Dollar to Naira Exchange Rate Update (February 1, 2024): Black Market vs. Official Rates.
Looking to stay informed about the latest Dollar to Naira exchange rates, especially on the black market (Aboki fx)? Here’s the breakdown for February 1, 2024:
Dollar to Naira Black Market Exchange rate:
- Buying: N1500
- Selling: N1515
Important Notes on Dollar to Naira
- Rates are unofficial and subject to frequent fluctuations.
- Central Bank of Nigeria (CBN) recommends using official channels such as banks for transactions.
Dollar to Naira Official CBN Rate:
- Buying: N902
- Selling: N904
Other Currencies:
| Currency | Black Market Rate | CBN Rate |
|---|---|---|
| EUR | N1500-3075 | N1,030.39-1,014.90 |
| GBP | N3050-3056 | N1,302.70-1,305.21 |
Alternatives to Black Market:
- Licensed Bureau de Change (BDC): More secure, but rates may be higher.
- P2P platforms: Connect with individuals for secure exchange (e.g., Paxful).
- Official bank channels: Possible under specific conditions and bank approval.
Dollar to Naira Black Market rate: Pros & Cons: Pros:
- Higher exchange rates.
Cons:
- Unsafe: Risk of scams and fraud.
- Illegal: Operating outside official channels.
- Uncertain: Rates fluctuate based on external factors.
Stay Informed:
- Ejes Gist News: Provides accurate black market rate information (not actual exchange).
- Aboki FX: Another source for black market rates.
Always verify rates locally before making any transactions.
Additional Info: Nigeria’s stock market has recently ranked as the fastest-growing globally.
By understanding the risks and exploring alternatives, you can make informed decisions about exchanging your Dollars to Naira.
Stay informed with Ejes Gist News – Your Source for Credible News in Nigeria Now.
