If you are a business person trading in Forex or any other business that requires the exchange of U.S. Dollars, then this article is for you.
In the past few days, Naira has continued to lose value against the dollar.
For today, May 17, the Dollar to Naira exchange rate on the parallel market also known as the black market is now ₦748 to $1.
The currencies of most countries are soaring higher and getting stronger in value when compared with the Naira.
As a result, the exchange rate of the Dollar on the black market is now ₦287 above the Central Bank’s official market exchange rate which is ₦461.
Read Also: NBC Should Prioritise Journalist’s Welfare Over Sanctions – Dr Dayo
According to Bureau De Change operators in Ajao Estate, Lagos, a dollar can be bought at ₦748 and sold at ₦745, as against ₦747 it traded on Tuesday.
Exchange Rate Of Other Currencies
Other currencies that perform well on the black market are the Euro, British Pounds and the Canadian Dollar among so many other currencies.
The Euro to Naira is the second most traded currency, it trades at ₦815 when buying and ₦800 when selling in the black market. The above rate is ₦313 above the CBN official exchange rate
Next is the Pound to Naira exchange rate which is pegged at ₦950 when buying and ₦935 when selling in the black market.
The Canadian Dollar comes directly after the Pound and it exchanges at ₦630 when buying and ₦610 when selling in the black market.
About Black 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.
You May Also Like: Nigeria’s State Among Most Polluted Places On Earth – Report
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 Rate Of Naira To Other Currencies
| Black Market Exchange Rates | Buying Rate |
Selling Rate |
| Dollar to Naira | 748 | 745 |
| Pounds to Naira | 950 | 935 |
| Euro to Naira | 815 | 800 |
| Canadian Dollar to Naira | 630 | 610 |
| Rand to Naira | 52 | 43 |
| Dirham to Naira | 0 | 0 |
| Yuan to Naira | 62 | 62 |
| G.Cedi to Nair | 70 | 50 |
| CFA F. (XOF) To Naira | 0.83 | 0.81 |
| CFA F. (XAF) To Naira | 0.74 | 0.74 |
