This report is based on information gathered from black market FX operators. Specifically, the traders noted that they buy FX from customers at an average of N$1 and sell for N1605/$1. However, they added that the rate could sometimes vary depending on the transaction, cash, or transfer form. that is to say, you will likely get a higher rate if you have physical cash to exchange.
How much is the dollar exchange rate to Naira in the Black Market today?
The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).
LAGOS PARALLEL MARKET RATES TODAY: dollar to naira exchange rate today black market.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N602 |
| Selling Rate | N1605 |
The local currency opened at N1605 per $1 at the parallel market otherwise known as the black market today, in Lagos Nigeria.
Even though the dollar to naira opened in the parallel market at N1605 per $1 today, IDOMA VOICE reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
IDOMA VOICE reports that in the black market, the players buy a dollar for N1602 and sell for N1605 on
Wednesday, 21st August 2024.
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