchange information for international travelers and investors.

Official Naira to Dollar Exchange Rate Today

  • Why do we need to know the exchange rate of the Dollar to Naira?
  • How is the dollar to naira exchange rate today? Where can I find the naira euro conversion rate? If you are looking for information on this topic then you are in the right place. We will also look at current rates and how they can help in your everyday life as a Nigerian.
  • What is an official currency exchange rate? The official currency exchange rate is important because it determines how much money you need to make when buying or selling goods between countries.
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Western Union Exchange Rate Today in Nigeria (Dollar, Pound, Euro & Others) 2022

Western Union is a money transfer service that allows you to send money at a low cost and make payments in over 200 countries. You can use Western Union to send money online or in person.

  • What is a western union transfer?

A Western Union transfer is when you send money from one place to another using the services of a western union, usually through wire transfers.

  • How much does it cost to send money through western union?

It depends on the amount being sent but for amounts above $300, there are no charges for sending funds through the company’s website or mobile app.

  • How do I send money through western union?

If you want to use this service, all you have to do is visit any local office of your choice and fill out a form with your details including your name and contact number as well as information about where they should deliver cash into account after receiving payment from sender’s bank account.

  • How do I receive money through western union?

You can also receive funds sent by someone else on behalf of the receiver’s bank account by giving them an access code or secret pin during the transaction process instead of providing an address where he/she will be staying while waiting for a delivery agent who delivers cash into their hand within 24 hours depending on location and type of product purchased.

 

THE DOLLAR USED TO BE #360, NOW IT’S #608

The dollar is currently worth #415 against the naira in the central bank and #608 in the black market. When it was first introduced, it was worth #1. However, this value has been increasing over time. In fact, since 2007 when the naira was revalued from $1= N200 to $1= N360, it has continued to increase in value and now stands at around #608 per dollar in the black market. This means that if you send money from Nigeria to someone abroad through Western Union or any other service provider who uses a foreign exchange rate, you can expect about 10% of your money to be lost as having gone into commission for sending them out of Nigeria via these services

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Conclusion

The naira to the dollar exchange rate is the daily exchange rate between the Nigerian naira (NGN) and the US dollar. It indicates how much the NGN is worth against one USD. It is also known as NGN/USD, naira to dollars, or naira-dollar conversion rate.

For example, if the pair is trading at 500 per dollar, it means that it costs 500 nairas to buy one dollar. The currency pair shows how many US dollars are needed to purchase one Nigerian naira.

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