Exchange Rates

Dollar To Naira Black Market Rates Today | USD To Naira

Find Out how much is dollar to naira today in black market Here. This article contains aboki dollar to naira today, black market dollar to naira, dollar to naira black market today and all dollar to naira exchange rates today.

Dollar To Naira Black Market

Dollar to Naira” refers to the exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN). It represents the value of one US Dollar in terms of the Nigerian Naira.

Exchange rates fluctuate and are determined by various factors, including economic conditions, market demand, political stability, and central bank policies. The “Dollar to Naira” exchange rate is important for individuals and businesses engaged in international trade or financial transactions between the United States and Nigeria. It helps them convert the value of goods, services, or investments from one currency to another.

Have you been searching for; 10 dollars to naira, 10000 dollars to naira, 300 dollars to naira, 20 dollars to naira, 3000 dollars to naira, 100000 dollars to naira, 1500 dollars to naira, 30 dollars to naira, 1 million dollars to naira, 25 dollars to naira? Well here you have it because all the information you are looking for is right here in this article with current update.

See Also: Find Out How Much Is Kuwait Currency To Naira | KWD To NGN

The Naira black market rate is different from the CBN rate,  it is becoming the staple as the transaction is more accessible. Knowing the current exchange rate will provide you with a substantial opportunity to make informed decisions.

This post contains the current black market rate of USD to Naira currency rate.

Dollar To Naira Black Market Rate Today [current_date format=’l, jS F, Y’]

Here is Today’s Dollar to Naira black market rate : this is the rate Aboki/Bureau De Change (BDC) are selling and buying The United States dollar currently in Abuja, Kano, Lagos. There might be slight variation at different parallel (unofficial) market.

Dollars to Naira (USD to NGN) Exchange Rate Today
Buying Rate 1265
Selling Rate 1255

Pounds to Naira Black Market

Here is Today’s Pounds to Naira black market rate : this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Great British Pounds currency (Pounds) currently in Abuja, Kano, Lagos. There might be slight variation at different parallel (unofficial) market.

Pounds to Naira (GBP to NGN) Exchange Rate Today
Buying Rate 1585
Selling Rate 1550

Euro to Naira Black Market

Here is Today’s Euro to Naira black market rate : this is the rate Aboki/Bureau De Change (BDC) are selling and buying The European currency (Euro) currently in Abuja, Kano, Lagos. There might be slight variation at different parallel (unofficial) market.

Euro to Naira (EUR to NGN) Exchange Rate Today
Buying Rate 1340
Selling Rate 1325

Some Dollar Amount And Naira Exchange Values

Dollar Amount Naira Amount
10 dollars 8,500
10000 dollars 8,500,000
300 dollars 255,000
20 dollars 17,000
3000 dollars 2,550,000
100000 dollars 85,000,000
1500 dollars 1,275,000
30 dollars 25,500
1 million dollars 850,000,000
25 dollars 21,250
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Dollar to Naira Exchange Rates Over The Past Few Days

Date/ Selling Rate/ Buying Rate

Date Buy Sell
January 11, 2024 1255 1250
January 10, 2024 1245 1237
January 9, 2024 1245 1240
January 8, 2024 1245 1230
January 7, 2024 1243 1230
January 6, 2024 1235 1220
January 5, 2024 1225 1209

    The dollar-to-naira black market is also known as the naira parallel market. It’s the street market rate and only sometimes in compliance with the institutional rules. The black market rate is frequently higher than the CBN rate.

    Most people can’t seem to find the current black market rate because of the ban placed on AbokiFX. This popular and reliable website curates the price of the Naira against foreign currencies.

    The current exchange rate for a dollar to Naira in the parallel market varies due to specific factors.

    Dollar To Naira Exchange Rate History 

    Nigeria, the giant of Africa, once enjoyed a booming economy. The past few years have seen the economy struggle massively and have gotten worse. The situation has hugely affected the Naira, and the value has depreciated over time.

    It’s sad to imagine the currency, which was once more substantial than the United States dollar, now can’t stand against it. Over the past 50 years, the Naira has lost its value not only against the U. S Dollar but other foreign currencies.

    Let’s trace how the Nigerian currency fluctuated against the United States dollar over the past 51 years[1972-2022]. However, before then, let’s see how the Naira performed last year.

    Year 2022 

    • January = 415.5
    • February = 415.6
    • March = 416.1
    • April = 415.6
    • May = 415.8
    • June = 417.0
    • July = 423.2
    • August = 426.9
    • September = 434.7
    • October = 439.3
    • November = 443.5
    • December = 449.7

    Below is the average value of the Naira between [1972-2022]. The table shows the improvement and decline of the Naira to the Dollar over this period.

    Year Per USD Year Per USD Year Per USD
    1972 0.658 1993 17.30 2014 170-199
    1973 0.658 1994 22.33 2015 199-300
    1974 0.63 1995 21.89 2016 390-489
    1975 0.616 1996 21.89 2017 478
    1976 0.62 1997 21.89 2018 360
    1977 0.647 1998 21.89 2019 305
    1978 0.606 1999 21.89 2020 361
    1979 0.596 2000 85.89 2021 413
    1980 0.550 2001 99-106 2022 436
    1981 0.61 2002 109-113
    1982 0.673 2003 114-127
    1983 0.724 2004 127-130
    1984 0.765 2005 132-136
    1985 0.894 2006 128.50-131.80
    1986 2.02 2007 120-125
    1987 4.02 2008 115.50-120
    1988 4.54 2009 145-171
    1989 7.39 2010 148.21-154.8
    1990 7.39 2011 151.05-165.1
    1991 8.04 2012 155.09-161.5
    1992 9.91 2013 153.21-162.9

    How much is $5 US in Nigeria?

    $5 is 6325Naira

    How much is $10 in Nigeria black market?

    10$ is 12650 naira

    How much is 20 dollars in Nigeria black market today?

    20$ is 25300 naira

    How much is 30 dollars in Nigeria black market?

    30$ is 37950 naira

    How much is $40 in Nigeria black market?

    40$ is 50600 naira

    How much is $100 in the black market?

    100$ is 126500 naira

    How much is 50dollars in black market today?

    50$ is 63250 naira

    How much is $60 in Nigeria black market?

    60$ is 75900 naira

    How much is 80 dollar in Nigeria black market?

    80 dollars is 101200 naira

    How much is $150 in Nigeria black market?

    150 dollars is 189750 naira

    How much is 250 dollar in Nigeria black market?

    250 dollars is 316250 naira

    How much is 300 dollar in Nigeria black market today?

    300 dollars is 379500 naira

    How much is $400 in Nigeria black market?

    400 dollars is 506000 naira

    How much is 1000dollars in black market?

    1000 dollars is 1265000 naira

    How much is $2000 dollars in Nigeria?

    2000 dollars is 2530000 naira

    How much is 5000 in Nigeria black market?

    5000 dollars is 6325000 naira

    A Brief History Of The U.S. Dollar 

    The United States Dollar is the national currency of the United States of America. The ISO code USD represents it, often denoted as US$. It’s the standard currency and the most used currency for international transactions.

    The history of the United States dollar can be traced back to the generation of the Founding Fathers of the United States of America. They began the movement to develop a national currency based on the Spanish silver dollar used in the North American colonies of the U.K. for a century before the United States’ independence.

    READ ALSO:   Find Out How Much Is Kuwait Currency To Naira | KWD To NGN

    The United States dollar was established as the nation’s standard unit of money by the new Congress’s Coinage Act of 1972. The first dollar notes were published to fund the 1861 Civil War, and the legal tender was first published in 1862. Afterward, in 1869, a standardized system for printing dollar notes was developed

    The U.S. Federal Reserve, founded in 1913 as the country’s central bank, initially issued the Dollar in the form of Federal Reserve notes. The currency is presently the global primary reserve currency used by governments worldwide for international trade. The Federal Reserve body is also responsible for ensuring there’s enough circulation of money.

    The Bretton Woods Agreement of 1944 first recognized the U.S. dollar as a global reserve currency, and it went on to become the most important one. It was initially exchanged as a coin with a face value of its weight in gold or silver before it began trading as a paper note that could be redeemed for gold.

    The history of the U.S. Dollar dates back to the late 18th century. Here is a brief overview of its development:

    1. Origins: The U.S. Dollar’s origins can be traced to the Coinage Act of 1792, which established the United States Mint and created the U.S. Dollar as the country’s standard unit of money. It was based on the Spanish dollar, which was widely used at the time.
    2. Bimetallic Standard: In the early years, the U.S. followed a bimetallic standard, where both gold and silver coins were used as legal tender. The value of the U.S. Dollar was linked to a fixed amount of gold and silver.
    3. Gold Standard: In 1834, the U.S. adopted the gold standard, where the value of the U.S. Dollar was tied to a specific amount of gold. This system remained in place until the early 20th century.
    4. Greenbacks and Civil War: During the Civil War (1861-1865), the U.S. government issued “greenback” paper currency not backed by gold, to finance war expenses. After the war, the country returned to the gold standard.
    5. Federal Reserve System: In 1913, the Federal Reserve System was established as the central banking system of the United States. It was tasked with regulating the money supply and stabilizing the value of the U.S. Dollar.
    6. Bretton Woods Agreement: After World War II, the Bretton Woods Agreement in 1944 established a new international monetary system. The U.S. Dollar became the world’s primary reserve currency, pegged to gold, and other currencies were fixed to the U.S. Dollar.
    7. End of the Gold Standard: In 1971, under President Richard Nixon, the U.S. officially ended the convertibility of the U.S. Dollar to gold, effectively abandoning the gold standard. This move allowed the U.S. Dollar to float freely in value against other currencies.
    8. Current System: Since 1971, the U.S. Dollar has been a fiat currency, meaning its value is not backed by a physical commodity like gold. Instead, its value is based on the trust and confidence of the people and the strength of the U.S. economy.
    9. Global Reserve Currency: The U.S. Dollar remains the world’s primary reserve currency, used in international trade and held by central banks worldwide as part of their foreign exchange reserves.
    10. Currency Symbols: The symbol for the U.S. Dollar is “$”, and it is represented by the currency code “USD.”

    The U.S. Dollar’s role as a global reserve currency and its widespread use in international trade have solidified its position as one of the most important currencies in the world’s financial system.

    Why Is The U.S. Dollar So Strong? 

    The United States dollar is one of the strongest currencies globally, and it’s currently at its highest level in two decades against other major currencies. The currency is vital because it’s in high demand. Generally,  when a country has strong economic growth with low debt, money will be in high demand in the global market.

    The U.S. economy is strong and healthier than most other reserves. The Federal Reserve also keeps raising interest rates, so the Dollar will remain strong unless the Federal reserve adjust its policy.

    Furthermore, the Dollar has a special status as the world’s reserve currency. So most investors see it as the safest asset to own when bond and stock markets turn volatile. Government and financial bodies also use dollars for international transactions.

    Conclusion

    What’s your Opinion on Dollar to Naira Black Market Exchange Rate Today, let us know what you think and how the Government can work with the CBN to provide reasonable USD to naira rates in the future.

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