Since the Nigerian currency does not have the best reputation for stability especially in this era of the Pandemic where inflation has hit a record high, it is reasonable to take advantage of this opportunity to make huge money in Nigeria especially if you are in the forex business?
The currency exchange rate is heavily regulated in Nigeria, but the black market is not. It is common for the Black market players to offer prices for the US dollar at a rate that is higher than the banks in Nigeria provides. In this regard, changing the dollars in the black market offers a choice of cashing out using the lucrative black market rate.
The dollar black market in Nigeria is free for all when it comes to buying and selling foreign currencies. Because there is no set of regulations from the Central Bank of Nigeria to regulate its activities, the Nigerian currency black market play by its own rules and regulations. Leveraging on the black market offers some benefits. First, there are no fees whatsoever or charges incurred during the exchange. Prices offered are as per the current exchange rate and you could even hit a better rate if you possess good negotiation skills.
Secondly, different currencies are offered which allows for diversity. This means that you can change whatever world currencies you carry within the Nigerian black market without any hassles. If you are traveling to Nigeria and plans to convert your dollars or euro to naira, it is essential to check out what the current official and black market rates are so that you can compare and contrast to have a clear idea of how much you will be bargaining with the forex guys. If you are planning of travelling out of Nigeria, using the Nigerian black market also becomes handy as you will ultimately need to convert your naira back to dollars or euros. Whatever the case may be, the black market can help you get your monies quickly converted in both directions.
If you choose to use the black market, it is advisable to be very careful so that you don’t end up getting robbed while on transit. I always recommend you tell the forex guys to transfer the money directly to your bank account. However, if you don’t have a bank account, extra care and vigilance are needed to keep your money safe especially if it is a huge amount. Always make sure that if you are getting the monies in cash to take some time and count it carefully. A lot of the forex guys have utilized means to swindle people of their monies using different kinds of tricks. Don’t let your guard down during the entire process of the transaction.
If you are looking out at cashing out big in these times of dwindling Nigerian Naira rates, the black market remains your best option. It may not be convenient but it’s worth knowing that you will get a better rate to compare to the bank rate. If you are not comfortable using the black market because of the negative security risks, then getting into one of the banks should provide the needed comfort.