Black Market: See How Much Naira Exchanges To Other Currencies

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.

Also Read: High Naira Charge: See How CBN Will Deal With PoS Operators

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

 

Meanwhile, the Central Bank of Nigeria, CBN, official exchange rate as of today for a US dollar is ₦460, a GBP ₦555 and the Euro ₦496.