The exchange rate for one US Dollar to Nigerian Naira in the black market today is 1,490 Naira per Dollar. This means that if you exchange 1 USD, you will receive 1,490 NGN. The black market exchange rate is usually higher than the official rate because it is not controlled by the government.
Factors Influencing the Dollar to Naira Black Market Rate
Several factors determine the exchange rate in the black market. Some of the key influences include:
- Supply and Demand: When there is a high demand for the US Dollar in Nigeria, the Naira weakens, increasing the exchange rate. Conversely, if more people are selling Dollars, the rate may drop.
- Political and Economic Conditions: Economic instability, inflation, and government policies can directly affect the value of the Naira. If investors lack confidence in the economy, they may shift their funds to more stable currencies like the Dollar.
- US Dollar Strength: The value of the Dollar in the global market also impacts its exchange rate in Nigeria. If the Dollar strengthens against other currencies, its rate in the black market tends to rise.
Finding a Reliable Black Market Exchange Dealer
If you need to exchange Dollars to Naira in the black market, it is essential to deal with trustworthy sources to avoid fraud. Here are some tips to ensure a safe transaction:
- Research Dealers: Check online forums or ask for recommendations from people who have used a dealer before.
- Verify Rates: Before exchanging money, confirm the current black market rate from multiple sources to avoid overpaying.
- Request a Receipt: A receipt serves as proof of transaction and helps in case of any dispute.
- Exchange Small Amounts: It is safer to exchange small amounts at a time rather than large sums to minimize risk.
Black Market Exchange Rates for Other Currencies
Below are the latest black market exchange rates for major currencies against the Naira:
| Currency | Buy Rate (NGN) | Sell Rate (NGN) |
|---|---|---|
| US Dollar (USD) | 1,490 | 1,500 |
| British Pound (GBP) | 1,870 | 1,920 |
| Euro (EUR) | 1,500 | 1,550 |
| Canadian Dollar (CAD) | 1,100 | 1,200 |
| South African Rand (ZAR) | 80 | 100 |
| UAE Dirham (AED) | 370 | 425 |
| Chinese Yuan (CNY) | 170 | 210 |
| Ghanaian Cedi (GHS) | 85 | 100 |
| West African CFA Franc (XOF) | 2,360 | 2,500 |
| Central African CFA Franc (XAF) | 2,350 | 2,400 |
| Australian Dollar (AUD) | 800 | 950 |
Dollar to Naira Currency Conversion Table
| Amount in USD | Black Market Rate in NGN |
|---|---|
| 1 USD | 1,490 NGN |
| 5 USD | 7,450 NGN |
| 10 USD | 14,900 NGN |
| 20 USD | 29,800 NGN |
| 50 USD | 74,500 NGN |
| 100 USD | 149,000 NGN |
| 200 USD | 298,000 NGN |
| 300 USD | 447,000 NGN |
| 400 USD | 596,000 NGN |
| 500 USD | 745,000 NGN |
| 600 USD | 894,000 NGN |
| 800 USD | 1,192,000 NGN |
| 1,000 USD | 1,490,000 NGN |
| 5,000 USD | 7,450,000 NGN |
| 10,000 USD | 14,900,000 NGN |
Naira to Dollar Exchange Rate Conversion Table
| Amount in NGN | Black Market Rate in USD |
|---|---|
| 1 NGN | 0.001 USD |
| 5 NGN | 0.003 USD |
| 10 NGN | 0.007 USD |
| 20 NGN | 0.013 USD |
| 50 NGN | 0.034 USD |
| 100 NGN | 0.067 USD |
| 200 NGN | 0.134 USD |
| 300 NGN | 0.201 USD |
| 400 NGN | 0.268 USD |
| 500 NGN | 0.336 USD |
| 600 NGN | 0.403 USD |
| 800 NGN | 0.537 USD |
| 1,000 NGN | 0.671 USD |
| 5,000 NGN | 3.356 USD |
| 10,000 NGN | 6.711 USD |
Conclusion
The black market exchange rate of the Dollar to Naira is constantly changing due to various factors such as supply and demand, economic conditions, and global market trends. If you need to exchange currency, it is essential to stay informed about the latest rates and work with trusted dealers. Always compare rates and avoid exchanging large sums at once to minimize risks.