500 Dollars To Naira: Are you looking to exchange your 500 dollars in naira and you wish to know the current Black market exchange rate today in Nigeria as the price of dollar keep fluctuating.
In this article we discussed both the official CBN exchange rate and the Aboki fx / Black market exchange rate for today [date-today].
According to Central Bank of Nigeria if you want to exchange 500 USD to NGN you will get 230,910 at the current price of 462 per dollar at the CBN rate.
To avoid any potential issues, persons thinking about engaging in Forex or other online transactions are encouraged to get in touch with their respective banks beforehand, as the Central Bank of Nigeria does not recognize the black market (parallel market).
How much is 500 dollars to naira Black Market exchange rate today
The current Aboki price for 1 dollar is ₦775
Buying Rate: ₦387,500
Selling rate: ₦383,500
Furthermore, if you are selling 500 Us dollars to Aboki or in the black market today [date-today] you will be getting N383500 however if you wanted to buy $500 dollars from the parallel market (Aboki) you should be paying around N387500.
There is now a discrepancy between the official Central Bank of Nigeria exchange rate and the rates offered by commercial banks across Nigeria when exchanging 500 U.S. dollars for naira on the black market.
The Central Bank of Nigeria’s (CBN) official website, www.cbn.gov.ng, lists the exchange rate at which U.S. dollars can be purchased with Nigerian naira; the black market exchange rate, listed on websites such as abokifx.com, is higher.
Nigeria’s Central Bank (CBN) offers a rate on exchanging dollars that is consistently lower than the black market rate. Because of this, a sizable number of people (including academics, corporations, and FX traders) prefer to deal in the black market.
All three rates (FX market, CBN, and black market) used to calculate the cost in NGN of 500 USD as of today [date-today].
As was previously said, the value of the naira changes every day when compared to other currencies. Keep checking this page for the most up-to-date information on the value of one U.S. dollar relative to the Nigerian naira. Make sure you know the current currency rate before making any kind of online purchase.