It seems like a no brainer... I'm not actually doing it and am still too young to have my own bank account,

but isn't it possible to buy like 1000 Dollar from bank with 460,000 naira (460ngn/usd)
and then sell your 1000USD in black market (760ngn/usd) then you'd have 760,000 naira.
Do that again 760,000 naira to USD in bank is 1637 USD
then 1657 USD in black market is 1,259,320 naira.

is this actually possible. even if there is fees with bank, it won't be that much right? So do people do this?

Banks will sell dollars for 2 you if you need the dollars for the following reasons:
1. To pay School fees or Medical bills abroad (Note that you must have Admission letter from the school or hospital abroad and the dollar would be wired directly to the school or hospital account in overseas)


2. To pay for goods you want to import. (Note that you have to have a supply abroad verified by overseas bank using letter of credit. If the supplier is genuine and the item you want to import is not on Prohibition list, then they wire your dollar to supplier bank overseas without you touching the Dollars..


These are the monetary policies and regulatory guidelines of CBN.

However if you want to get Dollars at N500..... You have to build a SYSTEM that would enable you to export services for which you would be paid in dollars. You can then take you dollars to black and sell at over N700
.
THE SYSTEM (IDEA) WILL COST YOU N20K.. .... BUT YOU HAVE TO IMPLEMENT THE IDEA YOURSELF..IF YOU'RE SERIOUS WHATSAPP 08034447494