The dollar to naira exchange rate on the parallel market otherwise known as the black market opened for exchange at the rate of ₦751 to the US Dollar (per $1).
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N748 and sell at N751 on Saturday 18th March 2023, according to sources at Bureau De Change (BDC).
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
Meanwhile, the European Euro/Naira traded at ₦790 buy and ₦805 sell respectively in the parallel market. Similarly, the British Pound to Naira Exchange Rate is ₦917 buy, while you can sell a pound for ₦932 at the black market rate.
Below you can see the chart for the Nigerian Naira rate today compared to the Dollar.
|1 USD = 460.44 NGN|
|1 Dollars = 460.44 Nigerian Naira|
|The USDNGN rate as of 18 Mar 2023|
The black market is an economic activity that takes place outside government-sanctioned channels. It is an illegal market where transactions usually occur “under the table” to let participants avoid government price controls or taxes.
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Disclaimer: News Rain Nigeria does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.