Black Market Dollar To Naira Exchange Rate Today 31st March 2023

Black market dollar to naira exchange rate today 30 March 2023 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 ₦750 and the price can change (high or low) within hours.

How much is dollar to naira today in black market?

CityNews reports that the dollar to naira exchange rate today on the parallel market otherwise known as the black market opened for exchange at the rate of ₦750 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 N747 and sell at N750 on Friday 31 March 2023, according to sources at Bureau De Change (BDC).

Black market dollar to naira exchange rate today: Dollar to Naira Black Market Rate Today

Meanwhile, Newsone reports that the European Euro/Naira traded at ₦782 buy and ₦795 sell respectively in the parallel market. Similarly, the British Pound to Naira Exchange Rate is ₦914 buy, while you can sell a pound for ₦926 at the black market rate.

Below you can see the chart for the Nigerian Naira rate today compared to the Dollar

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.

“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” said the CBN Governor, Godwin Emefiele.

“I am sorry to say that I do not, and I do not intend to recognise any FX in the market.

“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. If you want to sell the dollar, go to your bank and sell it,” he said during a press briefing on September 17, 2021.

Factors Influencing Foreign Exchange Rates