Business & Finance

Black Market Exchange Rates for Dollar to Naira as of January 23, 2024

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Black Market Exchange Rate Today: USD to Naira

Black Market Exchange Rates for Dollar to Naira as of January 23, 2024

In the ever-fluctuating world of currency exchange, the Black Market has become a pivotal player in determining the value of the Naira against the US Dollar. As of today, the exchange rate stands at 1 Dollar to 1355 Naira, a figure subject to various influencing factors.

Factors Influencing Black Market Rates

1. Supply and Demand Dynamics

The fundamental principle of supply and demand holds a significant sway over Black Market rates. Understanding the market sentiment and the demand for the US Dollar helps grasp the fluctuations in exchange rates.

2. Political and Economic Climate

The political and economic situations in both the United States and Nigeria play a vital role. Political stability and economic indicators impact investor confidence, influencing the exchange rate on the Black Market.

3. US Dollar Value

The inherent value of the US Dollar globally can affect its exchange rate in the Black Market. Economic policies, inflation rates, and trade balances contribute to the Dollar’s strength or weakness.

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Finding a Reputable Black Market Dealer

When engaging in currency exchange on the Black Market, caution is key. Follow these tips to ensure a secure transaction:

  • Choose Reputable Dealers: Only exchange with well-known and trustworthy dealers to minimize the risk of scams.
  • Obtain a Written Receipt: Always request a written receipt for your exchange transactions for record-keeping purposes.
  • Stay Informed: Keep abreast of the current Black Market rates to make informed decisions.
  • Avoid Large Transactions: Minimize the risk by avoiding large exchanges at once. Consider breaking down substantial amounts into smaller transactions.

Today’s Black Market Rates

All rates are in Naira.

CurrencyBuy RateSell Rate
USD13551360
GBP17001725
EUR14501465
CAD960990
ZAR5065
AED325340
CNY160175
GHS100115
XOF19702010
XAF18401900
AUD735770

READ ALSO: Black Market Dollar to Naira Exchange Rate on January 22, 2024

Currency Converter and Exchange Rates

USD to NGN Conversion Table:

Amount in USDBlack Market Rate in Naira
11355
56775
1013550
2027100
5067750
100135500
200271000
300406500
400542000
500677500
600813000
8001084000
10001355000
50006775000
1000013550000

Naira to USD Conversion Table:

Amount in NGNBlack Market Rate in USD
10.001
50.004
100.007
200.015
500.037
1000.074
2000.148
3000.221
4000.295
5000.369
6000.443
8000.590
10000.738
50003.690
100007.380

Frequently Asked Questions

Q: Does Aboki Forex Trade (Exchange) Currencies?
A: Aboki Forex is a platform that provides information on Black Market exchange rates but does not conduct currency exchanges.

Q: How Can I Exchange Currency?
A: To exchange currency, identify reputable dealers, follow safety tips, and stay informed about current exchange rates.

Q: Are the Black Market Rates Accurate in All Markets?
A: Black Market rates can vary, and it’s essential to verify rates from trustworthy sources, as they may differ between locations.

Q: What Is the Difference Between CBN, I&E, and Black Market Rates?
A: CBN (Central Bank of Nigeria), I&E (Investors’ and Exporters’ window), and Black Market rates differ based on the sources and regulations governing each market.

Black Market Forex: Navigating the Currency Maze

Navigate the intricate world of Black Market Forex with confidence, armed with knowledge on rates, factors influencing fluctuations, and tips for secure transactions. Stay informed, exercise caution, and adapt to the dynamic landscape of currency exchange.

RELATED: Black Market Dollar Exchange Rate Today 21/01/2024

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