For anybody that wants to buy Dollar today, it is a wise thing to know what the rates are saying, especially here in Nigeria.

naira to dollar

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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.

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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.

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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

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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.

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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

 

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