Dollars (USD) to Naira (NGN) Black Market Exchange Rate Today 2024

Dollars (USD) to Naira (NGN) Black Market Exchange Rate Today 2024!

The constant and recent rise in dollars has left so many individuals in the dark that one couldn’t explain or emphasize the actual cost of dollars.
This is because there is a rise and fall in the dollar value of naira. While you may think or know it’s his day, tomorrow it is either fall or rise. 

As such getting an update on the price on the actual proof dollars is one of the most sought-after things to do even before you think of exchange or where to exchange.

The US Dollars 

The United States Dollars is a currency that is being used in exchange for goods and services. It is classified as money and it is made up of 100 cents.

Represented by the symbol $ or US$ it is different from other currencies all over the world. The United States of America Dollar is known to be the only official currency of the United States of America. It comes in different domination and it is being sued by all citizens and in other countries. The person seen on the US dollar is known as George Washington and at the back is the great seal of the United States of America. 

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The Nigeria Naira

The naira is the official  Hard currency of Nigeria. This is being used by different tribes or ethnic groups in Nigeria ranging from Yoruba, Hausa, Igbo, Tyap etc. The value of one naira is being seen as 100 Kobo.

The Nigerian currency is managed and distributed by the Central Bank of Nigeria which is known as the sole issuer of this currency and directed and authorized by the Federal Republic of Nigeria. Nira was first Introduced in Nigeria in 1973. Naira has distinguishing features like the security trademark, print number and a watermark. Naira serves as a legal tender only in Nigeria. 

Black Market 

The black market is known to be a transaction platform, it can be physical and it can be virtual. It is a platform where goods and services are being exchanged illegally. Most times transactions here are done without the knowledge of the government. Examples of the goods traded in the Black market include weapons, hard currencies, drugs etc.

Most times goods in the black market are cheaper than the actual price and other times goods Here are more costly than their initial or actual value.  Goods and services sold here are usually in violation of the laws that are publicly imposed on certain goods. 

Dollars (USD) to Naira (NGN) Black Market Exchange Rate Today 2024

As of today,  The current Dollar selling rate is ₦1,620.00, as notified by the Nigerian World Bank. This brings about the decline and rise in price as it has been in the last 7 days. The price range of dollars has been from  ₦1550 to  ₦1800. Over time it has been noticed to have an average of  ₦1637. The average price had brought in a 17.5 points decrease from 1637 to  ₦1620 which amounts to a 1.07 fall. 

1. $5 equals to  ₦ 7,675
2. $10 equals to  ₦15,350
3. $20 equals  to  ₦ 30,700
4. $50 equals to  ₦76,750 
5. $100 equals to  ₦153,500
6. $150equals to 230,250
7.  $200 equals to  ₦ 307,000
8. $350 equals to  ₦536, 250
9. $400 equals to  ₦ 612,000
10. $500 equals to  ₦767, 500

CBN Dollars selling Rate 

The actual price Dollar being sold by the Central Bank of Nigeria is  ₦1493.73

Black Market Dollars Selling Rate

The current price of Dollars In the black market is  ₦1,540,00. Also, it is important to note that while they may be termed black marketers, different exchangers may have different price tags. 

Dollar Conversion Equivalents 

The price of Dollars in Nigeria above 100 include

1. 100$ = ₦154,000.
2. 1000$  = ₦1,540,000.
3. 5000$  = ₦7,700,000.

Conclusion 

This is a brief explanation of the Black market dollar exchange rate. It starts by carefully explaining the US dollar and the Nigeria naira. Also it goes further to explain what a black market is for us. 

Further, it lists the selling and buying of rates dollars in the CBN rate and the black market.  For more information and inquiries DM us via the comment section

Frequently Asked Questions 

What is the cost of  $1 in the black market today?

The price is dependent on the sellers in the Black market. It ranges from ₦1, 582 to ₦1,620

Define Exchange Rate.

The exchange rate can be defined as the preferred rate or price to which the market wishes to sacrifice one commodity to gain an additional unit of another commodity. 

List the countries that practice the Black market. 

1. Bangladesh
2. Brazil
3. Fiji
4. Gambia
5. Ghana,
6. Guyana
7. Hungary
8. Ireland
9. Jamaica
10. Kenya
11. Nepal
12. Nigeria
13. Philippines
14. Somalia
15. South Africa
16. Uganda
17. Yugoslavia