![]() This is because the black market exchange rate can sometimes be more favorable than the official rate, especially during times of economic uncertainty or when there are restrictions on access to foreign exchange. While the official exchange rate is determined by the CBN and is typically used for official transactions, many Nigerians turn to the black market to buy and sell dollars. Q: What Is the Dollar worth against the Nigerian Naira?Ī: One Dollar is worth 460 Nigerian Naira today It is advisable to obtain foreign currency from legal sources such as banks, licensed foreign exchange bureaus, or through electronic transfers. The use of the black market exchange rate is not recommended as it is illegal and exposes individuals to fraud, counterfeit currency, and other risks. It is also worth noting that the exchange rate provided in this example may not be reflective of the official exchange rate set by the Central Bank of Nigeria (CBN) as it appears to be the black market exchange rate. Therefore, the exchange rate provided may change over time. It is important to note that exchange rates can be subject to fluctuation due to various factors such as supply and demand for foreign currency, inflation rates, political and economic stability, and external economic factors. This means that individuals or businesses who have US dollars and want to sell them can do so at a rate of ₦750 for every 1 US dollar. On the other hand, the selling rate for the US dollar to the Nigerian Naira is ₦750. ![]()
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