Up to date West African CFA franc XOF to Naira exchange rate today black market
The page primary focus is on XOF to NGN daily black market exchange rate today which includes black market 1 XOF to NGN rate. The FX market is in a constant state of flux, rising or falling in response to economic and fiscal stimuli occurring anywhere on the planet earth.
One important reason you ought to check how much XOF to NGN black market exchange rate today is that it helps you to make a calculated decision especially for business and students who need West African CFA franc for their education. You must know the price at the moment. This will help prevent buying or selling when it is not favourable.
For example, you have 1 West African CFA franc at 360 Naira. You would not want to sell an XOF when it goes down to 270. You would rather sell at the same price of 360 or at a higher price. I believe you are here to know how much an XOF to Naira exchange rate in the black market today.
West African CFA franc to Naira Parallel Foreign / Black Market Exchange Rate Today October 20, 2020 5:30 am time:.
|Convert||into||Result – October 20, 2020 5:30 am|
|10 XOF||₦ NGN||10 XOF = 7 Nigerian Nairas|
|100 XOF||₦ NGN||100 XOF = 69 Nigerian Nairas|
|500 XOF||₦ NGN||500 XOF = 344 Nigerian Nairas|
|1000 XOF||₦ NGN||1000 XOF = 688 Nigerian Nairas|
Parallel Foreign /Black market Exchange Rate rate today is the same all over Nigeria such as Lagos, Cross River, Asaba, Benin, Abuja, Kano Lokoja Kwara Ilorin, Port Harcourt, Ogun, Ondo, Ibadan but local black market price may differ.
Lagos black market today
Inside Lagos black market exchange rate today as at ., October 20, 2020 5:30 am [price may vary depending on the amount of money being exchanged and bargain power]
|Sell||You get – October 20, 2020 5:30 am|
|100 XOF||67 Nigerian Nairas|
|500 XOF||346 Nigerian Nairas|
Nigeria States black market today
Outside Lagos Black market exchange rate today as at ., October 20, 2020 5:30 am [price may vary depending on the amount of money being exchanged]
|Sell||You get – October 20, 2020 5:30 am|
|100 XOF||65 Nigerian Nairas|
|500 XOF||348 Nigerian Nairas|
Use this currency converter to know how much the number of XOF/Naira you wish to exchange.
Quick fact about XOF
The West African CFA franc is the currency used in the following 7 countries: Benin, Burkina Faso, Ivory Coast, Niger, Senegal, Togo, Guinea-Bissau. The code of West African CFA franc is XOF. Fr is used as a symbol of West African CFA franc.
- The West African CFA franc was introduced in 24 Nov 1958.
- The most popular conversions of West African CFA franc are XOF/Nigerian naira XOF/US dollar XOF/Indian rupee XOF/Ghanaian cedi
- There are 9 coins for the West African CFA franc (Fr1, Fr5, Fr10, Fr25, Fr50, Fr100, Fr200, Fr250 and Fr500 ),
The Naira of Nigeria
The Naira is subdivided into 100 Kobos. Few of the latter are currently in circulation due to the devaluation of the Nigerian currency. The only coins in current circulation are of 50 Kobos, and 1 et 2 Nairas.
The 1 Naira banknote carries the image of a mask on its reverse side. The sculpting of masks is a major art form in Africa. The shapes, sizes and materials are many and varied. When they represent animals, they are supposed to bring their characteristic qualities to the bearer. When they are in the form of human faces, they tend to be those of sorcerers, who mediate between the divine and human dimensions. Nigerian traditions and customs are also presented on the 5 Naira bill with the ritual dances of the Nkpokiti troupe.
Quick fact about Naira
The Nigerian Naira is the currency of Nigeria. The code of Nigerian Naira is NGN. ₦ is the symbol of Nigerian Naira. The Nigerian Naira is divided in 100 kobos. NGN is regulated by the Central Bank of Nigeria.
Did you know:
- The most popular conversions of Nigerian Naira are NGN/XOF NGN/Ghanaian cedi NGN/West African CFA franc NGN/South African Rand
- The Nigerian Naira was introduced on 1 Jan 1973 (46 years ago).
- There are 3 coins for the Nigerian Naira (₦0.5, ₦1 and ₦2 ),
- the Nigerian Naira has 9 banknotes ( ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500 and ₦1000 )
About the black Market exchange rate
A black market exchange often called parallel system is one in which transactions take place at more than one exchange rate and at least one of the prevailing rates is a freely floating, market-determined.
Black market exchange rate systems may be legal or illegal. When the parallel market for foreign exchange is legal, it is often referred to as a dual exchange rate (DER) system. In these cases, most current account transactions take place at a pegged commercial rate, and capital account transactions at a market-determined financial rate.
Illegal parallel market systems emerge when private agents attempt to evade restrictions on the price or quantity of foreign exchange transactions. Illegal parallel markets are the norm in most of Africa especially Nigeria, which has never successfully unified its exchange rate.
Black market exchange is a platform where currencies are brought and sold. These markets are guided by a central authority but there is always an agreement between the seller and buyer. This agreement is usually based on the volume of money been sold or bought. In essence, the black market is a free market, regulated only by supply and demand.
Local black market operation
The physical black market is not a place you rush in and rush out. You must be careful. You should go there with someone familiar with how they operate. Make sure you visit a bureau de exchange who has an office. Ensure you have written down the serial number of your West African CFA franc notes (if it’s just a few notes). To avoid the word… “This is fake”. I have heard complaints from people who took original West African CFA franc note and ended been fake after it was checked by the exchangers.
In Nigeria, the Hausas had been the major players in black market currencies exchange. Even banks with FX issues usually advise customers to visit the bureau de exchange. How do they make money?
In the black market currency exchange, they buy from at a cheaper rate. For example, the West African CFA franc is pegged at 688 Naira to 1000 West African CFA franc at the parallel market. At the black market, if you’re selling your 1000 West African CFA franc to get Naira today, the abokis would buy from you at a lower price. Moreover, in the black market currencies exchange, the West African CFA franc denomination will determine how much the abokis will be willing to buy.