The exchange rate of the US Dollar to the Nigerian Naira on the black market has been relatively steady in the last two days.
According to information obtained from our source, the worth of a Dollar to the Naira which was bought at the rate of ₦755, in the black market, has remained on the same level as of today February 9, 2023.
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.
The Central Bank of Nigeria, CBN, official exchange rate as of today for a US dollar is ₦460, a GBP ₦557 and the Euro ₦495.
The US Dollar to Nigerian Naira currency pair remains the most traded currency in the FX market followed by the GBP and Euros.
| Euro to Naira | Exchange Rate Today |
| Buying Rate | 795 |
| Selling Rate | 779 |
| Pounds to Naira | Exchange Rate Today |
| Buying Rate | 940 |
| Selling Rate | 925 |
| CAD to Naira | Exchange Rate Today |
| Buying Rate | 560 |
| Selling Rate | 540 |
