Dollar to Naira Black Market Rate: Everything You Need to Know (February 2, 2024)

Posted by Thandiubani on Fri 02nd Feb, 2024 - tori.ng

The Dollar to Naira black market rate is an unofficial exchange rate determined by supply and demand, often more favorable than the official Central Bank of Nigeria (CBN) rate.

Looking to exchange dollars for naira on the black market or parallel market? This article provides current rates, key terms, and important information.

What is the Black Market Rate?

The Dollar to Naira black market rate is an unofficial exchange rate determined by supply and demand, often more favorable than the official Central Bank of Nigeria (CBN) rate. However, transactions occur outside regulated channels, carrying inherent risks.

Key Terms:

Buying Rate: The price you pay in naira to obtain one dollar.
Selling Rate: The amount of naira you receive for exchanging one dollar.
BDC Operators/Abokis: Individuals or businesses facilitating black market exchanges.

Today's Rates (February 2, 2024)

Black Market Rate

Buying ₦1425
Selling ₦1435

CBN Rate

Selling ₦1414
Buying ₦1413

Please note that

Rates are fluid and can change rapidly.
Lagos and Abuja often offer better rates due to their strategic location.
Transactions carry inherent risks due to the unregulated nature of the black market.
Consider alternatives like licensed bureau de change operators for safer transactions.
This information is for informational purposes only and does not constitute financial advice.

Remember: Exercise caution when exchanging currencies on the black market. Always compare rates, inquire about fees, and prioritize safety and transparency.

Disclaimer: I am not affiliated with any financial institutions and cannot endorse specific services or providers.