Business
Dollar To Naira Exchange Rate Today 1st April 2023(Black Market)
Black market dollar to naira exchange rate today, 1 April 2023 can be accessed below.
IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at ₦750 and the price can change (high or low) within hours.
How much is dollar to naira today in black market?
News Rain Nigeria reports that the dollar to naira exchange rate today on the parallel market otherwise known as the black market opened for exchange at the rate of ₦750 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 N747 and sell at N750 on Saturday 1 April 2023, according to sources at Bureau De Change (BDC).
Black market dollar to naira exchange rate today: Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N747 |
| Selling Rate | N750 |
Meanwhile, News Rain Nigeria reports that the European Euro/Naira traded at ₦782 buy and ₦795 sell respectively in the parallel market. Similarly, the British Pound to Naira Exchange Rate is ₦914 buy, while you can sell a pound for ₦926 at the black market rate.
Below you can see the chart for the Nigerian Naira rate today compared to the Dollar
| 1 USD = 460.34 NGN |
| 1 Dollars = 460.34 Nigerian Naira |
| The USDNGN rate as of 1 Apr 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.
“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” said the CBN Governor, Godwin Emefiele.
“I am sorry to say that I do not, and I do not intend to recognise any FX in the market.
“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. If you want to sell the dollar, go to your bank and sell it,” he said during a press briefing on September 17, 2021.
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.
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