The Nigerian local currency on the parallel market, otherwise known as the black market opened for exchange at the rate of ₦750 to the US Dollar (per $1).
If you live in Nigeria’s capital city, Abuja and want to change some dollars, Bureau De Change will offer you ₦744 to a dollar.
According to a Bureau De Change (BDC) operator in Abuja, if you want to buy dollars, you will pay ₦750 per dollar.
This is a slight upward slope from the ₦747 it traded on Tuesday.
Meanwhile, the British Pound To Naira Exchange Rate is ₦925, buy, while you can sell a pound for ₦915 at the black market rate.
Similarly, the European Euro/Naira traded at ₦800, buy and ₦787, 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.
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 In The Last 7 Days
| Date | Buy | Sell |
| March 20, 2023 | 747 | 740 |
| March 19, 2023 | 753 | 745 |
| March 18, 2023 | 750 | 745 |
| March 17, 2023 | 750 | 745 |
| March 16, 2023 | 753 | 747 |
| March 15, 2023 | 750 | 742 |
| March 14, 2023 | 750 | 740 |
