Up to date Indian rupee to Naira black market exchange rate today
The page primary focus is on Indian rupee to Naira daily black market exchange rate today which includes black market 1 INR ₹ 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 INR to NGN black market exchange rate today is that it helps you to make a calculated decision especially for business and students who need Indian rupee 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 Indian rupee INR at 360 Naira NGN. You would not want to sell an Indian rupee 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 Indian rupee to Naira exchange rate in the black market today.
Indian rupee to Naira Parallel Foreign / Black Market Exchange Rate Today 12th July 2020 time:04:09
|Convert||into||Result – 12th July 2020|
|1 INR||₦ NGN||1 Indian rupee = 5 Nigerian Naira|
|10 INR||₦ NGN||10 Indian rupee = 26 Nigerian Naira|
|50 INR||₦ NGN||50 Indian rupee = 258 Nigerian Naira|
|100 INR||₦ NGN||100 Indian rupee = 515 Nigerian Naira|
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 04:09, 12/07/2020 [price may vary depending on the amount of money being exchanged and bargain power]
|Sell||Get – 12th July 2020|
|1 INR||3 Nigerian Naira|
|Buy||Get- 12th July 2020|
|1 INR||7 Nigerian Naira|
Nigeria States black market today
Outside Lagos Black market exchange rate today as at 04:09, 12/07/2020 [price may vary depending on the amount of money being exchanged]
|Sell||Get – 12th July 2020|
|1 INR||1 Nigerian Naira|
|Buy||Get- 12th July 2020|
|1 INR||9 Nigerian Naira|
Use this currency converter to know how much the number of INR/NGN you wish to exchange.
Quick fact about Indian rupee INR ₹
The Indian rupee is the currency used in the following 2 countries: India, Bhutan. The code of Indian rupee is INR. ₹ is the symbol of the Indian rupee. The Indian Rupee is divided in 100 paisas.. INR is regulated by Reserve Bank of India.
- The Indian rupee was introduced in 17 Aug 1835 (184 years ago).
- The Indian rupee is one of the most commonly converted currencies in Africa
- There are 7 coins for the Indian rupee (50p, ₹1, ₹2, ₹5, ₹10, ₹100 and ₹1000 ),
- The Indian rupee has 10 banknotes (₹1, ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹200, ₹500 and ₹2000 )
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/Indian rupee NGN/Ghanaian cedi NGN/Indian rupee NGN/Indian rupee
- 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 in Nigeria
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 in Nigeria
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 Indian rupee notes (if it’s just a few notes). To avoid the word… “This is fake” I have heard complaints from people who took original Indian rupee 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 Indian rupee is pegged at 5 Naira to 1 Indian rupee. At the black market, if you’re selling your 1 INR to get NGN today, the abokis would buy from you at a lower price. Let say they buy at 1 Indian rupee INR for 3 NGN Naira as opposed to 5 and sell for 7.
In black market currencies exchange, the Indian rupee denomination will determine how much the abokis will be willing to buy. 100 Indian rupee note may sell for 520, 50 Indian rupee note may sell for 250, 10 Indian rupee note may sell for 20. It is always advised to exchange the highest Indian rupee note.
But why is Indian rupee is higher than Naira today?
Indian rupees are higher than Naira today because Nigeria’s economy operates one commodity-based economy, which is oil, a major source of her foreign currency. In the short-range, Nigeria is obsessed with easy money of oil trading and outrightly rejects the growing diversifications of her economy she initiated. A great nation like Nigeria has refused to grow her economy with all the natural and human capital at her disposal.
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