Are you aware that Bureau De Change (BDC) operators can help you change your US Dollar to Nigerian Naira?
The interesting thing about their exchange is that they will do the transaction at a rate different from the official CBN rate.
Practically, BDCs are the forex agencies in control of the black market we talk about.
The BDC operators on the parallel market otherwise known as the black market exchange the Nigerian local currency at the rate of ₦745 to the US Dollar (per $1).
If you find yourself in Lagos, Abuja or Kano and want to exchange a Dollar for the Naira, you may be offered ₦741 for your Dollar.
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.
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.
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Dollar To Naira Rate In The Last 7 Days
| Date | Buy | Sell |
| April 7, 2023 | 747 | 737 |
| April 6, 2023 | 735 | 745 |
| April 5, 2023 | 750 | 746 |
| April 4, 2023 | 750 | 746 |
| April 3, 2023 | 748 | 743 |
| April 2, 2023 | 744 | 740 |
| April 1, 2023 | 744 | 740 |
