Dollar to Naira Black Market Exchange Rate Today

Last updated on January 31st, 2024 at 10:25 am

The black market, also known as the parallel market is an unofficial market where foreign currencies are traded at rates that deviate from the official exchange rate set by the Central Bank of Nigeria (CBN).

The black market is commonly utilized by individuals and businesses unable to access the official market due to scarcity of the foreign currency, restrictions, or regulations or policies surrounding FX market.

The exchange rate of the US dollar to the Nigerian naira in the black market fluctuates daily based on the supply and demand of the currencies, as well as other factors such as inflation, political instability, and economic policies.

Typically, the black market rate is higher than the official rate, indicating that the naira is weaker in the black market.

How much is Dollar to Naira at Black Market Exchange Rate Today?

The black market dollar to naira exchange rate today, 30th January 2024, is as follows:

• Buying rate: ₦1,485.00 per US Dollar
• Selling rate: ₦1,490.00 per US Dollar

This implies that if you want to buy 100 USD in black market as at today, you will need to pay ₦148,500.00, and likewise, if you want to sell 100 USD, you will receive ₦149,000.00.

Note: The rates above may vary slightly depending on the location and the BDC you’re transancting with.

Black Market Dollar to Naira Exchange Rate Compare to The Official Rate?

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The official exchange rate of the US dollar to the Nigerian naira, as of today, 30th January 2024, is ₦1,482.57 per US dollar.

According to data published by FMDQ, naira closed Tuesday at N1,482.57 per $1 at the official market. The rate represents 10 per cent depreciation from N1,348/$1 the domestic currency traded in the previous session on Monday.

This rate is utilized by the CBN for its transactions and interventions in the foreign exchange market. Additionally, the official rate serves as the benchmark for the exchange rates of other foreign currencies, such as the euro, the pound sterling, and the Chinese yuan.

The disparity between the black market rate and the official rate is termed the parallel market premium. This premium signifies the extent of difference between the official and unofficial markets and reflects the level of confidence in the naira and the CBN’s policies.

Related: Naira Hits All-Time Low As 1Dollar Nears ₦1,500 – scarcity hits black market