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.
- 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, November 2, 2024?
The exchange rate for the dollar to naira on the black market today, November 2, 2024 in Lagos, Nigeria is around ₦1610 to $1.
How Much is Dollar to Naira in Black Market Today?
As of Today, Dollar is bought around ₦1610 and sold around ₦1615 in the black market. The table below shows the buying and selling rate of Dollars in the black market.
| Dollar to Naira | Black Market Today |
|---|---|
| Buying Rate | ₦1610 |
| Selling Rate | ₦1615 |
Here are some sources for tracking the black market rate:
- AbokiFx: Although the Central Bank of Nigeria banned this website, many Nigerians still use it as a reference point. Please note that information on this website might not be entirely accurate due to the ban.
- Street traders: You can ask street traders who deal in currency exchange for the current rate. However, be cautious and compare rates from multiple sources before making a transaction.
- News reports: Some Nigerian news outlets publish articles with the latest black market rates.
It's important to note that the black market rate can fluctuate throughout the day and may vary depending on your location. The black market rates displayed on this page are compiled from various online sources, including media outlets. The actual rates you encounter when buying or selling foreign currency may differ from those listed here. This platform does not set or determine foreign exchange rates.
Convert Dollar To Naira in Black Market/AbokiFX?
Dollar to Naira Black Market rate conversion table. Convert USD to NGN
| Amount in Dollar ($) | Dollar to Naira Black Market Rate in Naira |
|---|---|
| 1 US Dollar (1) to Naira | ₦1,610.00 |
| 5 US Dollar (5) to Naira | ₦8,050.00 |
| 10 US Dollar (10) to Naira | ₦16,100.00 |
| 20 US Dollar (20) to Naira | ₦32,200.00 |
| 50 US Dollar (50) to Naira | ₦80,500.00 |
| 100 US Dollar (100) to Naira | ₦161,000.00 |
| 200 US Dollar (200) to Naira | ₦322,000.00 |
| 500 US Dollar (500) to Naira | ₦805,000.00 |
| 1000 US Dollar (1000) to Naira | ₦1,610,000.00 |
| 2000 US Dollar (2000) to Naira | ₦3,220,000.00 |
| 5000 US Dollar (5000) to Naira | ₦8,050,000.00 |
FAQ
How much is $1 to Naira in the black market today?
As of today, November 2, 2024, the exchange rate for $1 to Naira in the black market in Lagos, Nigeria, is around ₦1610.
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 ₦1610 to $1, $100 would be approximately ₦161,000.00.
How Much is Dollar to Naira CBN Rate Today (November 2, 2024)?
As of Today, November 2, 2024, the Dollar to Naira Central Bank of Nigeria (CBN) exchange rate is ₦1610. The rate was gotten from the CBN website here www.cbn.gov.ng/rates/ExchRateByCurrency.asp.
| Buying Rate | ₦1610 |
| Selling Rate | ₦1615 |
How much is the dollar to Naira today in the bank rate? (November 2, 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 and current rates.