Dollar to Naira Black Market Rate Today

Dollar to Naira Black Market Rate
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Exchange Rate of 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 ₦ 1900 as of 22nd February 2024.

This is different from the Peer to Peer rate (P2P rate)

1 USD = ₦ 1900.00

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How Much is Dollar to Naira at Black Market Exchange Rate

This often varies 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. See the table below for the amount:

Dollar Naira
2 ₦ 3,800
3 ₦ 5,700
4 ₦ 7,600
5 ₦ 9,500
10 ₦ 19,000
50 ₦ 95,000
150 ₦ 285,000
400 ₦ 760,000
1000 ₦ 1,900,000

 

Check out other USD to NGN rates below:

 

Buying and Selling Terminologies Defined

Buying here refers to the amount in NGN that one receives after exchanging his/her 1 USD 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, it is the value the traders in the above markets sell 1 USD to you when you pay in naira, which is always higher than the buying price.

You must get acquainted with these terms when you trade or exchange currencies in various financial institutions or money exchangers in Niger

The United States Dollar (USD)

It 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 the Dollar as part of their currency name but their exchange rates are quite different from that of the United States. 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. Its symbol is ₦, while the code is NGN.

 

 

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