Are you aware that Nigeria’s Naira exchange rate on the parallel market, otherwise known as the black market, is now almost twice the rate at the Central Bank’s official market?
Let’s show you.
Naira to dollar exchange rate is ₦745 to the US Dollar (per $1). That is when you have Naira and want to buy dollars
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Many factors such as the global price of crude oil, inflation, currency devaluation among others affect the Naira’s ability to compete favourably with other currencies of the world.
This means that if you live in Nigeria and want to change some dollars at a Bureau De Change, the agent will offer you ₦740 to a dollar.
Basically, dollar to Naira exchange rate is often lower than Naira to dollar rates.
When you are buying dollars you pay 745 Naira to a dollar but you will get 740 when you want to sell your dollar.
Black Market Exchange Rates |
Buying Rate |
Selling Rate |
| Dollar to Naira | 745 | 740 |
| Pounds to Naira | 925 | 912 |
| Euro to Naira | 802 | 786 |
| Canadian Dollar to Naira | 560 | 540 |
| 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 |
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.
