The black market rate is used whenever you want to convert from Dollars to naira and $1000 happens to be one of the most swapped dollar numerations in Nigeria. The dollar rate differs from the Central Bank of Nigeria rate and this page will focus on converting $1000 to naira.
As of October 03, 2023, a dollar is being sold at 1000 and bought at 998 though the price differs slightly at various BDC operators or Abokis. This information means that if you want to swap $1000, you would get ₦1,005,000. Sites like Naira Today have a Dollar to naira converter which can help you convert your dollar in any amount to the naira equivalent.
If you are wondering how we got ₦1,005,000, we will explain how we went about the conversion here. The selling rate is used whenever you want to convert from dollar to naira however, the buying rate is used whenever you want to convert from naira to dollar.
|Dollar to Naira||Selling Rate is used|
|Naira to Dollar||The buying Rate is used|
As you know, black market rates are not steady Also, note that there are price variations in different states in Nigeria. Some of the selling rates obtained from NGNRates include ₦996, ₦1005, meaning that $1000 can be exchanged within the range of ₦996,000 to ₦1,005,000 as of October 03, 2023.
You might be asking, what if I want to get $1000 would I use ₦1,005,000 to get it? The answer is no because when trying to convert from naira to dollars using the black market rate, you would use the buying rate which is ₦998 so you would have to pay ₦998,000 to get $1,000.
Drop your questions below if you have any questions also let us know the rates in your area