How much is 1 dollar to the Nigerian Naira?
Posted by Felix Okoli on Saturday June 29, 2013 at 12:39:24:
Assuming you want to convert one US dollar to the Nigerian Naira, how do you go about it?
Click here to convert 1 usd to Naira for official rates. For the black market price, just add N3 to the amount.
Since the 1970s, the Naira has been falling against the USD since we have been doing more imports from the US than exporting. The exchange rate has not been that stable over the years due to the weaker economy and so people who want to exchange the Naira to the dollar or vice versa would first of all try to get the official rates from the CBN.
In Nigeria, there is an official rate and there is a parallel or black market rate. The official rate is the rate at which the CBN sells USD to the banks and banks sell to top clients. For majority of Nigerians however who want to buy forex, banks don't always sell directly to them and they have to resort to the black market where local forex dealers sell it at a fairly higher price for profit.
So to get to know the current exchange rate in Nigeria, you can Google for the official rates and add some value to it if you also want to get the black market price.
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