How to Exchange AED to NGN in the Black Market and Save Money

Are you looking for the best way to exchange your UAE Dirham (AED) for Nigerian Naira (NGN) today? Do you want to avoid the high fees and low rates of the official banks and bureaus? Do you want to get the most value for your money in the black market?

If you answered yes to any of these questions, then this blog post is for you. In this post, I will show you how to get the best UAE Dirham to Naira black market rate today, February 12, 2024. I will also share some tips and tricks on how to save money and avoid scams when dealing with the black market.

But first, let’s take a look at the current exchange rate of AED to NGN in the black market and compare it with the official rate.

What is the UAE Dirham to Naira Black Market Rate Today?

According to Investors King, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1490 NGN in the black market, also referred to as the parallel market or Aboki fx. This means that 1 AED, which is equivalent to 0.272458 USD, is worth 405.85 NGN in the black market.

This is much higher than the official rate of 1 AED to 409.179 NGN, which is set by the Central Bank of Nigeria (CBN). The CBN regulates the amount of foreign currency in the country through weekly auctions, but the demand for foreign currency often exceeds the supply, leading to a huge gap between the official and the black market rate.

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Based on the demand and supply of foreign currency, the black market rate changes every day according to the availability of foreign currency and the economic situation in the country. It is usually higher than the official rate because it reflects the true value of the currency in the market.

The black market rate is also influenced by other factors, such as:

  • The political stability and security of the country
  • The inflation and interest rates of the country
  • The trade balance and foreign reserves of the country
  • The global oil prices and the production of crude oil in the country
  • The speculations and expectations of the market participants

As you can see, the black market rate is not fixed and it can change at any time. That’s why you need to be updated on the latest exchange rate before you make any transaction.

How to Get the Best UAE Dirham to Naira Black Market Rate Today?

If you want to get the best UAE Dirham to Naira black market rate today, you need to do some research and compare the different sources of exchange. Here are some of the ways you can find the best rate:

  • Check online platforms and websites that provide the latest black market rates, such as [Aboki FX], [Naija Rates], and [FX Mallam]. These platforms update their rates regularly and they also show the historical trends and charts of the exchange rate. However, you should be careful and verify the accuracy and reliability of these platforms, as some of them may not be updated or may have hidden fees or commissions.
  • Contact local traders and dealers who operate in the black market, such as Abokis, Mallams, and Hawala agents. These are the people who buy and sell foreign currency in the streets, markets, and shops. They usually have access to large amounts of foreign currency and they can offer you a better rate than the official sources. However, you should also be cautious and negotiate the best deal with them, as some of them may try to cheat you or scam you with fake or counterfeit currency.
  • Use online platforms and apps that connect you with verified and trusted black market traders, such as [BitPesa], [NairaEx], and [Naira4Dollar]. These platforms allow you to exchange your AED to NGN online, without having to physically meet the traders or carry cash. They also offer you a secure and convenient way to transfer your money to your bank account or mobile wallet. However, you should also be aware of the fees that these platforms may impose on your transactions, such as service fees, transaction fees, and network fees.
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Tips and Tricks to Save Money and Avoid Scams in the Black Market

While the black market can offer you a better rate than the official sources, it also comes with some risks and challenges. Here are some tips and tricks to help you save money and avoid scams in the black market:

  • Compare the different sources of exchange and choose the one that offers you the best rate and the lowest fees. You can use online tools and calculators, such as The Money Converter, to compare the rates and fees of different sources.
  • Check the current and historical trends and charts of the exchange rate, and try to exchange your money when the rate is favorable and stable. You can use online platforms and websites, such as [XE], to check the trends and charts of the exchange rate.
  • Negotiate the best deal with the traders and dealers, and don’t be afraid to walk away if you are not satisfied with the offer. You can also use online platforms and apps, such as [WhatsApp], to communicate and bargain with traders and dealers.
  • Verify the authenticity and validity of the currency you are exchanging, and don’t accept any currency that is torn, damaged, stained, or defaced. You can use online tools and apps, such as [Currency Identifier], to verify the currency you are exchanging.
  • Be discreet and careful when exchanging your money in the black market, and don’t expose yourself to any danger or harm. You can use online platforms and apps, such as [Uber], to arrange safe and convenient transportation to and from the exchange location.
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FAQs

Here are some of the frequently asked questions about the UAE Dirham to Naira black market rate today:

Q: Why is the black market rate higher than the official rate?

A: The black market rate is higher than the official rate because it reflects the true value of the currency in the market, based on the demand and supply of foreign currency. The official rate is lower because it is regulated by the CBN, which often restricts the amount of foreign currency in the country.

Q: Is it legal to exchange money in the black market?

A: It is not legal to exchange money in the black market, as it violates the foreign exchange regulations of the CBN. However, many people still use the black market because it offers them a better rate and more convenience than the official sources.

Q: How can I get the best UAE Dirham to Naira black market rate today?

A: You can get the best UAE Dirham to Naira black market rate today by doing some research and comparing the different sources of exchange, such as online platforms and websites, local traders and dealers, and online platforms and apps. You can also use some tips and tricks to save money and avoid scams in the black market, such as comparing the rates and fees, checking the trends and charts, negotiating the best deal, verifying the currency, and being discreet and careful.

Conclusion

In this blog post, I have shown you how to get the best UAE Dirham to Naira black market rate today, February 12, 2024. I have also shared some tips and tricks on how to save money and avoid scams in the black market.

I hope you found this post helpful and informative. If you have any questions or comments, please feel free to leave them below. If you liked this post, please share it with your friends and family who may also be interested in exchanging their AED for NGN in the black market.

Thank you for reading and happy exchanging! ????

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