The Nigerian local currency on the parallel market, otherwise known as the black market opened for exchange at the rate of ₦740 to the US Dollar (per $1).
That figure is for someone who wants to buy a dollar from a Bureau De Change.
However, if you want to change some dollars at a Bureau De Change, the agent will offer you ₦736 to a dollar.
It is okay to say that Nigerian Naira is firming up against the dollar.
According to a BDC operator in Abuja, if you want to buy dollars, you will pay ₦740 per dollar.
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This is against ₦741 with which the local currency traded on the black market on Friday.
Meanwhile, the British Pound To Naira Exchange Rate is ₦919, buy, while you can sell a pound for ₦909 at the black market rate.
Similarly, the European Euro/Naira traded at ₦802, buy and ₦789, sell, respectively in the parallel market.
According to Investopedia.com, 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.
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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 |
| April 22, 2023 | 741 | 735 |
| April 21, 2023 | 739 | 734 |
| April 20, 2023 | 738 | 731 |
| April 19, 2023 | 737 | 731 |
| April 18, 2023 | 742 | 736 |
| April 17, 2023 | 745 | 741 |
| April 16, 2023 | 744 | 739 |
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