The Nigerian local currency on the parallel market, otherwise known as the black market opened for exchange at the rate of ₦745 to the US Dollar (per $1).
This means that if you live in Nigeria and want to change some dollars at a Bureau De Change, the agent will offer you ₦739 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 ₦745 per dollar.
Also Read: Black Market: Dollar To Naira Exchange Rate
This is a slight upward slope from the ₦749 it traded on Tuesday.
Meanwhile, the British Pound To Naira Exchange Rate is ₦923, buy, while you can sell a pound for ₦906 at the black market rate.
Similarly, the European Euro/Naira traded at ₦789, buy and ₦775, 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.
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.
You Should Also Read: Black Market: Naira Exchange Rate To Dollar, Pounds Others
Dollar To Naira Rate In The Last 7 Days
| Date | Buy | Sell |
| March 27, 2023 | 749 | 740 |
| March 26, 2023 | 750 | 744 |
| March 25, 2023 | 750 | 744 |
| March 24, 2023 | 747 | 740 |
| March 23, 2023 | 753 | 745 |
| March 22, 2023 | 750 | 745 |
| March 21, 2023 | 750 | 745 |
