It means that…you can buy or sell 1 dollar at a certain rate and the price can change (high or low) within hours.
How much is the Black market dollar to naira exchange rate today?
The local currency opened at N1,480.00 per $1 at the parallel market otherwise known as the black market today Monday, 25 March 2024, in Lagos Nigeria, after it closed at N1,460.00 per $1 on Sunday, 24 March 2024.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate of $1 | ₦1,460 |
| Selling Rate of $1 | ₦1,480 |
Even though the dollar to naira opened in the parallel market at ₦1,480 per $1 today, Torizone reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market.
The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
Torizone reports that in the black market, the players buy a dollar for N1,460 and sell for N1,480 on Monday, 25 March 2024, after they purchased N1,460 and sold for N1,480 on Sunday, 24 March 2024.
Meanwhile, Torizone reports that the USD started this week at ₦1,480 in Parallel Market also known as Black Market on Monday, March 25, 2024, in Lagos Nigeria, after it opened at ₦1,520 last week on March 18, 2024.
