IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at a certain rate and the price can change (high or low) within hours.
The local currency opened at N1,215.00 per $1 at the parallel market otherwise known as the black market today Monday, 1 January 2024, in Lagos Nigeria, after it closed at N1,215.00 per $1 on Sunday, 31 December 2023.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1,210 |
| Selling Rate | N1,215 |
Even though the dollar to naira opened in the parallel market at ₦1,215 per $1 today, Newsone 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.
Newsone Nigeria reports that in the black market, the players buy a dollar for N1,1210 and sell for N1,215 on Sunday, 31 December 2023, after they purchased N1,210 and sold for N1,215 on Saturday, 30 December 2023.
Meanwhile, Newsone Nigeria reports that the USD started this week at ₦1,233 in Parallel Market also known as Black Market on Monday, January 1, 2024, in Lagos Nigeria, after it opened at ₦1,233 last week Monday, December 25, 2023.
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 (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.