As of September 29, 2024, the black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) stands at approximately ₦1,640 per $1. This rate reflects ongoing economic pressures and a significant gap between the official and parallel market rates.NgnRatesWikipedia
Dollar to Naira Black Market Rate – September 29, 2024
Buying Rate: ₦1,620 per $1
Selling Rate: ₦1,640 per $1Investing.com
These figures are based on user-submitted data from currency traders and should be approached with caution. NgnRates
FAQs on Dollar to Naira Black Market Exchange Rate
What is the black market exchange rate for the dollar to naira today?
As of September 29, 2024, the black market rate is approximately ₦1,640 per $1. NgnRates
How does this compare to the official exchange rate?
The official Central Bank of Nigeria (CBN) rate is significantly lower, around ₦767.54 per $1, highlighting a substantial disparity between the official and black market rates. Wikipedia
Why is there such a large gap between the official and black market rates?
The disparity arises due to factors like limited access to foreign currency through official channels, high demand for dollars, and economic challenges leading individuals and businesses to seek alternative sources for foreign exchange.
Is it legal to trade currency on the black market in Nigeria?
No, trading currency outside of official channels is illegal in Nigeria. Engaging in black market transactions can lead to legal consequences.
How can I get the best exchange rate legally?
To obtain the best legal exchange rates, consider using licensed Bureau de Change operators, banks, or reputable online platforms that comply with CBN regulations.
Note: Exchange rates fluctuate frequently due to market dynamics. Always consult official sources or licensed financial institutions for the most accurate and up-to-date information.
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