Exchange Rate Dollar to Naira in Black Market Today
The Dollar to Naira Black Market rate for today in Lagos, Nigeria is ₦ 562.00 as of 01 December 2021.
1 USD = ₦ 562.00
How much is Dollar to Naira in Black Market today?
The rates often vary slightly from city to city in Nigeria such as in Abuja, Lagos, Port Harcourt, Kano, Calabar. Usually, this difference is not more than ₦ 2.00.
However, the rate contained here is sourced from the Lagos Market which is ₦ 562.00.
1 Dollar to Naira is – ₦ 562.00
2 Dollar to Naira is – ₦ 1,124.00
3 Dollar to Naira is – ₦ 1,686.00
4 Dollar to Naira is – ₦ 2,248.00
5 Dollar to Naira is – ₦ 2,810.00
10 Dollar to Naira is – ₦ 5,620.00
50 Dollar to Naira is – ₦ 28,100.00
100 Dollar to Naira is – ₦ 5 6,200.00
150 Dollar to Naira is – ₦ 84,300.00
400 Dollar to Naira is – ₦ 224,800.00
500 Dollar to Naira is – ₦ 281,000.00
1000 Dollar to Naira is – ₦ 562, 000.00
Check out other US Dollar USD to Naira rates below:
Buying and Selling Dollar and Naira Black Market Terminologies Defined
The buying rate refers to the amount in Naira that one receives after exchanging his/her 1 Dollar in any of the market segments that is the Central Bank of Nigeria, FX Market, Nigerian Banks, Western Union, MoneyGram, or from the black market traders.
The selling rate is the reverse of the buying rate which is the value the traders in the above markets will sell 1 Dollar to you when you pay in Naira, and it is always higher than the buying rate.
It is important you get yourself acquainted with these terms when you are trying to trade or exchange dollars to Naira in various financial institutions or money exchangers.
The United States Dollar (USD)
The United States Dollar (USD) is generally accepted as a universal currency for international trade. A subunit of the USD is known as 1 Cent, and the symbols of Cent and Dollar are (¢) and $ respectively.
However, some other countries have their currencies Dollar as part of their name but their exchange rates are quite different from that of the United States Dollar. Some of these countries include – Ecuador, Zimbabwe, Canada, East Timor, Palau, Federated States of Micronesia, Panama, Turks and Caicos Island, Marshall Island, El Salvador, Caribbean Netherlands, British Virgin Islands, etc.
The Nigeria Naira (NGN)
The official currency used by Nigeria is known as the Naira and its subunit is called 1 kobo. The Central Bank of Nigeria issues and regulates the currency. The symbol for the Naira is ₦, while the code is NGN.