Business and economy
Black Market Dollar To Naira Exchange Rate Today 16 May 2022
Black market dollar to naira exchange rate today 16 May 2022 can be accessed below.
IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at ₦597 and the price can change (high or low) within hours.
How much is the exchange rate of Dollar to Naira in Black Market today?
The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).
LAGOS PARALLEL MARKET RATES May 16, 2022 (BLACK MARKET): dollar to naira exchange rate today black market
May 16 dollar to naira black market exchange rate: $1 dollar to naira = ₦597
Lagos parallel market (black market dollar exchange rate today)
The local currency opened at N597.00 per $1 at the parallel market otherwise known as the black market, today, Monday, 16 May 2022, in Lagos Nigeria, after it closed at N595.00 per $1 on Sunday, 15 May 2022.
Even though the dollar to naira opened in the parallel market at ₦597 per $1 today, Newsonline 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.
Newsonline Nigeria reports that on the black market, the players buy a dollar for N591 and sell for N597 on Monday morning, May 16, 2022, after they bought N585 and sold for N590 on Sunday, 15 May 2022.
Meanwhile, Newsonline Nigeria reports that the USD started this week at ₦590 in Parallel Market also known as Black Market on Monday, May 9, 2022, in Lagos Nigeria, after it opened at #587 last week Monday, May 2, 2022.
Disclaimer: CITYNEWS NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black 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.
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