Naira To Dollar Aboki Blackmarket Exchange Rate Today
The Naira to Dollars Aboki Blackmarket rate as of today is between N1200 – N1210. If you are buying the dollars with naira, you would buy it at the rate of N1210. However, if you want to convert your dollars to naira, the rate is N1200. In this article, you will find out the analysis of the Naira/Dollar exchange rate.
Buying Rate: N1210
Selling Rate: N1200
Naira To Dollar Aboki Blackmarket Exchange Rate This Week
In the week starting from December 14, 2023 – December 20, 2023, they have been stability in the dollar currency to the Nigerian currency at the black market. On Sunday and Monday (earlier in the week) they have been no increase in the rate of buying and selling of the naira to the dollar. However, on Tuesday, there has been a slight increase in the buying and selling rate of the two currencies. Here is a layout of how the two currencies are performing so far this week:
December 14, 2023
Buying Rate: N1220
Selling Rate: N1235
December 15, 2023
Buying Rate: N1230
Selling Rate: N1215
December 16, 2023
Buying Rate: N1230
Selling Rate: N1215
December 17, 2023
Buying Rate: N1225
Selling Rate: N1215
December 18, 2023
Buying Rate: N1220
Selling Rate: N1215
December 19, 2023
Buying Rate: N1220
Selling Rate: N1215
December 20, 2023
Buying Rate: N1210
Selling Rate: N120
Naira To Canadian Dollars (CAD) Aboki Blackmarket Exchange Rate Today
The Naira to Canadian Dollars Aboki Blackmarket Exchange Rate as of today is between N870 – N900. This simply means that if you are buying CAD, you would do so at the rate of N900. On the other hand, to sell your dollars, the black market exchange rate for that is N870. Below is a short layout of how the market looks like:
Canadian Dollars (CAD)
Buying Rate: N900
Selling Rate: N870.
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Advantages Of Black Market Exchange Rate
Here are some of the most important advantages of the black market exchange rate:
Foreign Currency Availability
Black markets frequently provide access to foreign currencies that are scarce or closely controlled by the official exchange rate system.
Higher Exchange Rates
When compared to official rates, black market rates can often provide better exchange rates, potentially resulting in enhanced purchasing power for people who use the black market.
However, you must assess the drawbacks, which frequently outweigh the supposed benefits:
Legality: In many countries, black market transaction is prohibited and can result in legal penalties such as fines and jail.
Absence of openness: Due to the absence of openness and consumer safeguards in black market transactions, individuals are prone to fraud and scams.
Economic Instability: A country’s capacity to manage inflation and preserve currency rate stability might be hampered by widespread usage of the black market.
The development of a black market can syphon resources away from the legal economy, lowering tax revenues and impeding economic progress.
FAQ
How much is 1 dollar in the black market today in Nigeria?
1 dollar in the black market today is N1200. This rate may have slight differences where you live.
How much is $100 to Naira in the black market?
$100 to Naira in the black market is N120,000.
What is the dollar-to-naira bank rate today?
The dollar to naira bank rate $1 = N1200
What is $1000 in the black market?
$1000 to naira in the black market is N1,200,000.
How much is $10 to naira?
$10 to naira is N12,000. This may have slight differences where you live.
