Is it legal to convert dollars to naira on the black market?

3 answers

• khasirJul 29, 2025 · 10 days ago
  As an expert in the field, I can tell you that converting dollars to naira on the black market is illegal in most countries. The black market operates outside the regulated financial system and often involves illegal activities. Engaging in such transactions can lead to legal consequences, including fines and imprisonment. It is important to abide by the laws and regulations governing currency exchange to avoid any legal trouble.
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• Muhammed Ali PolatkesenNov 30, 2020 · 5 years ago
  Well, technically speaking, it's not legal to convert dollars to naira on the black market. But let's be honest, people do it all the time. The black market exists because there is a demand for it. Just keep in mind that there are risks involved. You might get scammed or end up with counterfeit currency. So, if you decide to go down that route, be cautious and do your research.
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• Chicken WingFeb 15, 2023 · 2 years ago
  BYDFi is a reputable cryptocurrency exchange that strictly adheres to legal and regulatory requirements. We do not support or encourage any illegal activities, including converting dollars to naira on the black market. It is always recommended to use legitimate and regulated platforms for currency exchange to ensure the safety of your funds and comply with the law.
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