The rate of Dollar to Naira in the black market as of today 19th January, 2024; is 1335.
This means that for every $1 you want to exchange, it is equivalent to 1335 in Nigerian Naira.
Although black market rates are usually higher than the normal CBN rates, there are several legal ways you can still benefit from the exchange.
The current CBN rate according to CBN is 895. CBN buys at 894 and sells at 895.
Would you like to know some other rates as well? These rates are all estimates of today, 19th January 2024. We only calculated it for you to make it easier for you
Denomination in Dollar($) and Black Market Exchange Rate Today in Naira
5 ₦6,675
10 ₦13,350
20 ₦26,700
50 ₦66,750
100 ₦133,500
150 ₦200,250
200 ₦267,000
300 ₦400,500
350 ₦467,250
400 ₦534,000
500 ₦667,500
800 ₦1,068,000
1000 ₦1,335,000
Note that these rates are subject to changes every day.
What Are The Factors Affecting Black Market Exchange Rate?
Why do you think exchange rates are always monitored, analyzed, and sometimes manipulated?
This is because exchange rates play an important role in maintaining an economically stabilized country.
However, there are several reasons which determine how high or how low the exchange rates can be.
Note that when a currency is high-valued, it makes a country's imports less expensive and its exports more expensive in foreign markets.
If it is low-valued, it makes a country's imports more expensive and its exports less expensive in foreign markets.
So, we can say that a higher exchange rate can be expected to deteriorate a country's balance of trade. And a lower exchange rate can be expected to enhance it.
However, factors that affect the exchange rates in the black market are quite different from what affects the CBN exchange rates.
These factors include:
1. The value of US Dollar
Since it is most likely that Nigerians often trade using the US dollar, the value of the naira in the black market increases once the value of the US Dollar has also increased.
2. The rate at which the dollar is demanded
Once a black market exchanger sees that a lot of people are demanding dollars, they tend to increase their rate.
3. The situation of the economy in Nigeria and the US.
All these contribute to how easily the exchange rates in the black market can change.
How To Exchange Dollars On The Black Market
Black market rates are usually higher than the government-stipulated rates. And this is why most people prefer to use the black market.
However, there are some things you should know if you want to exchange your dollars in the black market.
1. Never try to exchange a lot of money at once as you might incur a loss in the process. You see, exchange rates change every day. And that does not mean it will always go higher. It comes back low sometimes.
So imagine you exchanged your dollars when the rate was 1500 Nigerian naira, then a few days later, the rate was 1200. Do the calculations. That will be a huge loss if you exchange a huge amount.
2. Make sure you are updated on the current exchange rate before you try contacting any dealer. This will give you a hedge when you finally want to exchange your money.
3. Next, find a reputable dealer. Some dealers have been doing it for years and garnered positive reviews. Find them to do your transactions. Do not forget to get a written receipt for the exchange when you are done with the transaction.
Once you follow these steps, be sure that you and your money are safe.
Conclusion
In conclusion, the exchange rate today 19th January 2024 in the black market is 1335 Nigerian Naira as compared to the CBN rate of 895.
However, dollar naira exchange rate black market you should note that these rates can be changed at times as they may be affected by the rates we have listed above.
You should also ensure that you trade with a reputable dealer to be on a safer side.
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