The dollar to naira exchange rate today on the parallel market otherwise known as the black market opened for exchange at the rate of ₦746 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 N740 and sell at N746 on Thursday 23 March 2023, according to sources at Bureau De Change (BDC).
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N740 |
| Selling Rate | N746 |
Meanwhile, Newsone reports that the European Euro/Naira traded at ₦780 buy and ₦790 sell respectively in the parallel market. Similarly, the British Pound to Naira Exchange Rate is ₦912 buy, while you can sell a pound for ₦925 at the black market rate.
Below you can see the chart for the Nigerian Naira rate today compared to the Dollar.
| 1 USD = 460.4502 NGN |
| 1 Dollars = 460.4502 Nigerian Naira |
| The USDNGN rate as of 23 Mar 2023 |
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.
Here are some of the causes of the dwindling dollar to naira exchange rate.
Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.
Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.
Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.
Disclaimer: Newsone Nigeria 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.