In the dynamic world of currency exchange, understanding these rates can be crucial for individuals and businesses alike.
The Black Market rate often offers more favorable terms for those dealing in dollars compared to the CBN rate, and the savvy players in this market are known as Bureau De Change (BDC) Operators or Abokis.
But before we dive into the specifics, let’s demystify the terms “Buying” and “Selling” of Dollars.
Buying a Dollar means acquiring it with Naira, while Selling involves exchanging your dollars for Naira at the prevailing black market rate. It’s essential to grasp these concepts to navigate the currency exchange landscape effectively.
Now, let’s address the burning question, “What is the Dollar To Naira Black Market Exchange Rate for Today?“
According to insights gathered from Zone 4, Wuse Abuja, a bustling hub for currency exchange, the Dollar was bought at ₦1,595.00 and sold at ₦1,606.00 today.
How Much Is Dollar To Naira Black Market Rate Today (March 14, 2024)?
| Dollar To Naira | Black Market Rate Today |
|---|---|
| Buying Rate | ₦1,595.00 |
| Selling Rate | ₦1,606.00 |
Black Market/Aboki Rate Exchange Table Today
Let’s break down the black market prices for various denominations. Since the selling rate stands at ₦1,600.00, we multiply it by the denomination in dollars to determine the equivalent value in Naira.
| Denomination in Dollar($) | Black Market Exchange Rate Today in Naira |
|---|---|
| 5 | ₦8,000 |
| 10 | ₦16,000 |
| 20 | ₦32,000 |
| 50 | ₦80,000 |
| 100 | ₦160,000 |
| 150 | ₦240,000 |
| 200 | ₦320,000 |
| 300 | ₦480,000 |
| 350 | ₦560,000 |
| 400 | ₦640,000 |
| 500 | ₦800,000 |
| 800 | ₦1,280,000 |
| 1000 | ₦1,600,000 |
Dollar To Naira CBN Rate Today
As of today, March 14, 2024, the Central Bank of Nigeria sells at ₦1492.73 and buys at ₦1493.73.
| CBN Selling Rate | ₦1492.73 |
|---|---|
| CBN Buying Rate | ₦1493.73 |
How Much Is A Dollar To Naira Black Market Rate (Lagos)?
In Lagos, known for its vibrant economy and bustling markets, the black market rate mirrors that of Abuja, standing at ₦1,598.00. However, it’s worth noting that variations may occur among different exchangers in Lagos.
Dollar Conversion:
- 100$ is equivalent to ₦159,500.
- 1000$ is equivalent to ₦1,595,000.
- 5000$ is equivalent to ₦8,000,000.
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