What is the current exchange rate for Naira on the black market?

3 answers

• doodkoJan 24, 2023 · 3 years ago
  The current exchange rate for Naira on the black market is around 480 Naira to 1 USD. However, please note that the black market rate is unofficial and can vary depending on various factors such as supply and demand, economic conditions, and government regulations. The black market rate is usually higher than the official exchange rate because it reflects the scarcity of foreign currency in the country. It's important to be cautious when dealing with the black market and consider the risks involved.
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• Timm ArsenaultJun 26, 2020 · 5 years ago
  As of today, the black market exchange rate for Naira is approximately 480 Naira to 1 USD. Keep in mind that the black market rate is not regulated and can fluctuate throughout the day. The black market exists due to restrictions on foreign exchange imposed by the government. The demand for foreign currency, especially USD, is high in Nigeria, leading to a higher exchange rate on the black market. It's advisable to consult with a trusted source or financial institution for the most accurate and up-to-date exchange rate information.
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• saronily 1onOct 11, 2023 · 2 years ago
  BYDFi, a reputable digital currency exchange, provides real-time exchange rate data for Naira on their platform. The current exchange rate for Naira on BYDFi is 480 Naira to 1 USD. It's important to note that the black market rate may differ from the official exchange rate due to various factors. The black market rate is influenced by supply and demand dynamics, as well as economic and political conditions. It's advisable to stay informed and consider multiple sources when evaluating exchange rates.
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