What is the Rand to Naira Black Market Exchange Rate Today?
Are you looking for the most recent black market exchange rate between Nigerian Naira and South African Rand? We have gathered all of the information so that you can accurately determine if it is a good time to convert your money. Keep reading to find out what the current rates are!
Section 1: What is the Rand to Naira Black Market Exchange Rate Today?
There are many black markets that you can use to exchange your money. However, there are black markets that have much lower rates.
Black markets in Nigeria are usually based on the month, the day and the hour. So, if you are looking to exchange your money on Monday, you may want to look for rates on weekends instead. The best time to exchange money is at 2PM GMT. This is the time that the strongest liquidity occurs in Nigeria.
When is the Best Time to Exchange Money?
This is something you can calculate at your own discretion.
Converting your money
If you are having a hard time converting your Naira to your Rand, then you’re not alone. Even the leading exchange websites have made it nearly impossible to make a relatively simple exchange of dollars for South African Rands.
For instance, Google Trends shows a sharp drop in the amount of searches for the "Naira to rand exchange rate" since 2013.
But there are ways around it. First, you can use an Naira to Rand website that has South African Rand rates. You can find several of them on the internet.
Another way to make the exchange is to use your own hard currency. After all, isn’t that the idea behind an international money exchange?
Instead of using international money exchange websites, you can use the South African Reserve Bank.
Why do currency exchange rates fluctuate?
Basically, every day an exchange rate is established to reflect the value of the two currencies as one unit of value. It can also be used as an indicator of the economic condition of the country. For example, when there is a recession, the value of the exchange rate will go down.
How is the Naira/Rand Black Market Exchange Rate Calculated?
The exchange rate on the black market is often used by people who are purchasing or exchanging large amounts of money like tourists who are spending their money in the country and foreigners who are traveling in Nigeria. For example, if you are traveling to Nigeria and your luggage is full, you may exchange your Naira for Rand as payment for the luggage.
While Nigeria and South Africa are both huge and influential countries in Africa, there are many more things that unite them than divide them. And even if you’re South African and currently living in Nigeria, it’s never a bad idea to be more familiar with the basics of the two countries before moving into the unknown.