Dollar to Naira Exchange Rate Update (Jan 31, 2024): Black Market vs. Official Rates
Looking for the latest Dollar to Naira exchange rate on the black market (Aboki fx)? Here’s the info for January 31, 2024:
Black Market:
- Buying: N1460
- Selling: N1470
Important:
- Rates are unofficial and fluctuate frequently.
- Central Bank of Nigeria (CBN) advises using official channels (banks).
Official CBN Rate:
- Buying: N902
- Selling: N904
Other Currencies:
| Currency | Black Market Rate | CBN Rate |
|---|---|---|
| EUR | N1460-3075 | 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: 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 recently ranked as the fastest-growing globally.
By understanding the risks and alternatives, you can make informed decisions about exchanging your Dollars to Naira.
