Do you want to know how much 500 US dollars is in Nigerian Naira? We all know that dollars are mostly used as the currency for transactions in online businesses. You must therefore be aware of the USD to Naira conversion rate!
I’ll show you how much 500 USD is worth in today’s Naira in this post. How much is 500 dollars worth in naira according to the black market, Abokifx, and commercial banks’ exchange rates! So, stay with me as I explain this to you.
So how much is $500 in black market Naira? Let’s get down to business!
How Much is 500 USD in Naira in Black Market
First of all, I should remind you that the Naira’s exchange rate with US dollars fluctuates. From time to time, it changes! The higher the economy level of a country, the lower the exchange rate.
500 dollars is currently worth N342,500 in the black market!
Nigeria’s economic crisis has significantly reduced the value of the Naira. So, $1 is equal to ₦685 in black market.
The black market buying rate of 500 US dollars is N325,000 and the black market selling rate is N342,500.
Please be aware that the CBN, the Central Bank of Nigeria, in no way acknowledges the black market! Therefore, do this at your own risk.
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500 Dollars in Naira CBN Exchange Rate
As of today, the CBN buying rate of 500 dollars is N225,000 and the CBN selling rate is 219,000 Naira.
Most commercial banks use this CBN rate, but not all do.
The Central Bank of Nigeria buys and sells dollars at the CBN exchange rate. The black market and Abokifx rates are not the same as the CBN rate! The CBN rate is always lower than the black market rate and that is why most people dealing with dollars and Naira do prefer black market rate.
How Much is 500 Dollars in Naira Today Conclusion
Keep in mind that the Naira to dollar exchange rate is ever-changing because the national economy is not fixed. You could thus bookmark this page and return occasionally. Check the USD/Naira conversion rate before conducting any online transactions.
And that is on “How much is 500 USD (US Dollars) to NGN (Naira)“
His Name is Tiamiyu Abdulbazeet Olawale. He is a student at the University of Ilorin studying Electrical and Electronics Engineering. He likes to give the latest updates about Nigeria and international institutions as he aims at helping people to lay their hands on the right information.