If you’ve ever wondered why the exchange rate for dollars to naira differs between the official market and the black market, you’re not alone. The black market, also known as the parallel market, is where foreign currencies are traded unofficially at rates that differ from the official exchange rate set by the Central Bank of Nigeria (CBN). This market is often used by individuals and businesses who cannot access the official market due to scarcity, restrictions, or regulations.

The black market exchange rate of the US dollar to the Nigerian naira fluctuates daily depending on the supply and demand of the currencies, as well as other factors such as inflation, political instability, and economic policies. As a result, the black market rate is usually higher than the official rate, meaning that the naira is weaker in the black market. So, how much is a dollar to naira today in the black market? Let’s explore the current black market dollar-to-naira exchange rate and how it compares to the official rate.

How much is a dollar to naira today in the black market?

As of 5th February 2024, the black market exchange rate for the US dollar to Nigerian Naira is ₦1,425.00 for buying and ₦1,455.00 for selling. This means that if you want to buy one US dollar in the black market, you will need to pay ₦1,455.00, and if you want to sell one US dollar, you will receive ₦1,425.00. It is important to note that these rates may vary slightly depending on the location and dealer.

How does the black market dollar-to-naira exchange rate compare to the official rate?

As of today, the official exchange rate of the US dollar to the Nigerian naira is ₦886.89 per US dollar. This rate is used by the CBN for its transactions and interventions in the foreign exchange market, and it serves as the basis for the exchange rates of other foreign currencies.

On the other hand, the black market exchange rate for the US dollar to the Nigerian naira is different. As of today, the black market exchange rate for the US dollar to the Nigerian naira is ₦1,475 per US dollar, according to Naira today. This means that the black market exchange rate is higher than the official exchange rate.

The difference between the black market rate and the official rate is called the parallel market premium. The parallel market premium indicates the degree of divergence between the official and unofficial markets and reflects the level of confidence in the naira and the CBN’s policies.

Frequently Asked Questions

What is the current exchange rate for USD to NGN in the black market?

As of today, the current exchange rate for USD to NGN in the black market is fluctuating, but it is around N1450 to $1. This rate is not fixed and can change at any time based on market demand and supply.

How does today’s black market rate for the dollar compare to the official bank rate in Nigeria?

The official bank rate for the dollar in Nigeria is typically lower than the black market rate. As of today, the official bank rate is around N951.41 to $1, while the black market rate is around N1450 to $1. This means that the black market rate is significantly higher than the official bank rate.

What amount of Nigerian Naira would I receive for $100 on the black market today?

If you exchange $100 on the black market today, you would receive around N145,000. However, this amount can vary depending on the current exchange rate and the dealer you are transacting with.

Can you provide the black market exchange rate for USD to NGN in Lagos as of today?

As of today, the black market exchange rate for USD to NGN in Lagos is around N1450 to $1. This rate is not fixed and can vary depending on the current market demand and supply.

How much would $300 convert to in Nigerian Naira on the black market?

If you exchange $300 on the black market today, you would receive around N435,000. However, this amount can vary depending on the current exchange rate and the dealer you are transacting with.

What is the equivalent of 1 British pound to Nigerian Naira in the black market currently?

As of today, the equivalent of 1 British pound to Nigerian Naira in the black market is around N1900. However, this rate can vary depending on the current market demand and supply.