by Nigeria currency (naira) continue to fall against dollar day by day, while majority are sad that the economy is going down, some are smiling to the bank because they can now exchange their Dollar for a large sum at the black market.
Currently the rate of $1 to #1 at the black market is #625
This article is all about Dollar rate to Naira, you will know the rate of $1000, $500, $200,$100, $50 Dollars to Naira and many other information you need to know.
What is 1000 Dollar to Naira black market
$1000 to naira = #625,000 at a black market rate
What is 500 Dollar to naira black market
$500 to naira = #312,500 at black market rate
What is 200 Dollar to naira black market
$200 to naira = #125,000 at black market rate
What is 100 Dollar to naira black market
$100 to naira = #62,500
What is 50 Dollar to naira black market
$50 to naira = #31,250
Why is Naira losing weight against dollar
The reason for Naira value depreciation is because there is more Naira chasing Dollar.
Nigeria purchase more than they sell and since Dollar is the world accepted medium of exchange lot of Nigeria seek to exchange their naira to dollar in other to purchase their good and service outside Nigeria and you know the law of demand which sate that, the higher the demand, the higher the price.
Is this how Naira will continue to fall
No and Yes
No, if our government formulate policy that will reduce the number of Naira looking for Dollar.
And yes if notting is done about it
The best solution is to increase our production capacity so that we will stop been a consuming nation and progress to producing Nation.
Note
This is not an official rate but black market, to get the official Dollar rate check our currency converter also you can’t get this kind of rate in bank you will have to go to Aboki place to exchange your money.
In lieu of the recent CBN policy, no body is allow to buy Dollar from outside, though you can sell it. When dealing with Aboki becareful.
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Conclusion
Above is Dollar to Naira in black market. Dollar and Naira exchange rate is volatile, it always change and as it does, we will update this page, you can always check back.
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