Today’s Dollar to Naira Black Market Exchange Rate – Feb 19, 2024 can be accessed below.
Interested in finding out the latest Dollar to Naira exchange rate in the black market? Check out GoldenNewsNg.com for up-to-date information on Black Market, CBN, and AbokiFx Rates.
To understand the currency exchange market, especially the dynamics between the Dollar and Naira, it’s crucial to comprehend the rates offered across different platforms.
The Black Market rate, typically more favorable for dollar transactions than the Central Bank of Nigeria (CBN) rate, is a significant aspect for individuals and businesses engaged in currency exchange. The key players in this market are the Bureau De Change (BDC) Operators, often referred to as Abokis, who facilitate these transactions.
Before delving deeper, it’s important to clarify the terms “Buying” and “Selling” in the context of currency exchange. “Buying” a Dollar refers to purchasing it using Naira, whereas “Selling” means converting your Dollars back to Naira at the current black market rate. Understanding these basic concepts is essential for effectively navigating the exchange landscape.
For the last 7 days, between 12/02/2024 and 18/02/2024, Dollar to Naira black market sell rate took values between ₦1480 and ₦1655 with an average of ₦1,557.33. When we compare today’s (18/02/2024) values with the last 7 days, average Dollar to Naira rate had a 82.67 points increase from ₦1,557.33 to ₦1,640.00 which corresponds to a 5.31% rise.
Now, moving to the critical question of the day: “What is the current Dollar to Naira Black Market Exchange Rate?”
Based on the latest information from Zone 4, Wuse Abuja, a key location for currency trading, the Dollar to Naira exchange rate in the black market today is as follows: the Dollar was purchased at ₦1,635.00 and sold for ₦1,655.00.
PROPER BREAKDOWN
How Much Is Dollar To Naira Black Market Rate Today (February 19, 2024)?
| Dollar To Naira | Black Market Rate Today |
|---|---|
| Buying Rate | ₦1,635.00 |
| Selling Rate | ₦1,655.00 |
Black Market/Aboki Rate Exchange Table Today
Let’s break down the black market prices for various denominations. Since the selling rate stands at ₦1,635.00, we multiply it by the denomination in dollars to determine the equivalent value in Naira.
| Denomination in Dollar($) | Black Market Exchange Rate Today in Naira |
|---|---|
| 5 | ₦8,175 |
| 10 | ₦16,350 |
| 20 | ₦32,700 |
| 50 | ₦81,750 |
| 100 | ₦163,500 |
| 150 | ₦245,250 |
| 200 | ₦327,000 |
| 300 | ₦490,500 |
| 350 | ₦572,250 |
| 400 | ₦654,000 |
| 500 | ₦817,500 |
| 800 | ₦1,308,000 |
| 1000 | ₦1,635,000 |
Dollar To Naira CBN Rate Today
As of today, February 19, 2024, the Central Bank of Nigeria sells at ₦1492.73 and buys at ₦1493.73.
| CBN Selling Rate | ₦1492.73 |
|---|---|
| CBN Buying Rate | ₦1493.73 |
How Much Is A Dollar To Naira Black Market Rate (Lagos)?
In Lagos, known for its vibrant economy and bustling markets, the black market rate mirrors that of Abuja, standing at ₦1,628.00. However, it’s worth noting that variations may occur among different exchangers in Lagos.
Dollar Conversion:
- 100$ is equivalent to ₦163,500.
- 1000$ is equivalent to ₦1,635,000.
- 5000$ is equivalent to ₦8,175,000.
Make sure to stay updated with GoldenNewsNg.com for comprehensive coverage of currency exchange rates and market trends. Our platform provides unparalleled insights, enabling you to make well-informed decisions in your financial pursuits.