Dollar to Naira Black Market rate – This is the latest USD to Naira exchange rate today. See Official dollar to Naira exchange rate and the black market exchange rate for dollar to Naira. You can exchange your dollar to Naira using the CBN rates or the parallel market rates available on the black market.
The NAFEX is the official exchange rate platform.
The black market is the most popular medium used by Nigerians to trade their US Dollars to Naira this is because the exchange rate used in the bank is lower compared to the one available in the black market.
Aboki FX is a web platform that reports movements in the foreign exchange market since as early as 2014. The platform reports the dollar to Naira exchange rate.
Aboki FX provides daily updates and information on the parallel market (black market) foreign exchange rate for the Naira.
Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 570 |
| Selling Rate | 575 |
How much is dollar to naira today in black market? I want to sell Dollar and I want to buy Dollar: I want to change Naira to Dollar how much is it? What is the current dollar to Naira exchange rate in the parallel market?
It is important to note that the Dollar to Naira rate in the parallel or black market defers from the official exchange rate obtainable from the Central Bank of Nigeria website.
How Much is Dollar to Naira Official Exchange Rate Today
The exchange rate between the Naira and the US dollar is traded officially at the Investors and Exporters (I&E) window of NAFEX.
The NAFEX which is a short form for the Nigerian Autonomous Foreign Exchange Rate Fixing was established by the Central Bank of Nigeria in 2017 in response to the currency crisis at the time.
The black market or Parallel market exchange rate is different from the CBN rate.
Dollar to Naira Trading at the official NAFEX window
| Rate ($/₦) | Change (%) | |
|---|---|---|
| Opening rate as at Thursday, December 30, 2021 | 413.79 | -0.06 |
| Closing rate as at Thursday, December 30, 2021 | 435.00 | 4.82 |
The dollar shortage in Nigeria is pushing more and more individuals and businesses to the parallel market, further widening the gap between official and unofficial exchange rates.
The trouble with Naira is has been a long time issue but depreciation in the value of Naira against Dollar in the past few months has been noteworthy. On July 27, the CBN declared that it would no longer sell forex to bureau de change operators whom the bank accused of enabling corruption in the economy by exceeding the stipulated $5,000 limit per transaction.
Thank you for reading the Dollar to Naira Black Market Exchange Rate Today, check again tomorrow for the official exchange rate and the black market / parallel market exchange rate.
This article was originally published on Naija News