Hi guys, please I need to purchase an online course but it's in dollars, and I don't know which exchange rate to use for conversion. I can see an official exchange rate of less than 500 and the black market one of about 700 naira. Which if these two would be used when payment is to be made?

They will use the official rating with is 430+ but some charges will be added, you know you are converting from naira to dollar.

Olaoluwa112:
They will use the official rating with is 430+ but some charges will be added, you know you are converting from naira to dollar.

Alright, thanks so much.
But does it mean that the 700 rate is used when converting the other way round?

anochuko01:


Alright, thanks so much.
But does it mean that the 700 rate is used when converting the other way round?

The #700 is for those doing the business locally, the official rating is what is used by all for official transaction, maybe you want to withdraw or deposit, for payment or getting paid.

Olaoluwa112:


The #700 is for those doing the business locally, the official rating is what is used by all for official transaction, maybe you want to withdraw or deposit, for payment or getting paid.

Oh okaaaay
Thanks for the explanation.