If you are a business person trading in Forex or any other business that requires the exchange of U.S. Dollars, then this article is for you.
Are you aware that Dollar to Naira exchange rate on the parallel market also known as the black market is now ₦747 to $1.
This simply means that as of today, the exchange rate of the Dollar on the black market is now ₦286 above the Central Bank’s official market exchange rate which is ₦461.
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According to Bureau De Change operators in Ajao Estate, Lagos, a dollar can be bought at ₦747 and sold at ₦743, as against ₦740 it traded yesterday.
Exchange Rate Of Other Currencies
Other currencies that performs well on the black market are the Euro, British Pounds and the Canadian Dollar among so many other currencies.
The Euro to Naira is the second most traded currency, it traded at ₦810 when buying and ₦795 when selling respectively in the black market.
Next is the Pound to Naira exchange rate which is pegged at ₦930 when buying and ₦918 when selling in the black market.
The Canadian Dollar comes directly after the Pound and it exchanges at ₦630 when buying and ₦610 when selling in the black market.
About Black 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.
Black Market Exchange Rate Of Naira To Other Currencies
Black Market Exchange Rates |
Buying Rate |
Selling Rate |
| Dollar to Naira | 747 | 743 |
| Pounds to Naira | 930 | 918 |
| Euro to Naira | 810 | 795 |
| Canadian Dollar to Naira | 630 | 610 |
| Rand to Naira | 52 | 43 |
| Dirham to Naira | 0 | 0 |
| Yuan to Naira | 62 | 62 |
| G.Cedi to Nair | 70 | 50 |
| CFA F. (XOF) To Naira | 0.83 | 0.81 |
| CFA F. (XAF) To Naira | 0.74 | 0.74 |
