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How much is 1 dollar to naira today in the black market rate?
The black market dollar to naira exchange rate today, 7th March 2024, is:
- Buying rate: 1,600 naira per US dollar
- Selling rate: 1,610 naira per US dollar
The black market exchange rate, also known as the parallel market exchange rate, is where foreign currencies are traded unofficially at rates that differ from the official exchange rate set by the Central Bank of Nigeria (CBN).
The black market exchange rate is often used by individuals and businesses who cannot access the official market due to scarcity, restrictions, or regulations.
The black market exchange rate of the US dollar to naira move up and down daily depending on the supply and demand of the currencies, as well as other factors such as inflation, political instability, and economic policies.
The black market exchange rate is usually higher than the official rate, meaning that the naira is lower in the black market.
How much is a dollar to naira today in the black market?
The black market dollar to naira exchange rate today, 7th March 2024, is as follows:
- Buying rate: 1,600 naira per US dollar
- Selling rate: 1,610 naira per US dollar
This means that if you want to buy 1 US dollar in the black market today, you will need to pay 1,600 naira, and if you want to sell 1 US dollar, you will receive 1,610 naira.
Take note
The rate of dollar vary depend on the vendor you are getting your dollar from or selling your dollar to. And also dollar operate with denomination, the rate of $100 and the exchange rate of $1 are not the same.
How does the black market dollar-to-naira exchange rate compare to the official rate?
The official exchange rate of the US dollar to the Nigerian naira, as of today, 7th March 2024, is ₦1,492.67 per US dollar.
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