Do you have $100 that you would love to convert to naira? If yes, then you would most likely be making use of the black market rate to do the conversion. When doing the conversion, there must be strict adherence to the Central Bank of Nigeria principles.
When trying to convert from dollars to naira, there are two conversion rates namely the bank rate and lots of factors determine the Black market rate. Abokis or Bureau De Change[BDC] operators have offices situated in various locations across the country.
The official black market rate to convert from dollars to naira is 1005 meaning that your $100 would give ₦100,500 when converted. This price is not the standard as various BDC operators may sell at a higher price.
| Amount In Dollars | Price In Naira |
| $100 | ₦100,500 |
If you want to get $100 from the parallel market, you would need ₦99,800 because the buying rate is ₦998. You can get the selling and buying rate of dollars from the article with the link provided above. If you want to exchange this amount using the Central bank rate, then you would be given ₦76,700.
The demand affects the price in the black market. Also, note that Banks do not swap dollars meaning that Abokis are the only ones that swap dollars All you need is to find out their location in your vicinity.
Drop your comments below, share this article, and let us know the rates in your area below.
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