The exchange rate of the US Dollar, British Pound, the Euro and other currencies to the Nigerian Naira on the black market has continued to soar leaving the Naira’s value very weak as of this morning, February 8, 2023.
According to information obtained from our source, the worth of a Dollar to the Naira is ₦755 when buying and ₦751 when selling.
GBP, as of today is worth ₦940 when buying on the black market and ₦930 when selling.
Similarly, when buying the Euro it costs ₦815 and when selling it costs ₦800
Black market according to Investopedia.com is an economic activity that takes place outside government-sanctioned channels.
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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.
Black Market Exchange Rates |
Buying Rate |
Selling Rate |
Dollar to Naira | 755 | 751 |
Pounds to Naira | 940 | 930 |
Euro to Naira | 815 | 800 |
Canadian Dollar to Naira | 560 | 540 |
Rand to Naira | 38 | 31 |
Dirham to Naira | 0 | 0 |
Yuan to Naira | 62 | 62 |
G.Cedi to Naira | 85 | 75 |
CFA F. (XOF) To Naira | 0.83 | 0.81 |
CFA F. (XAF) To Naira | 0.74 | 0.74 |
The US Dollar to Nigerian Naira currency pair remains the most traded currency in the FX market followed by the GBP and Euros