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Naira Black Market Exchange Rates Today


Naira Black Market Exchange Rates Today | Dollar To Naira, Pounds To Naira, Euro To Naira Exchange Rate

This page shows the different exchange rates of the Dollar to Naira, Pound to Naira, Euro to Naira exchange activities performed on this site by members, exchange rate from FX brokers, P2P platforms as well as the abokis on the street of Lagos. The rates are served according to the MorningAfternoon and Evening trading sessions.

 

 

   Today's Black Market Exchange Rate

 


Morning

Currency

Buy Rates (₦)
        currency icon
Sell Rates (₦)
       currency icon
Dates

Source

currency icon USDT 1,710.311,712.3524/02/24P2P
currency icon EUR1,859.031,861.2524/02/24"
currency icon GBP2,164.952,167.5324/02/24"
     
currency icon USD1,690**1,750**24/02/24Lagos Aboki/BDC
currency icon EUR1,790**1,820**24/02/24 
currency icon GBP2,050**2,130**24/02/24 
Currency

Buy Rates Inflow (₦)
        currency icon
Sell Rates Outflow (₦)
       currency icon
Dates

Source

currency icon USD1,700**1,760**24/02/24Inflow/Bank Transfer Rates
currency icon EUR1,800**1,830**24/02/24 
 GBP2,080**2,150**24/02/24 
CurrencyNAFEXI&EDates Source
currency icon USD****24/02/24NAFEX/I&E Window
currency icon EUR****24/02/24 
 GBP****24/02/24 

 

 

Afternoon

Currency

Buy Rates (₦)
        currency icon
Sell Rates (₦)
        currency icon
Dates

Source

currency icon USDT1,699.001,698.5724/02/24P2P
currency icon EUR1,846.741,846.2724/02/24"
currency icon GBP2,150.632,150.0924/02/24"
     
currency icon USD1,690**1,750**24/02/24Lagos Aboki/BDC
currency icon EUR1,780**1,820**24/02/24 
currency icon GBP2,030**2,100**24/02/24 
Currency

Buy Rates Inflow (₦)
        currency icon
Sell Rates Outflow (₦)
        currency icon
Dates

Source

currency icon USD1,700**1,760**24/02/24Inflow/
Bank Transfer
Rates
currency icon EUR1,800**1,830**24/02/24 
currency icon GBP2,050**2,150**24/02/24 
CurrencyNAFEXI&EDates Source
currency icon USD****24/02/24NAFEX/I&E Window
currency icon EUR****24/02/24 
 GBP****24/02/24 

 

 

Evening

Currency

Buy Rates (₦)
        currency icon
Sell Rates (₦)
        currency icon
Dates

Source

currency icon USDT1,690.551,690.1624/02/24P2P
currency icon EUR1,837.551,837.1324/02/24"
currency icon GBP2,139.932,139.4424/02/24"
     
currency icon USD1,690**1,750**24/02/24Lagos Aboki/BDC
currency icon EUR1,780**1,820**24/02/24 
currency icon GBP2,030**2,100**24/02/24 
Currency

Buy Rates Inflow (₦)
        currency icon
Sell Rates Outflow (₦)
        currency icon
Dates

Source

currency icon USD1,700**1,760**24/02/24Inflow/
Bank Transfer
Rates
currency icon EUR1,800**1,830**24/02/24 
currency icon GBP2,050**2,150**24/02/24 
CurrencyNAFEXI&EDates Source
currency icon USD1,498.881,665.5023/02/24NAFEX/NAFEM
currency icon EUR23/02/24 
 GBP23/02/24 

Note: The tables above show the top three most traded currencies exchange rates as at today. 

All Dollar To Naira Exchange Rates | All Euro To Naira Exchange Rates | All Pounds To Naira Exchange Rates

 

 

CRYPTO RATES

How Did We Get These Rates?

As you can see from the above table, we got the rates from Lagos Abokis, Forex brokers as well as crypto currency brokers. The Lagos Aboki exchange rates were gotten from a vast number of traders on the street of Lagos. Also, when we checked the peer to peer currency exchange beween Nigerian Naira traders online, the above black market rates were fetched.

How Accurate Are These Rates?

The rates reflect the true state of the market as we got these rates from the brokers and exchangers without any conversion fees or charges added. The rates from the P2P platform  was gotten from the live feed as currency exchanges occur between Nigerians online in real-time. 

What Are The P2P Exchange Rates?

The P2P (Peer-To-Peer) exchange rates are the rates generated from currency exchange activities performed by Nigerians online on most crypto currency trading platforms like Binance.

 

What Are The Inflow Or Bank Transfer Exchange Rates?

The Inflow or Bank transfer rates are the exchange rates for making transfers between two dormiciliary bank accounts. That is, these rates would be offered to you whenever you want to sell the currency in your dormiciliary bank account to the BDC or when you want to send money abroad through a currency exchanger or BDC. It is quite different from the cash rates.

What Can I Do With This Information?

Knowing the latest exchange rates of the Dollar to Naira, Euro to Naira or even Pounds to Naira will help you to have a good bargain at the market when you go to exchange your currencies so that you don't get cheated. The rate you may finally get at the BDC or Aboki on the street maybe a little higher or lower than the exchange rates displayed here.

How Often Will These Rates Be Updated?

We shall be updating this particular page three times daily. (Morning (7am-11:59am), Noon (12pm - 2:59pm), and Evening (3pm to the end of the day).

What Are The NAFEX and I & E Window Rates

The NAFEX rate is determined by ten (10) contributing banks based on their submissions, using a trimmed arithmetic mean. The quotes provided by each bank are ranked in descending order. 

While

The I&E FX Window, also known as the Investors' & Exporters' FX Window, is a designated market segment for Investors, Exporters, and End-users. It enables FX trading at exchange rates determined by prevailing market conditions, promoting efficient and effective price discovery in the Nigerian FX market. The Central Bank of Nigeria (CBN) established the I&E FX Window through a circular issued on April 21, 2017.

What Are The Factors Affecting The Black Market Exchange Rates In Nigeria?

The black market exchange rates in Nigeria have been a subject of concern for many years. The exchange rate of the Nigerian Naira to foreign currencies such as the US dollar, British pounds, and the Euro has always been a matter of interest for many Nigerians. The black market rates are the unofficial exchange rates that are used outside the official channels. In this article, we will look at the factors affecting the black market exchange rates in Nigeria.

 

One of the major factors affecting the black market exchange rates in Nigeria is the demand and supply of foreign currencies. Nigeria is an import-dependent country, and as such, there is always a high demand for foreign currencies such as the US dollar, British pounds, and the Euro. The higher the demand for these currencies, the higher the black market rates. On the other hand, when there is a surplus supply of these currencies, the black market rates will decrease.

 

Another factor affecting the black market exchange rates in Nigeria is the state of the Nigerian economy. The Nigerian economy is highly dependent on oil exports, and as such, any fluctuations in the global oil prices can have a significant impact on the exchange rates. When the oil prices are high, the Nigerian economy will experience an inflow of foreign currencies, which will lead to a decrease in the black market rates. Conversely, when the oil prices are low, the economy will experience a shortage of foreign currencies, which will lead to an increase in the black market rates.

 

Political instability is another factor that affects the black market exchange rates in Nigeria. Nigeria has a history of political instability, and this has had a significant impact on the country's economy. When there is political instability in the country, foreign investors tend to shy away from investing in Nigeria, which leads to a shortage of foreign currencies. This shortage of foreign currencies leads to an increase in the black market rates.

 

The level of inflation in Nigeria is also a factor that affects the black market exchange rates. When the inflation rate is high, the value of the Naira decreases, which leads to an increase in the black market rates. On the other hand, when the inflation rate is low, the value of the Naira increases, which leads to a decrease in the black market rates.

 

Finally, the black market exchange rates in Nigeria are affected by various factors such as demand and supply of foreign currencies, the state of the Nigerian economy, political instability, and inflation. It is essential to keep an eye on these factors to understand how they affect the black market rates. As of today, 1 dollar to naira on the black market can be seen from the table above. However, it is important to note that the black market rates are not official, and it is always advisable to use the official exchange rates when making transactions.

 

 

**Please note, all the exchange rates published on this site are for information purposes. nairablackmarket.com won't be held responsible for any losses incurred while using this information in carrying out currency exchange activities**