Price Of Dollar To Naira Today In Black Market
The exchange rate between the dollar and the naira has been a topic of concern for Nigerians, especially those involved in international transactions. The official exchange rate of the dollar to the naira is fixed by the Central Bank of Nigeria (CBN), but the black market rate is what most people use for their transactions.
What is the Black Market?
The black market is an illegal market where goods and services are sold without regard to government regulations or taxes. In the case of the exchange rate between the dollar and the naira, the black market rate is determined by supply and demand forces and is not fixed by the CBN.
Factors Affecting the Black Market Exchange Rate
The black market exchange rate is affected by various factors, including:
- Supply and demand forces
- Inflation rate
- Interest rate
- Government policies
- Political stability
The Current Exchange Rate of Dollar to Naira in the Black Market
As of today, the exchange rate of the dollar to the naira in the black market is around 1 USD to 500 NGN. This means that if you want to exchange $100, you will get around ₦50,000 in the black market.
Why is the Black Market Exchange Rate Higher than the Official Exchange Rate?
The black market exchange rate is usually higher than the official exchange rate because of the scarcity of dollars in the country. When there is a high demand for dollars and a low supply, the price of dollars in the black market will increase.
How to Check the Black Market Exchange Rate
To check the black market exchange rate of the dollar to the naira, you can use various online platforms such as AbokiFX, Naijabdcs, and Proshare. These platforms provide real-time updates on the exchange rate between the dollar and the naira in the black market.
Conclusion
The black market exchange rate of the dollar to the naira is an important factor to consider for Nigerians involved in international transactions. It is usually higher than the official exchange rate due to the scarcity of dollars in the country. To check the black market exchange rate, you can use various online platforms that provide real-time updates.