The dollar to naira exchange rate on the parallel market otherwise known as the black market opened for exchange at the rate of ₦749 to the US Dollar (per $1).
The dollar to naira exchange rate on the parallel market otherwise known as the black market opened for exchange at the rate of ₦749 to the US Dollar (per $1).
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N749 and sell at N755 on Sunday 26 March 2023, according to sources at Bureau De Change (BDC).
Meanwhile, TrackNews reports that the European Euro/Naira traded at ₦785 buy and ₦800 sell respectively in the parallel market. Similarly, the British Pound to Naira Exchange Rate is ₦915 buy, while you can sell a pound for ₦930 at the black market rate.
WHAT IS BLACK MARKET EXCHANGE RATE IN NIGERIA?
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.
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
A black market exchange rate refers to the exchange rate of a currency that is determined through unofficial means, rather than through the official channels of a country’s central bank or government.
The black market exchange rate is typically used when there are restrictions on currency exchange, such as in countries with capital controls or in situations of political instability. In these cases, individuals and businesses may turn to the black market to exchange currency at a rate that is more favorable than the official exchange rate.
The black market exchange rate can be significantly higher or lower than the official rate, depending on the supply and demand of the currency in question.
On March 24th, 2023, the Nigerian naira appreciated against the US dollar in both the black market and the cryptocurrency P2P exchange market. According to report gathered by TrackNews the black market exchange rate for the naira to the dollar was N749/$1, representing a 0.13% improvement from the previous day’s rate of N750/$1. The P2P exchange market also saw an appreciation of 0.13%, with the naira trading at an average of N743.99/$1 on March 23rd, compared to N744.95/$1 on March 22nd.
At the official and Exporters window, the naira appreciated by 0.11% against the US dollar, closing at N461.5/$1 on March 22nd, up from N462/$1 on March 21st. A total of $431.77 million was transacted at the official exchange on March 22nd, a significant increase of 588.96% from the previous day’s total of $62.67 million. As of March 21st, the nation’s external reserves were at $35.84 billion, down slightly from $35.87 billion on March 20th.
At the official NAFEX window, the exchange rate closed at N461.5/$1 on March 22nd, with an opening indicative rate of N461.56/$1. The highest rate recorded during intra-day trading was N544.5/$1, settling at N461.5/$1, while the lowest rate was N460/$1 during intra-day trading. A total of $431.77 million in FX value was traded at the I&E window on March 22nd, which is 5888.96% higher than the previous session’s total.
Disclaimer: TrackNews does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.
