Black Market: Dollar To Naira Exchange Rate

That figure is for someone who wants to buy a dollar from a Bureau De Change.

However, if you live in Nigeria and want to change some dollars at a Bureau De Change, the agent will offer you ₦731 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 ₦738 per dollar.

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This is a slight upward slope from the ₦742 it traded on Tuesday.

Meanwhile, the British Pound To Naira Exchange Rate is ₦929, buy, while you can sell a pound for ₦914 at the black market rate.

Similarly, the European Euro/Naira traded at ₦808, buy and ₦793, 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.