Black market trading is happening every day for money. They touch highs and lows on different days. The black market currency is usually defined in US dollars except in Sudan and Egypt. They have different metrics for black-market currency exchange.
How much is dollar to naira today in black market?
The US dollar is traded at ₦506 in the Black Market today. It was traded at ₦512 when the black market opened on 02nd August 2021.
How to find exchange rate in Nigeria today black market?
The black market exchange rate for a currency is different in the government-sanctioned units and the black market.
Black market rates have completely no relationship with the overall rates proposed by the government.
To find the rates, you can go to any of the sites which display the exchange rates regularly to know about them.
How to calculate Dollar to Nigeria?
One can use a calculator to convert the dollar.
The exchange rate is calculated by multiplying a*b=c (where ‘a’ is the amount being exchanged, b is the exchange rate and c is the amount you’d have with you after making the exchange.
The same formula is used even for determining the exchange rates in the black market.
If A is used as a currency to buy C, D, and E currencies and if their base exchange rates are 50:75:90 compared to their A. Now, if the currencies are bought 5% below the exchange rate and the same is sold in the Black market at a higher rate, let’s say 15% higher.
So this is how the exchange calculation is put forth when calculating the dollar with the Nigerian value.
How much is 1 dollar in Nigeria black market?
This week the Nigerian black market has dipped by -0.05% in terms of USD and the calculated value at the start of the week was found to be ₦492.
- How much is 100 dollars in Naira?
Nigerian Naira for 100 USD is ₦41233.00.