What is the current exchange rate for 1 dollar to naira in the black market?

5 answers

• Dec 17, 2021 · 3 years ago
  The current exchange rate for 1 US dollar to Nigerian naira in the black market is around 500 naira. However, please note that the black market rates are highly volatile and can fluctuate throughout the day. It is advisable to check with local money changers or online platforms for the most up-to-date rates. The black market exchange rate is influenced by various factors such as supply and demand, economic conditions, and government policies. The difference between the black market rate and the official rate is mainly due to restrictions imposed by the government on foreign exchange transactions.
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• Dec 17, 2021 · 3 years ago
  Hey there! As of today, you can get approximately 500 Nigerian naira for 1 US dollar in the black market. But keep in mind that the black market rates are like a roller coaster ride, they go up and down all the time. So, it's better to check the rates frequently before making any transactions. The black market rate is determined by the demand for foreign currency, especially the US dollar, and the availability of it in the market. The difference between the black market rate and the official rate is because the official rate is set by the government and is usually lower to control the flow of foreign currency.
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• Dec 17, 2021 · 3 years ago
  The current exchange rate for 1 US dollar to Nigerian naira in the black market is approximately 500 naira. However, please note that the black market rates are not regulated and can vary significantly. It's always a good idea to compare rates from multiple sources before making any currency exchange. As for the difference between the black market rate and the official rate, it is mainly due to the limited supply of foreign currency in the official market and the high demand for US dollars in Nigeria. This creates a thriving black market where individuals and businesses can exchange currency at higher rates.
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• Dec 17, 2021 · 3 years ago
  At BYDFi, we are committed to providing the best trading experience for our users. While we do not directly provide information on the black market exchange rate, we encourage our users to stay informed and make informed decisions when it comes to currency exchange. The black market rates can vary significantly and are influenced by various factors. It is always recommended to consult reliable sources and local money changers for the most accurate and up-to-date rates.
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• Dec 17, 2021 · 3 years ago
  The current exchange rate for 1 US dollar to Nigerian naira in the black market is approximately 500 naira. However, it's important to note that the black market rates are not endorsed by any official authority and can be subject to high volatility. It's advisable to exercise caution and consider the risks associated with engaging in black market currency exchange. It's always a good idea to explore legal and regulated channels for currency exchange to ensure transparency and security.
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