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Up to date Dollar to Naira black market exchange rate today
The page primary focus is on Dollar to Naira daily black market exchange rate today which includes black market 1 USD 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 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.
For example, you have 1 dollar at 388 Naira. You would not want to sell a dollar when it goes down to 270. You would rather sell at the same price or at a higher price. I believe you are here to know how much a dollar to Naira exchange rate in the black market today.
Dollar to Naira Parallel Foreign / Black Market Exchange Rate
Today 29th May 2020 time:05:07
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 dollar to naira black market price may differ as seen in Lagos Black Market below.
|Convert||into||Result – 29th May 2020|
|1 USD||₦ NGN||1 US dollar = 388 Nigerian Naira|
|10 USD||₦ NGN||10 US dollar = 3,875 Nigerian Naira|
|50 USD||₦ NGN||50 US dollar = 19,375 Nigerian Naira|
|100 USD||₦ NGN||100 US dollar = 38,750 Nigerian Naira|
Lagos dollar to naira black market rate today
Inside dollar to naira Lagos black market exchange rate today as at 05:07, 29/05/2020 [the current value of a dollar to naira in black market today vary depending on the amount of money being exchanged and bargain power]. If your Bureau de exchange rate goes below the sell rate here or above the buy rate here, don’t do the exchange. Look for another Bureau de exchange.
How much a dollar to Naira exchange rate in the black market today.
|Sell||You Get – 29th May 2020|
|1 USD||383 Naira|
|1 USD||398 Naira|
You can bargain higher if you are selling dollar or lower if you’re buying dollar
Other State black market today
Outside Lagos Black market exchange rate dollar to naira today as at 05:07, 29/05/2020 [price may vary depending on the amount of money being exchanged]. If the exchange rate goes below the sell rate here or above the buy rate here, don’t do the exchange look for another Bureau de exchange.
|Sell||You Get – 29th May 2020|
|1 USD||374 Naira|
|1 USD||407 Naira|
Quick fact about Dollars
The US Dollar is the currency used in the following 21 countries: American Samoa, British Virgin Islands, Ecuador, Guam, Micronesia, Palau, Puerto Rico, Turks & Caicos Islands, United States, U.S. Virgin Islands, Zimbabwe, U.S. Outlying Islands, Caribbean Netherlands, Diego Garcia, Haiti, British Indian Ocean Territory, Marshall Islands, Northern Mariana Islands, Panama, El Salvador, Timor-Leste. The code of US dollar is USD. $ is the symbol of the US dollar. The US Dollar is divided in 100 cents. USD is regulated by the Board of Governors of the Federal Reserve System.
- The US dollar was introduced on 1 Jan 1792 (227 years ago).
- There are 6 coins for the US dollar ( 1¢ , 5¢ , 10¢ , 25¢ , 50¢ and $1 ),
- the US dollar has 7 banknotes ( $1 , $2 , $5 , $10 , $20 , $50 and $100 )
- The most popular conversions of US dollar are USD/euro USD/Kuwaiti dinar USD/ounce of gold USD/Indonesian rupiah
On banknotes as well as coins, you can find 2 mottoes that are also well known all over the world:
- E Pluribus Unum (Out of many, one): present on all coins since 1873
- In God We Trust: the motto of the United States, present on all coins since 1908 (although it wasn’t the national motto at the time) and on all banknotes
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/US dollar NGN/Ghanaian cedi NGN/British pound 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 )
The Naira of Nigeria
The Naira was a major international exchange currency during the 1970s even attaining a rate of exchange of 2 Naira to the US Dollar at the time of its first issue in 1973 in place of the Pound. Nowadays, after the serious monetary devaluation, 1 US Dollar is equivalent to 388 Naira.
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 Naira.
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.
About the black Market exchange rate
A parallel foreign exchange market 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.
Parallel 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. This markets may or may not be 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 dollar notes (if it’s just a few notes). To avoid hearing… ”This is fake” I have heard complaints from people who took original dollar 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 dollar is pegged at 388 Naira to 1 dollar at the parallel market. At the black market, if you’re selling your 1 dollar to get Naira today, the abokis would buy from you at a lower price. Let say they buy at 1 dollar for 357 Naira as opposed to 360 and sell for 362.
In black market currencies exchange, the dollar denomination will determine how much the abokis will be willing to buy. 100 dollar note may sell for 357, 50 dollar note may sell for 355, 20 dollar note may sell for 350. It is always advised to exchange the highest dollar note.
Why dollars is higher than Naira today
The currency Naira is falling due to both tactical and strategic blunder. Nigeria’s economy is fragile and weak because Nigeria 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.
Nigeria exports the crude oil to developed nations who refines the oil and Nigeria will, in turn, buy back the refined oil from the outside and subsidize the gasoline for local consumption. The oil refineries are not performing at an appreciable and optimum level, instead they are abandoned to waste away for Nigeria lacks maintenance culture.
This logic, mindset and modus operandi towards wealth creation forges and set the stage for the scarcity of dollars.
Dollar to Naira exchange rate history
1972 $1 = N0.658
1973 $1 = N0.658
1974 $1 = N0.63
1975 $1 = N0.616
1976 $1 = N0.62
1977 $1 = N0.647
1978 $1 = N0.606
1979 $1 = N0.596
1980 $1 = N0.550 (0.900 Black Market Rate)
1981 $1 = N0.61
1982 $1 = N0.673
1983 $1 = N0.724
1984 $1 = N0.765
1985 $1 = N0.894 (N1.70 Black Market Rate)
1986 $1 = N2.02 (N3.90 Black Market Rate)
1987 $1 = N4.02 (N5.90 Black Market Rate)
1988 $1 = N4.54 (N6.70 Black Market Rate)
1989 $1 = N7.39 (N10.70 Black Market Rate)
1990 $1 = N7.39 (N10.70 Black Market Rate)
1991 $1 = N8.04 (N9.30 Black Market Rate)
1992 $1 = N9.91
1993 $1 = N17.30 (N21.90 Black Market Rate)
1994 $1 = N22.33 (N56.80 Black Market Rate)
1995 $1 = N21.89 (N71.70 Black Market Rate)
1996 $1 = N21.89 (N84.58 Black Market Rate)
1997 $1 = N21.89 (N84.58 Black Market Rate)
1998 $1 = N21.89 (N84.70 Black Market Rate)
1999 $1 = N21.89 (N88-N90 Black Market Rate)
2000 $1 = N85.98 (N105.00 Black Market Rate)
2001 $1 = N99-N106 (N104-N122 Black Market Rate)
2002 $1 = N109-N113 (N122-N140 Black Market Rate)
2003 $1 = N114-N127 (N135-N137 Black Market Rate)
2004 $1 = N127-N130 (N137-N144 Black Market Rate)
2005 $1 = N132-N136
2006 $1 = N128.50-N131.80
2007 $1 = N120-N125
2008 $1 = N115.50-N120
2009 $1 = N145-N171
2010 $1 = N148.21-N154.8
2011 $1 = N151.05-N165.1
2012 $1 = N155.09-N161.5
2013 $1 = N153.21-N162.9
2014 $1 = N170-N199
2015 $1 = N199-N300
2016 $1 = N300-N320 (N310-N370 Black Market Rate)
2017 $1 = N360
2018 $1 = N360
Coming soon… Exchange rates of Central Bank of Nigeria (CBN), Foreign Exchange Markets (FX Markets), Western Union, Moneygram, Guarantee Trust Bank, Ecobank, Stanbic IBTC, Zenith Bank and etc.
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