«Home

Where to exchange currency in Lagos naira to dollar

Naira exchange to dollar has been a source of worries for many Nigerians. Find out how to exchange currency in Lagos.

Nowadays we observe some kind of uncertainty in naira to dollar rates. It keeps changing dramatically. According to the recent news, naira has drastically dropped. However, people still need to carry out currency exchange operations. Where can they do it? What is the situation with the foreign currency in Nigeria? let’s find out.

exchange currency in Lagos naira to dollar

Dollar to naira exhcange rate

The most recent reports have announced that naira has dropped to 330-343 as regards to dollar. This information was also confirmed by Bureau De Change. During the last days, the rates have kept fluctuating. It concerns the official figures and data.

 naira to dollar

What concerns the black market, the situation is not much different. Dollar is being sold for 330 naira by now. Nevertheless, two days before, the situation was a bit better. Thus, you could buy dollars for about N250-270. Such rates on the black markets really irked the operators of BDC. Thus, the situation that we have today is more suitable for them, as the rates are actually equal.

exchange currency in Lagos

What is more, according to the estimates, naira may soon drop again. People will have to pay N355 per each dollar.

READ ALSO: 10 ways to make money quickly – best tips for Nigerians

Ways of exchange

Many people need to carry out such operations, especially when the situation is getting worse. Some of them will be lucky to get some money from it. So, let’s observe the possible methods of exchange, which are now available for Nigerians, and compare them.

exchange in Lagos naira to dollar

Bank exchange. You may always go to one of the local departments and exchange the currency. However, there is a great question if it is profitable for you. The rates might differ according to the particular bank. Anyway, it is considered the easiest way.

Bank exchange.

Black market. It is usually more suitable for people, as there are more beneficial offers there. However, the operations carried out there are considered illegal. In fact, such markets exist because of the economic weakness and lack of foreign exchange reserves in the country.

Bank exchange.

Online. It is one more method. It is quite easy and might be profitable for you (as you can always find appropriate rates). However, it might be also dangerous, as there are lots of fraudsters. To find out the best offer, you can visit special resources, for example, this trusted one.

online exchange in Lagos naira to dollar

READ ALSO: How to get a business loan from a bank

Forex trade. It is a kind of global market of trading currency. Here you can find not only local offers, but also ones from abroad. Here you are able to buy, to sell and to exchange any currency you like. The rates here are not controlled by any governmental bodies; that’s why you can find more beneficial ones for you. Lots of people all over the world actually make great sums of money using Forex trade.

trading currency in nigeria

These are the most common ways. You can select the most appropriate and, of course, the safest one for yourself.

Naira rates keep changing. Even if the situation with national currency gets worse, you may always find the way out. Use the best method of currency exchange and find the best rate for your situation. Thus, you will be able to save you money or even earn some more.

Avatar
Expert
1 comments

Currency exchange is done in banks and certified exchange, cheques issued in the exchange, it is better to save before leaving the country. Credit cards and travelers travelers cheques can be used only in the capital, outside of a big city has a circulation of cash currency only.

The import of foreign currency into the country is not limited, the only thing that cash amounts above $3000, you must specify in the customs Declaration. If the imported amount is less than $3000, in the Declaration it is not specified. When leaving the country you can take out an amount not exceeding that which was declared upon entry into Nigeria.

The price of the goods in the markets and in stores may be reduced, so you should haggle. Since the crime situation in the country difficult, you should not carry or keep in the room of major amounts of cash. When the exchange changed from private to possible cases of fraud, so it's recommended to exchange the currency brought in Naira, with small advantages for everyday use.

Avatar
Student
Answered 1 year ago.
Your comment
Add image

By posting your comment, you agree to the privacy policy and terms of service.