CityNews reports that the black market is a transaction platform, whether physical or virtual, where the dollar to naira is exchanged illegally as against banks and Central bank of Nigeria (CBN) official rates. What makes the market “black” can either be the illegal nature of the high exchange rates, the illegal nature of the transaction, or both and its effect on the Nigerian economy. Dollar to naira black market exchange can also be known as “The parallel Market’.
This online news platform understands that Dollar to Naira parallel market exchange rate today, Wednesday 14 December 2022 is between ₦740 and ₦745 with an average of ₦750.00 in Nigeria, according to black market movers who spoke to NewsOnline Nigeria. in Lagos and Abuja.
In the last 7 days, between 07/12/2022 and 14/12/2022, we see that Dollar to Naira black market rate had values between ₦730 and ₦770 with an average ₦740.79. When we compare last week’s numbers with today’s (13/12/2022) rate, the average of Dollar to Naira rate saw a 10.79 points decrease from ₦750.79 to ₦745.00 which equals to a 1.46% fall.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 745 |
| Selling Rate | 750 |
The local currency opened at N745.00 per $1 at the parallel market otherwise known as the black market today Wednesday, December 14, 2022.
Even though the dollar to naira opened in the parallel market at ₦745 per $1 today, CityNews Nigeria 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.
CityNews reports that on the black market, the players buy a dollar for N745 and sell for N750 on Wednesday morning, 14 December 2022, after they bought N750 and sold for N745 on Tuesday, December 13, 2022.
Meanwhile, CityNews Nigeria reports that the USD started this week at ₦750 in Parallel Market also known as Black Market on Monday, 12 December 2022, in Lagos Nigeria, after it opened at ₦730 last week Monday, December 05, 2022.
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