Dollar To Naira Today In Black Market July 2022 Rate

Are you interested in knowing the today’s Dollar to Naira black market exchange rate in Nigeria? If ‘yes’, this page provides the accurate update of the Nigeria’s foreign exchange rate in the black market where currencies are unofficially being traded.

Not only that we will show dollar black market rate but also show the Central Bank of Nigeria (CBN) Dollar to Naira rate, and as well as the Bureau De Change (BDC) rate in Lagos.

Kindly note that the Central Bank of Nigeria (CBN) has suspended aboki dollar to naira today website for violating it currency rate publishing policy.

DISCLAIMER: The information below is for educational purposes only. Only the CBN has the right to publish Naira rate, so this post is a news report for what dollar was exchanged for Naira today at the black market in Lagos, Enugu and other parts of the country.

Dollar black market rate today Nigeria

• Sell: The amount vendors at black market sell to you/people.
• Buy: The amount vendors at black market buy from you/people.

Isn’t it good to get yourself updated with the current exchange rate of Dollar to Naira in the black market and the CBN rate.

We at Nyscinfo is determined to bring to you live update regarding the exchange rates between the United States Dollar (USD) and Nigerian Naira (NGN) both for parallel market and the official CBN rates.

How much is dollar in black market today?

Dollar black market rate today Nigeria

100 dollars to Naira in black market today is N71,000, since 1 USD is exchanged for N710. (Dollar to Naira Today Black Market Rate Nairaland)

• Buying: 695 Naira
• Selling: 710 Naira

Besides providing you with the latest updates of the United States Dollars to the Nigerian Naira exchange rates, this page also provides an understanding of some realities you need to know about Dollar and Naira.

The United States Dollar (USD)

The United States Dollar (USD) is undoubtedly one of the strongest bills in the world today. It is accepted in most parts of the world as a means of payment of services or businesses carried both online and offline. A hundred Cents makes up a Dollar, and the symbols of Cent and Dollar respectively are (¢) and $. The code for the United States Dollar is USD.

There are other countries who also make use of the Dollar as their official currency, but their value and exchange rates are quite different from that of the United States Dollar. Examples of such countries include; Zimbabwe, Ecuador, Canada, East Timor, Palau, Federated States of Micronesia, Panama, Turks and Caicos Island, Marshall Island, El Salvador, Caribbean Netherlands, British Virgin Islands, etc. One good fact about the United State Dollar is that it has an inflation rate of 0.10%.

The Nigeria Naira (NGN)

The Naira is the currency used by the Federal Republic of Nigeria. The exchange rate of Nigeria Naira is undergoing a reduction in Value at the moment, but before now it has maintained a stand of being one of the strongest currency in Africa during the 20th century.

In the present 21st century, particularly in recent times, things have really changed negatively. The foreign exchange rate of the Nigerian Naira has been on the waning at an alarming rate.

One hundred Kobo makes up a Naira and the symbol for the Naira is ₦, while the code is simply written as NGN.

How Much Is Dollar To Naira Exchange Rate Today?

The United States Dollar to Nigerian naira’s exchange rate today in the parallel market is quite different from the official CBN rate.

Note: You shall be updated daily with the both dollar rates on this page.

This is the current price as updated today, you can always check this page for daily updates (or periodic updates) because they are done in real-time.

CBN Exchange Rate of Dollar to Naira Today

The current CBN exchange rate of the Dollar to Naira today is: $1 = ₦485

To get the Official Central Bank of Nigeria (CBN) daily exchange rate of the Dollar to Naira, always check on this page for future updates as the figures are been updated in realtime.

Terms You Should Know About Dollar to Naira Exchange Rate

The exchange rate of the United State Dollar (USD) to Naira varies among monetary institutions in Nigeria and various parallel or black market win different states in the country. With regard to this, there are certain terminologies related to exchange rates you should know and get yourself acquainted with. They are as follows:

Dollar to Naira Exchange Rate

The exchange rate of Dollar to Naira is the precise equivalent of 1 Dollar in Naira. The precise rate at this present moment (because it is updated in real-time) is the one you have seen above.

Black Market Exchange Rate of Dollar to Naira

The black market, popularly known as Aboki change rate or parallel market, can be used interchangeably as they all mean the same thing. This is the exchange rate you will get from the Hausa exchangers within the streets. They are found in almost all major cities in Nigeria. The rate these Hausa exchangers buy and sell Dollars for Naira is called black market rate

CBN Exchange Rate

CBN, as you are already aware, stands for Central Bank of Nigeria. The CBN exchange rate is the amount in Naira they are buying or selling Dollars. If you observe, these rates are always smaller when compared to aboki or bank rates.

Nigerian Banks Exchange Rates

The Nigerian bank’s exchange rates are essentially the precise amount various banks in Nigeria charge your Naira Master or Visa Card when you use it to buy products or services on foreign sites that only trade in Dollars. These rates vary among banks and they are regularly higher than CBN rates.

Buying and Selling Rate

The buying rate is the amount in Naira that the Central Bank of Nigeria, Western Union, Money Gram, Nigerian Banks, or Aboki exchangers will give you for 1 Dollar. The selling rate, on the other hand, is the rate all the above-mentioned institutions will sell a Dollar to you when you pay in Naira. The selling rate is always higher than the buying rate.

It is important you get yourself conversant with these terminologies when you are trying to trade or exchange Dollar to Naira in various financial institutions or money exchangers.

If you notice the present Dollar to Naira exchange rate and compare it to a few years back you will accept with us that the Nigerian Naira is currently losing its stand. Always check on nyscinfo.com for current information about the Nigerian Naira and its United States Dollar counterpart, or simply bookmark this page on your browser for future reference.

Source: Nyscinfo