The Nigerian local currency on the parallel market otherwise known as the black market opened for exchange at the rate of ₦753 to the US Dollar (per $1).
A Bureau De Change (BDC) operator in Abuja, said a dollar can be bought at ₦753 and sold at ₦745 today, on the black market. The local currency was traded at ₦750 on Thursday.
Meanwhile, the British Pound To Naira Exchange Rate is ₦930 buy, while you can sell a pound for ₦918 at the black market rate.
Similarly, the European Euro/Naira traded at ₦786 buy and ₦775 sell respectively in the parallel market.
The 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.
Have You Read: See How Destiny Jojo Lost Her Life To BBL Surgery
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 16, 2023 | 750 | 745 |
| March 15, 2023 | 753 | 747 |
| March 14, 2023 | 750 | 742 |
| March 13, 2023 | 750 | 740 |
| March 12, 2023 | 753 | 747 |
| March 11, 2023 | 752 | 745 |
| March 10, 2023 | 753 | 747 |
