Business & Finance

Dollar to Naira Today Black Market 16th July 2023: Exchange Rates and Market Trends

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Dollar to Naira Today Black Market 16th July 2023

As the global economy continues to evolve, foreign exchange rates play a crucial role in determining the purchasing power of different currencies. For Nigerians closely monitoring the Dollar to Naira exchange rate, the black market remains a popular alternative to official channels. Here are the latest exchange rates and market trends for the Dollar to Naira rate on 16th July 2023.

In the black market, the buying rate for the Dollar to Naira stands at approximately 810 Naira per Dollar. This rate reflects the amount one would need to pay in Naira to acquire a single US Dollar. On the selling side, the Pound to Dollar exchange rate is around 815 Naira per Pound. This signifies the Naira value for each British Pound when selling it in exchange for US Dollars.

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The Pound to Naira rate is currently not available in the provided information, but it is an essential currency pair for those interested in the British Pound’s value against the Nigerian Naira. Similarly, the Euro to Naira rate is also absent from the data. Both the Pound and Euro rates are significant for individuals engaged in international trade or planning to travel to countries using these currencies.

For those involved in transactions with Canadian Dollars, the Dollar to Canadian Dollar exchange rate on the black market is approximately 670 Naira per Canadian Dollar when buying. Conversely, when selling Canadian Dollars for Naira, the rate is around 680 Naira per Canadian Dollar. These rates are valuable for individuals engaged in trade or planning trips to Canada.

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Another noteworthy currency pair is the South African Rand to Naira rate. The buying rate for the Rand to Dollar conversion is about 45 Rand per Dollar, while the selling rate is around 50 Rand per Dollar. These rates enable Nigerians to assess the value of their Naira against the South African Rand or vice versa.

The UAE Dirham to Naira rate is an essential consideration for those conducting business or traveling to the United Arab Emirates. The buying rate for the Dirham to Dollar conversion is approximately 200 Dirhams per Dollar, while the selling rate is around 210 Dirhams per Dollar. These rates allow individuals to evaluate the value of their Naira against the UAE Dirham.

The Chinese Yuan to Naira rate, although not explicitly provided, can be inferred from the Pound to Yuan exchange rate. Buying a Pound with Yuan costs around 120 Yuan, indicating a rough estimate for the Yuan to Naira rate. This information is valuable for those engaging in trade or transactions involving China and Nigeria.

The Ghanaian Cedi to Naira rate is crucial for Nigerians involved in trade or planning to visit Ghana. The buying rate for the Dollar to Cedi conversion is approximately 60 Cedis per Dollar. Unfortunately, the selling rate is not provided in the given data.

Lastly, the West African CFA franc to Naira rate is an essential consideration for Nigerians engaged in business or travel to countries using this currency. The buying rate for the Dollar to XOF conversion is around 1200 XOF per Dollar, while the selling rate is approximately 1250 XOF per Dollar. These rates help individuals assess the value of their Naira against the West African CFA franc.

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It is crucial to note that the provided exchange rates are based on the information provided and are subject to change due to market dynamics. Individuals are advised to monitor the foreign exchange market closely and consult reliable sources for the most up-to-date rates before engaging in any financial transactions.

Finally, as of 16th July 2023, the black market rates indicate the Dollar to Naira exchange rate at around 810 Naira per Dollar. While these rates are useful for individuals involved in trade or planning trips, it is important to stay informed about any fluctuations in the foreign exchange market.

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