Black Market Dollar to Naira Exchange Rate Today

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Here, we shall be taking a look at the black market Dollar to Naira exchange rate in Nigeria. The black market is a market where transactions are carried out with some form of illegality or non-complaint behaviour. In Nigeria foreign exchange, the rate that is easily accessible to the people is the Black market rate.

This rate is far more expensive compared to the official CBN rate. Trading at the official rate is now a very difficult task and leaves most people with no choice but to refer to the black market rate. For example, the official CBN rate for 1 USD is NGN 305.5 while at the black market, 1 USD is equal to NGN 361.

There are various factors that affect the change of exchange rate in any given country. Below is a list of factors you should know about;

• Balance of payments
• Interest rate level
• Fiscal and monetary policy
• Inflation factor
• Venture capital
• The economic strength of a country
• Government market intervention

When the demand for a particular currency is greater than the available supply, that currency becomes more valuable. This is the problem we are currently facing in Nigeria today. The dollar to naira exchange rate today is so high cause the demand of dollar is greater than the supply in the market.

Major currency Black Market Exchange Rate

  • 1 USD – Buy: NGN 358. Sell: 360
  • 1 GBP – Buy: 457. Sell: 460
  • 1 EURO – Buy: 398. Sell: 403

Dollar currency conversion to Nigerian Naira Black Market selling rate

  • 1 USD = NGN 361
  • 10 USD = NGN 3,610
  • 50 USD = NGN 18,050
  • 100 USD = NGN 36,100
  • 200 USD = NGN 72,200
  • 300 USD = NGN 108,300
  • 500 USD = NGN 180,500
  • 1,000 USD = NGN 361,000
  • 10,000 USD = NGN 3,610,000

Pounds currency conversion to Nigerian Naira Black Market selling rate

  • 1 GBP = NGN 460
  • 10 GBP = NGN 4,600
  • 50 GBP = NGN 23,000
  • 100 GBP = NGN 46,000
  • 200 GBP = NGN 92,000
  • 300 GBP = NGN 138,000
  • 500 GBP = NGN 230,000
  • 1,000 GBP = NGN 460,000
  • 10,000 GBP = NGN 4,600,000

Euro currency conversion to Nigerian Naira Black Market selling rate

  • 1 EUR = NGN 403
  • 10 EUR = NGN 4,030
  • 50 EUR = NGN 20,150
  • 100 EUR = NGN 40,300
  • 200 EUR = NGN 80,600
  • 300 EUR = NGN 120,900
  • 500 EUR = NGN 201,500
  • 1,000 EUR = NGN 403,000
  • 10,000 EUR = NGN 4,030,000

The black market doesn’t have a fixed exchange rate. The Mallam you meet at one shop will have a different rate compared to the next Mallam in the other shop. Everybody gets to sell or buy at their own rate. Though, the margin isn’t always big from what we have here. We’ll be updating this page daily to make sure you know what the black market rate looks like for the day. Be sure to bookmark this page, and visit daily to check out the rates, before heading to that Mallam’s shop or where ever you buy/sell foreign currencies.

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