The black market exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN) is a topic of significant interest and importance, especially for individuals and businesses involved in international transactions or currency exchange. As of March 22, 2024, the black market exchange rate for the USD to NGN stands at around ₦1520.
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 exchange rate: Dollar to Naira Black Market Rate Today 22nd March 2024
Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1510 |
| Selling Rate | N1520 |
Dollar to Naira CBN Rate Today
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | 1409 |
| Selling Rate | 1410 |
This rate fluctuates based on various factors such as market demand, supply of foreign currency, economic conditions, and government policies. The black market, also known as the parallel market, plays a crucial role in providing an alternative source for individuals and businesses to exchange currencies when official channels may not meet their needs or when they seek better rates.
Understanding the black market exchange rate is essential for those engaging in cross-border trade, travel, or remittances. It offers insights into the value of the Naira against major foreign currencies like the US Dollar and helps individuals make informed decisions regarding their financial transactions.
Despite its prevalence, the black market operates outside official regulatory frameworks, which can lead to volatility and risks. Individuals should exercise caution when engaging in transactions in the black market to avoid potential scams or legal issues.