AbokiFX Black Market Dollar To Naira Exchange Rate Today October 7, 2022
The page’s primary focus is on Black Market Dollar To Naira Exchange Rate Today. 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 USD to NGN black market exchange rate today is that it helps you to make a calculated decision. You must know the price at the moment. This will help prevent buying or selling when it is not favourable.
Normal Exchange Rate
|1 USD||₦ NGN||1 US dollar = 434 Nigerian Naira|
|10 USD||₦ NGN||10 US dollar = 4,337 Nigerian Naira|
|50 USD||₦ NGN||50 US dollar = 21,686 Nigerian Naira|
|100 USD||₦ NGN||100 US dollar = 43,372 Nigerian Naira|
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Updated on 7 hours ago
AbokiFX Black Market
If I'm to sell or buy dollar today in black market. What is the exchange rate? You can change the default amount below to any amount of your choice.
You can bargain higher if you are selling dollars or lower if you’re buying dollar
Parallel Foreign Exchange Rate rate today is the same all over Nigeria such as Lagos, Port Harcourt, Asaba, Benin, Abuja, Kano, Kaduna, Ilorin, Port Harcourt, Abeokuta, Akure, Ibadan etc. You may experience a slight difference in exchange.
About black market
In black market, when you sell indicates you are selling dollars in exchange for naira. When you buy, you’re selling naira in exchange for dollars. When you want to buy dollars, the exchange is higher. That means you will pay more to receive dollars. When you sell, the exchange is low.
A change in the official rates has a significant effect on the sale of the dollar or euro and other foreign currencies in the black market.
Thus, black market exchange rates —being very sensitive to actual and anticipated changes in economic conditions— are more volatile than official exchange rates. Typically, the exchange rate is officially pegged by the central bank, and only a small group of intermediaries are permitted to engage in transactions in foreign exchange.
In other countries, the market is dominated by a small number of “big” operators —who fix the exchange rate, sometimes on a daily basis, based on their judgement of supply and demand— followed by a large number of intermediaries, who are physically present in the market on a day-to-day basis.
The spread between what the intermediaries pay and what the major operators pay them is the source of the intermediaries’ income, thereby leading to the emergence of a spread between asking and trading rates. One consequence of this type of intermediation is that the actual size of the market is difficult to evaluate, and estimates become subject to wide margins of error.
All data and information is provided “as is” for informational purposes only, and are not intended for trading purposes or financial, investment, tax, legal, accounting or other advice. Please consult your broker or financial representative to verify pricing before executing any trade. Fatherprada is not an investment adviser, financial adviser or securities broker.
None of the data and information constitutes investment advice nor an offering, recommendation or solicitation by Fatherprada to buy, sell or hold any security or financial product, and Fatherprada makes no representation (and has no opinion) regarding the advisability or suitability of any investment.
Fatherprada does not recommend using the data and information provided as the only basis for making any investment decision.
Data is provided by financial exchanges while the black market rate is provided by various Abokis. Fatherprada does not verify any data and disclaims any obligation to do so.