4 Ways to Exchange Your Dollar to Naira at Black Market Rate

Quite a few people (especially freelancers who earn in dollars) have been searching the internet for ways to change the Dollars from their E-wallet(s) for Naira at the black market rate. If you belong to this group of people, then this article is being written specifically for you. We will discuss 4 ways you can exchange your dollars for naira in Nigeria. Let's begin.

1. Withdraw directly to Domiciliary bank account

This is the most accurate way to convert your dollars to naira at the moment. To receive foreign currency, you would need a domiciliary account at a Nigerian bank. Open a domiciliary account at any of the well-known banks in your area by just walking in. You can then use it to receive dollars using the following information:

• Name of the bank
• Account name
• Account number
• The Address of the bank
• Bank’s Swift Code
• Bank’s Routing Number

The funds will be deposited into your new USD, "domiciliary," bank account.  Now you need to convert your cash to Naira at the best rate feasible. As such, you'll need to visit Aboki which specializes in currency exchange, make a transfer to them, and receive Naira in return.

2. Through Ratefy.co

Ratefy.co is another feasible and stress-free choice. We provide a competitive black market rate for the exchange of U.S. dollars for the Nigerian naira and you will get your Naira almost immediately. To see the current exchange rate, simply choose that option from the List.

Select the platform you are transferring from, be it Payoneer or PayPal. Tap the "calculate" button and enter the amount of USD you want to exchange. After entering the desired amount, tap the sell button and then click the chat icon to initiate a conversation with our staff on WhatsApp.

3. Withdraw through geegpay

Geegpay is another platform where you can send and receive money with. In addition to providing USD-only accounts for receiving payments globally, they also allow you to create GBP and EUR accounts.

You must request the USD account when you create a free GeegPay account on their website. Send money to your Geegpay USD account using the account details given.

Once you receive the money, you can check for the exchange rate from dollar to naira. Click on Convert, choose USD to NGN, and then enter the desired amount. Note that 0.9% of the money you get is deducted by Geegpay.

4. Withdraw through grey.co

The website Grey.co will provide you with a foreign account number. You must then request a Dollar account after registering and verifying your account with them. You will now receive money into this dollar account and then utilize grey.co to convert it to naira at a very good rate.

But keep in mind that companies like grey.co will buy your dollars at a lesser price because they are doing this as a full-fledged business and must cover employee salaries.

The final rate you receive after their fees have been subtracted will thus be lower than whatever the current rate is on the Grey.co platform. Which makes the second method discussed in this post more viable.

Conclusion

There you have it. Ratefy is your best choice if you want decent rates without the hassle of obtaining a domiciliary account or signing up for one of the platforms listed in this article. Just follow the procedure mentioned above if you want to do an immediate dollar exchange.