Exchange Rate Dollar to Naira in Black Market Today
The Dollar to Naira Black Market exchange rate for today in Lagos, Nigeria as exchanged by the local dealers on the streets is ₦ 998 as of 25 September 2023.
This rate is different from the Peer to Peer rate (P2P rate)
1 USD = ₦ 998.00
How Much is Dollar to Naira at Black Market Exchange Rate
The rates often vary slightly from city to city in Nigeria, such as Abuja, Lagos, Port Harcourt, Kano, and Calabar. Usually, this difference is not more than ₦ 2.00.
1 Dollar to Naira – ₦998.00
2 Dollar to Naira – ₦ 1, 996.00
3 Dollars to Naira – ₦ 2, 994.00
4 Dollars to Naira – ₦ 3, 992.00
5 Dollars to Naira – ₦ 4, 990.00
10 Dollars to Naira – ₦ 9, 980.00
50 Dollar to Naira – ₦ 49, 900.00
100 Dollar to Naira – ₦ 99, 800.00
150 Dollar to Naira – ₦ 149, 700.00
400 Dollars to Naira – ₦ 399, 200.00
500 Dollar to Naira – ₦ 499, 000.00
1000 Dollars to Naira – ₦ 998, 000.00
Check out other US Dollar USD to Naira rates below:
Buying and Selling Dollar Terminologies Defined
The buying rate refers to the amount in Naira that one receives after exchanging his/her 1 Dollar in any market segment: 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, it is the value the traders in the above markets sell 1 Dollar to you when you pay in Naira, which is always higher than the buying rate.
You must get acquainted with these terms when you trade or exchange Dollars for 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 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.