When it comes to converting one currency to the other in Nigeria, the Black Market is a popular choice of currency among must Nigerians. Alternatively referred to as the parallel market, the black market is an illegal exchange market where currencies are been exchanged or bought at an amount lower or greater than the standard price.
In a currency black market, cash transactions are almost always the norm, since participants would be obviously reluctant to leave any trace of their involvement in such transactions.
Also Read: Daily Exchange Rates In Nigerian Naira.
How Black Market Exchange Works?
In many countries, the government regulates what the exchange rate is, instead of allowing it to settle so that the amount buyers want to buy equals the amount sellers want to sell.
In these cases, one side of the market (usually the buyers of the local currency) is much smaller than the other side (sellers of the local currency). Therefore, not everyone who wants to sell the local currency can find a buyer at the legal price.
Therefore, an illegal market will be created, where people who are willing to break the law can find buyers for their local currency at a much worse rate. This is the black-market exchange rate. It is a much better idea of what the currency is actually worth that the official rate because it is actually matching up the number of willing buyers to the number of willing sellers.
Websites to get black market exchange rates in Nigeria.
Nairabarter.com is an online platform for daily updates and information on how the Nigerian Naira is performing against other currencies and across multiple exchange markets locally or globally.
If you ever want to know how the Nigerian Naira is performing today against other popular currencies in the world such as the US Dollar, Pounds, Euro, Cedi, Rand and many more, Nairabarter gives you detailed breakdown and analysis of how the Naira is performing on an hourly basis.
Abokifx website is another popular Nigerian online platform where you can get daily, accurate and reliable updates about the black market foreign exchange rate for Naira.
Abokifx rates are updated three times a day showing two (**) for afternoon update and three (***) for the last daily market date.
NgnRates.com is a financial Internet technology project providing recent Nigerian Naira (NGN) exchange rates announced by Central Bank of Nigeria (CBN) and being used in sources like Lagos Parallel Market, Bureau De Change (BDC), Western Union, Moneygram, and several bank ATMs.
NgnRates.com aims to provide best data analysis tools like the Naira Currency Converter and historical graphs for Nigerian Naira traders and investors.
FxMallam is daily exchange rates in Naira website. The website provides quick access to exchange rate information across several markets including the well known Black or Parallel Market. They also provide financial news in the global exchange marketplace.
Wetinberate another popular online exchange rates resource in Nigeria at the moment. The website provides quick access to exchange rate information across several markets including the well known Black or Parallel Market.