The Nigerian local currency declined on the parallel market otherwise known as the black market as it opened for exchange at the rate of ₦754 to the US Dollar (per $1).
Bureau De Change (BDC) in Abuja, said a dollar was bought at ₦754 and sold at ₦745₦ today, as against ₦757 it traded yesterday.
According to information obtained from Bureau De Change (BDC) operators, the worth of a Dollar to the Naira in the black market in Abuja as of today, is ₦766, while Kano and Lagos exchange rate stands at ₦751 respectively.
Meanwhile, the European Euro/Naira traded at ₦795 buy and ₦775 sell respectively in the parallel market.
Similarly, the British Pound To Naira Exchange Rate is ₦940 buy, while you can sell a pound for ₦920 sell at black market rate.
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.
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 |
| March 2, 2023 | 757 | 754 |
| March 1, 2023 | 755 | 752 |
| February 28, 2023 | 762 | 750 |
| February 27, 2023 | 767 | 760 |
| February 26, 2023 | 767 | 759 |
| February 25, 2023 | 767 | 758 |
| February 24, 2023 | 768 | 758 |
