For anybody that wants to buy Dollar today, it is a wise thing to know what the rates are saying, especially here in Nigeria.
As of today, the Nigerian local currency on the parallel market, otherwise known as the black market, opened for exchange at the rate of ₦755 to the US Dollar (per $1).
However, if you want to buy some dollars from Bureau De Change (BDC) operators, they will offer you ₦770 to a dollar.
Also Read: Black Market: Naira To Dollar Exchanges At ₦745
At the same time, the British Pound to Naira exchange rate is ₦955, buy, while you can sell a pound for ₦940 at the black market rate.
Similarly, the European Euro/Naira traded at ₦820, buy and ₦807, sell, respectively in the parallel market.
What Is 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 Can Also Read: Black Market: Dollar Now ₦286 Above CBN Rate, Pound Hit ₦930
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.
Naira Rate To Other Currencies
Black Market Exchange Rates |
Buying Rate |
Selling Rate |
| Dollar to Naira | 755 | 750 |
| Pounds to Naira | 955 | 940 |
| Euro to Naira | 820 | 807 |
| 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 |
