You’ll find answers to “How much is Dollar to Naira today,” “1 Dollar to Naira price now”, “Naira to Dollar black market,” and also “USD to Naira black market rate and the official rate.”
DISCLAIMER: This article is solely for informational and educational purposes and is not intended to encourage or promote any illegal activity. We do not endorse or support any form of illegal OR unofficial exchange rate transactions, and we are not responsible for any actions readers take based on the information provided in this article. We urge readers to always adhere to the legal and official exchange rate set by the Central Bank of Nigeria (CBN) and seek advice from licensed financial experts before engaging in forex transactions.
Dollar to Naira Today
At the monthly market opening on June 1st, USD to NGN was trading at ₦463.34. That means Naira has depreciated by about 0.0011% from the beginning of the month to today.
Having known Today’s dollar to Naira rate in the official market, let’s now see how much is Dollar Naira black market rate is today.
Dollar to Naira Black Market Today
The United State Dollar to Nigerian Naira (USD/NGN) black market rate for today, Monday, June 19th, 2023, is trading around ₦773 to ₦785.
Note that this may vary based on location. That is, the dollar black market rate in Lagos today may be different from the exchange rate in Abuja.
Looking for the USD to Naira black market rate history? Below are the rates for the past 7 Days.
Black Market Naira to Dollar
Naira to Dollar black market rate is around 0.0013 USD per 1 Naira.
On the other hand, the official rate for 1 Naira to Dollar is 0.0022 USD.
What is the Current Dollar to Naira Exchange Rate in the Black Market?
Also known as the parallel market exchange rate, the current dollar to naira rate in the black market varies depending on several factors, such as political and economic events, global trends, and the demand and supply of both currencies.
As of today, Monday, July 3rd, 2023, the black market dollar to Naira exchange rate is around 784.50 Naira to 1 US dollar. It is important to note that this rate can change anytime and may vary depending on the location and the money changers (Banks/BDC) involved.
To stay up-to-date with the latest black market exchange rate, you can keep checking Nairarush or Join our Telegram Channel as we provide daily updates on the exchange rate.
How to Convert Dollar to Naira 2023
Converting the dollar to Naira can be interpreted in multiple ways. If you want to know the numbers, that is, if you’re seeking about the dollar to Naira today or how much a dollar to Naira today official rate, you can multiply the number of dollars you have with the current dollar price. In other words, one Dollar to Naira or $1 to Naira.
After knowing the rate, you can take the Dollar note and proceed to a currency converter (Bank or BDC), then get the money converted to Naira.
Factors Influencing the Dollar-to-Naira Exchange Rate
Several factors influence the official and the black market dollar-to-naira rate. One of the most significant factors is political and economic events in Nigeria and globally.
For instance, changes in government policies, inflation, and oil prices can impact the exchange rate. The demand and supply of both currencies can also affect the exchange rate.
If there is a high demand for US dollars, the exchange rate may increase, and vice versa. Finally, global trends such as the COVID-19 pandemic can influence the exchange rate.
Pros and Cons of Using the Black Market Exchange Rate
Using the black market exchange rate has its benefits and drawbacks. Let’s go into some details:
One advantage of using the black market exchange rate is getting a higher rate than the official one. This means you can get more Naira for your US dollars, which can be beneficial if you exchange a large amount of money.
However, the black market exchange rate is unofficial and can be risky. You may encounter fraudsters who promise high exchange rates but scam you. Additionally, some legal laws may be attached since the parallel market is unofficial.
Tips on How to Stay Up-to-date with the Black Market Exchange Rate
You can use several strategies to stay up-to-date with the black market exchange rate. One of the most effective ways is to check online platforms that provide real-time updates on the exchange rate.
Several websites, just as GuiderSpot, provide daily updates on the exchange rate where we cover how much 1 Dollar to Naira.
Social media platforms and online forums Like our Telegram Channel can also provide valuable information on the Dollar to Naira today’s black market exchange rate. Finally, you can use trusted money changers, BDC, to get the latest Naira to Dollar Today exchange rate information.
Staying up-to-date with the dollar-to-naira black market exchange rate and knowing how much a dollar to Naira is today is essential for Nigerian businesses and individuals who engage in foreign currency transactions.
In this post, we’ve discussed the current exchange rate, factors influencing the exchange rate, the pros and cons of using the black market exchange rate, and tips on how to stay up-to-date with the USD to Naira exchange rate.
In conclusion, we hope this post has provided valuable insights into the dollar-to-naira official exchange rate and how much the black market dollar is to Naira. Following the tips and strategies discussed in this post, you can stay informed and make informed decisions when exchanging your US dollars for Naira.