Do you know that being equipped with knowledge of how the black market works can help you cash out massively?
You see, even though President Bola Tinubu has unified the multiple exchange platforms, the black market still manages to function.
Immediately after the president’s announcement that the multiple exchange platforms have been unified, businessmen and travelers, who needed to convert dollar to Naira, stopped patronising the black market.
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Despite this, operators of the black market still found a way to stay in business.
Below is the black market dollar to Naira exchange rate for August 9, 2023.
Currency dealers explained that a dollar can be bought at ₦902 and sold at ₦890 on the black market.
Today’s exchange rate of ₦902, has been observed to be slightly higher than ₦897, traded Tuesday.
Meanwhile, the second most traded currency known as euro to Naira, traded at ₦972 buy and ₦955 sell respectively in the black market.
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Also, the pound to Naira exchange rate is ₦1,171 buy, while you can sell a pound for ₦1,157 at the black market rate.
The exchange rate of the Naira to other currencies might vary slightly at different parallel (unofficial) market.
It is very important to note that the Naira exchange rate on the black market is about ₦140 higher than that of the official market.