XOF to Naira Black Market Rate
West African CFA Franc Black Market Rate
The black market West African CFA franc (XOF) to naira rate currently stands at approximately ₦2.50-₦3.00 per XOF, identical to XAF due to their 1:1 parity and shared euro peg. XOF is used by eight West African countries: Benin, Burkina Faso, Côte d'Ivoire, Guinea-Bissau, Mali, Niger, Senegal, and Togo. The rate is determined by EUR/NGN movements since the CFA franc is pegged to the euro. XOF enjoys better liquidity in Nigeria's black market compared to XAF due to Nigeria's extensive borders and trade relationships with West African neighbors, particularly Benin and Niger.
XOF Demand in Nigeria
The XOF black market rate is crucial for Nigeria's extensive cross-border trade with West African neighbors. Benin, sharing a long border with Nigeria, generates the highest XOF demand. Traders moving goods between Nigeria and Benin, particularly through border towns like Seme, need XOF constantly. Business activities in Côte d'Ivoire, Senegal, and other ECOWAS countries create XOF needs. Nigerians traveling to West African countries for business, education, or personal reasons require XOF. The informal economy along Nigeria's western borders sustains active XOF trading. Additionally, some Nigerians use Benin as a transit point for imports, necessitating XOF transactions.
XOF Market Activity
XOF trading in Nigeria's black market is significantly more active than XAF, with good liquidity in border areas and major cities. Border towns like Seme, Badagry, and other western border points have thriving XOF markets with competitive rates. Lagos, being close to the Benin border, has numerous BDCs and money changers actively trading XOF. The currency's stability (due to the euro peg) makes it reliable for cross-border traders. Rates can vary between border areas and city centers, with border locations often offering better rates due to higher turnover. The extensive Nigeria-Benin trade relationship ensures consistent XOF supply and demand.
XOF Exchange Best Practices
For XOF exchanges, border areas typically offer the best rates and liquidity due to high trading volumes. In Lagos, numerous BDCs near the western border actively trade XOF at competitive rates. For large amounts, rates are often negotiable given the active market. Monitor XOF rates on Aboki Dollar, though border rates may differ from city rates. If traveling to Benin or other XOF countries, consider exchanging at the border for potentially better rates. Digital platforms rarely support XOF, so physical exchanges are standard. Build relationships with BDCs that specialize in West African currencies for regular XOF needs. Always count money carefully and verify note authenticity, especially in high-volume border trading environments.
Related Currency Conversions
Disclaimer: Exchange rates fluctuate constantly. The rates mentioned in this guide are approximate and for informational purposes only. Always check Aboki Dollar's live rates for the most current information before making any exchange transaction.