UAE Dirham to Naira Official and Black Market Exchange Rate Today
The Dirham to Naira black market exchange rate today is N499 to 1 Dirham. The Dirham is the official currency of the United Arab Emirates (UAE), and the Naira is the official currency of Nigeria.
The black market exchange rate is the rate at which people buy and sell currencies outside of the formal banking system.
The Dirham to Naira black market exchange rate is important for Nigerians who want to send money to family and friends in the United Arab Emirates, or who want to travel to the UAE and need to convert their Naira to Dirhams.
The black market exchange rate is usually higher than the official exchange rate, but it can be lower if the Nigerian Naira is strong relative to the Dirham.
The Dirham Currency
The dirham is the official currency of the United Arab Emirates (UAE). It is also the currency of Abu Dhabi and Dubai.
The dirham is subdivided into 100 fils. The dirham was introduced in 1973 to replace the Qatari riyal and the Dubai riyal at par. It was pegged to the IMF’s special drawing rights (SDRs) until 1997 and has been pegged to the US dollar since then.
The UAE dirham is one of the strongest and most stable currencies in the world. The currency is backed by the UAE’s large reserves of oil and gas, which gives it a strong foundation.
The dirham is also used in other countries in the Gulf Cooperation Council (GCC), such as Bahrain, Kuwait, Qatar, and Saudi Arabia.
The Nigerian Currency
The Nigerian currency is the official money of Nigeria. It is subdivided into 100 equal parts called kobo. The Naira is the name for the currency in Nigeria.
The Central Bank of Nigeria is the monetary authority of the country and is responsible for issuing the currency.
There are ten different denominations of banknotes that can be purchased: 5, 10, 20, 50, 100, 200, 500, and 1000 naira.
The currency is commonly represented by the symbol “₦”
UAE Dirham to Naira Black Market Exchange Rate Today
The current black market pricing today of Bureau De Change (BDC) operators in Lagos for selling and purchasing Dirham to Naira at the parallel (unofficial) market is as follows.
UAE Dirham to Naira (AED to NGN) Black Market Exchange Rate Today
Buying Rate ₦155
Selling Rate ₦165
UAE Dirham to Naira (AED to NGN) CBN Exchange Rate Today
Today’s Dirham to Nigerian Naira CBN exchange rate is
1 AED = 121.3201 NGN.
Factors Affecting the exchange rate of the Dirham to Naira
The exchange rate between the Dirham and the Naira has seen some fluctuations in recent years. Understanding the factors that affect this rate is key to predicting future trends.
Here are some of the main factors that can influence the exchange rate of the Dirham to Naira:
- Deterioration in terms of trade with Nigeria
- Nigerian economic policies
- The impact on Nigeria from Saudi Arabia’s economic reform plan
- Nigeria’s inflation levels and public debt-to-GDP ratio
- Nigeria’s domestic political environment, including military activity and unrest, civil disobedience, and political demonstrations
- Upsurge in the prices for oil which affects the Nigerian economy
- Downward pressure on the currency as a result of lower production figures
- Higher interest rates in Nigeria
Countries That Use Dirham
Dirham is an official currency of several countries in the Middle East, North Africa and the Horn of Africa. The most notable country that uses Dirham as its official currency is the United Arab Emirates (UAE).
In addition to the UAE, five other countries use Dirham as their primary currency:
- Morocco,
- Algeria,
- Tunisia,
- Djibouti, and
All of these countries have their own unique central banks that control their economies and set their own monetary policies. The Dirham is pegged to a basket of foreign currencies, which helps to ensure its stability against these currencies.
How to get the best Dirham to Naira exchange rate
Here are a few tips and tricks that you can use to ensure you get the best possible rate when converting dirham to naira:
The first thing to keep in mind is that the black market rate for dirhams to naira will often differ from the official rate set by the Central Bank of Nigeria.
As such, it is important to take this into account when looking for the best exchange rate. In addition, if you are using a foreign exchange broker or a money transfer service, they may have their own internal exchange rate, which may be different from the one on the black market.
Another factor to consider is the current state of the Nigerian economy. Since the official exchange rate of the CBN is subject to fluctuation, it is important to pay attention to any changes in the local economic change.
Finally, always compare rates between different exchangers before settling on one. You should look at both online and physical providers, as well as bank-affiliated brokers.
This way, you will be able to find the provider with the most competitive rate and save money in the process.
By following these simple tips, you can rest assured that you’ll get the best possible dirham to naira exchange rate on the black market.
UAE Dirham to Naira exchange rate FAQS
How much is a Dirham to a Naira?
The official rate for Dirham to Naira is 1 AED = 121.3201 NGN.
How much is 1000 dirham in Nigeria?
The 1000 UAE Dirham is currently 121320.0999 Nigerian Naira.
What is the selling rate of dirham today?
Today, the selling rate of Dirham is ₹22.2955
What is black market exchange rate?
Black market exchange rates are currency conversions that are not based on the official supplied exchange rate that has been established by a government. These unofficial exchange rates are frequently observed in situations in which the official rate has a poor correlation with the realities of the market.
Conclusion
The exchange rate between dirhams and naira can fluctuate rapidly, so it’s important to stay up-to-date on the latest rates.
The black market rate is usually higher than the official rate, so be careful when making any exchanges. If you have any questions or comments, please leave a comment below.
