Dollar to Naira black market exchange rate today
The dollar-to-naira black market contrasts with the official dollar-to-naira rate. However, Clacified put together the black market exchange as a guide for forex traders and individuals.
The eternal quest for the dollar has seen the naira downward spiral. It has been a causative force behind the significant difference between the official exchange rates set by CBN and the black market.
With the government and banks limiting the availability of dollars only for a specific purpose, many Nigerian are left distraught and looking for alternative means of getting the dollar through black markets. You must know that the dollar-to-naira black market rate is determined by the demand and supply forces witnessed in the unofficial trade routes of Bureau De changers and other exchange platforms where crypto (in dollars) is sold for naira.
If you need information on the dollar-to-naira change market rate, then you are at the right place, as Clacified has brought together different data to help inform your decisions as you trade today.
Buying orders for USDT showing dollar to naira Black Market exchange rate.
How much is Dollar to Naira?
There are different price lists for the dollar to naira black market exchange rate. For instance, on Binance, one of the top crypto exchange sites, the price depends on the number (trade volume) of dollars or naira they buy or sell.
It also depends on the seller; some sellers, especially high-volume buyers, called merchants, place orders above market prices, while other low-volume sellers place orders below market prices.
Below are the dollar-to-naira black market exchange rates as seen on Binance.
Note
The data shown below were sourced from a third party and shows the exchange rate as at press time.
Exchange Volume (USD) | Black Market Rate (NGN per 1 USD) | Date | Source |
|---|---|---|---|
₦100,000.00 - ₦335,986.68 | ₦752.94 | 24/10/20222 | Binance |
₦50,000.00 - ₦1,160,704.33 | ₦752.98 | 24/10/20222 | Binance |
₦50,000.00 - ₦200,477.97 | ₦753.10 | 24/10/20222 | Binance |
₦1,000,000.00 - ₦2,243,425.69 | ₦753.18 | 24/10/20222 | Binance |
₦500,000.00 - ₦1,964,559.66 | ₦753.20 | 24/10/20222 | Binance |
₦300,000.00 - ₦2,990,677.77 | ₦753.22 | 24/10/20222 | Binance |
Exchange Volume (USD) | Black Market Rate (NGN per 1 USD) | Date | Source |
|---|---|---|---|
₦100,000.00 - ₦1,126,845.00 | ₦722.9 | 24/10/20222 | Binance |
₦100,000.00 - ₦12,000,000.00 | ₦750.21 | 24/10/20222 | Binance |
₦1,000,000.00 - ₦20,575,167.69 | ₦750.1 | 24/10/20222 | Binance |
₦500,000.00 - ₦4,859,725.41 | ₦750.90 | 24/10/20222 | Binance |
₦950,000.00 - ₦7,516,500.00 | ₦750.5 | 24/10/20222 | Binance |
Conclusion
The economic situation of Nigeria is one of the main reasons the Dollar to Naira black market exchange rate shows the Naira is falling rapidly, which in turn has skyrocketed the scarcity of the dollar.
Selling orders for USDT showing dollar to naira Black Market exchange rate.
It is currently difficult for Nigerians to source for dollars or even use their Naira debit cards to make international payments because of the embargo by different banks to restrict forex outflow. Nevertheless, if you want to settle online payment, look out for Fintech companies that offer virtual credit cards and allow you to fund your wallet using Naira.
You can also look for credit cards that allow you to fund your wallet using crypto, which you can easily buy through P2P payment on crypto exchange sites like Binance.