The Nigerian local currency on the parallel market otherwise known as the black market did not shift as it opened for exchange at the rate of ₦752 to the US Dollar (per $1).
Bureau De Change (BDC) in Abuja, said a dollar was bought at ₦752 and sold at ₦748 today, on the black market. It is the same rate at which the currency traded on Sunday.
Meanwhile, the European Euro/Naira traded at ₦783 buy and ₦770 sell respectively in the parallel market.
Similarly, the British Pound To Naira Exchange Rate is ₦920 buy, while you can sell a pound for ₦905 at black market rate.
Also Read: Black Market: Pound To Naira Exchange Rate Today
Black market, according to Investopedia.com, 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.
The goods and services offered in a black market can be illegal, meaning their purchase and sale are prohibited by law, or they can be legal but transacted to avoid taxes.
Illegal markets are also known as illegal markets, shadow markets, or underground markets.
Dollar to Naira Rate for Past 7 Days
| Date | Buy | Sell |
| March 12, 2023 | 752 | 748 |
| March 11, 2023 | 754 | 745 |
| March 10, 2023 | 757 | 752 |
| March 9, 2023 | 757 | 754 |
| March 8, 2023 | 755 | 752 |
| March 7, 2023 | 762 | 750 |
| March 6, 2023 | 767 | 760 |
