The exchange rate for the US dollar to the naira on the black market according to information obtained from Bureau De Change operators in Lagos, reveals that the currency sells at N748 while buyers buy a dollar for N750.
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.
In the last seven days, the dollar which is the most traded currency in the FX market has continued to hover around the N752 and N754 bench mark, on the black market.
Black Market Dollar To Naira Rate Over The Last 7 Days
| Date | Buy | Sell |
| January 31, 2023 | 754 | 748 |
| January 30, 2023 | 752 | 748 |
| January 29, 2023 | 750 | 748 |
| January 28, 2023 | 750 | 745 |
| January 27, 2023 | 753 | 748 |
| January 26, 2023 | 753 | 748 |
| January 25, 2023 | 752 | 748 |
On the black market a dollar currently sells at N748 and can be bought at N750, this is as against the N754 where it traded on Tuesday.
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Meanwhile the currencies of other countries has continued to gain tremendously compared to the naira whether on the CBN’s official market or at the black market.
It is however hoped that some form of miracle will be performed in the coming year to reinforce the stance and strength of the naira against other foreign currencies while also boosting the economy
