What Are The Real Value Of The $1, $2, $5, $10, $20, $50 and the $100 To The Naira In The Black Market?
So you've got some Dollars to exchange to Naira with the Bank, mallams or the Bureau De Change? In this post you will find out how much all the Dollar denominations will fetch you in Naira.
First of all, where should you carry out your currency exchange? The bank 🏦, The aboki (Mallams) or the Bureau De Change?
The answer to this question bothers around the security of your transactions and the amount of money in Naira you are willing to accept for your Dollars.
Exchanging your Dollar to Naira in the Bank 🏦
The bank is undoubtedly the safest place to carry out all forms of financial transactions including currency exchanges. But the question is are you willing to accept the bank rates and also are the banks willing to exchange the Dollars for you? The official interbank rates of the Dollar to Naira remain at ₦410 to ₦411 as at the time of making this post. So if you are to exchange at the bank, bear that in mind.
Selling To The Aboki (Mallams)
In Nigeria the moment you enter the market place and shopping plazas in most cities you will see Aboki the Mallams asking you if you want to buy or sell the Dollar. Well some of them may offer very attractive rates but how secure are your transactions? The black market rates of the USD to Naira as at the time of making this post is pegged at ₦498 to ₦503.
The Aboki may offer you between ₦495 to ₦500 per Dollar but the risks involved are much as you may end up with counterfeited notes.
Currency Exchange At The Bureau De Change
This is my most recommended option of currency exchange! The Bureau De Change is a business office where currency exchange occurs. Most of them exist in malls, shopping complexes and plazas. The transactions in the Bureau De Change are very secure when compared to the Mallams or the Aboki. You can walk into a Bureau De Change office with your Dollars and exchange it into Naira in cash or you get it transferred into your bank account before leaving the office. The current exchange rates of the Dollar to Naira at the Bureau De Change as at the time of making this post is pegged at ₦485 to ₦490.
What Is The Real Value Of $1, $10, $50 and $100 notes to Naira?
When you see the official and black market exchange rates on this site you may wonder if indeed $1 note or the $10 and $50 notes will exchange at ₦500/₦505. Even though this is the surface value right on the exchange sites and reports, it is far from the real value at the black market physical market. When you approach either an Aboki or the Bureau De Change to exchange these lower denominations, the exchange rates you will get will be based on your bargaining power.
They may offer you ₦380 for $1 note, while offering you ₦400 to ₦420 for the $10 and ₦450 for the $50 note and ₦480 to ₦500 for the $100 note respectively. It all depends on your bargaining power but this post has helped you in getting an idea of what to expect in the real physical black market 😊.
So if you've got some Dollars where would you like to exchange it to Naira? The Bank 🏦, Aboki or the Bureau De Change. Use the comment section please...