The Dollar to Naira exchange rate on the black market has remained steady on the same point as of this morning, February 7, 2023.
According to information obtained from Bureau De Change (BDC) operators, a Dollar, which was exchanged for ₦750 on Monday, still exchanges for the same amount as of Tuesday Morning in Lagos.
BDC operators in Abuja have a slight change in price from what is obtainable in Lagos, as a Dollar exchanges at ₦756.
Black market according to Investopedia.com 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.
Dollar to Naira Rate for Past 7 Days
| Date | Buy | Sell |
| February 6, 2023 | 750 | 751 |
| February 5, 2023 | 751 | 756 |
| February 4, 2023 | 758 | 753 |
| February 3, 2023 | 755 | 750 |
| February 2, 2023 | 750 | 745 |
| February 1, 2023 | 753 | 749 |
| January 31, 2023 | 754 | 748 |
The British Pound and the European Euro exchange on the black market at ₦900 and ₦760 respectively.
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The US Dollar to Nigerian Naira currency pair remains the most traded currency in the FX market followed by the GBP and Euros
Meanwhile, the Central Bank of Nigeria, CBN, official exchange rate as of today for a US dollar is ₦460, a GBP ₦555 and the Euro ₦496.
