IMPORTANT NOTE: The exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…As of today Monday, 6 March 2023 you can buy or sell 1 dollar at ₦752 and ₦755, and the price can change (high or low) within hours.
In the parallel market, Aboki refers to the Hausa people who buy and sell dollars in the streets of Lagos and other major cities in Nigeria.
How much is naira to dollar in black market today? Many of the dealers said they have struggled to trade after abokiFX.com, a website that collates parallel market rates in Lagos, stopped publishing parallel market rates in September 2021, after the Central Bank of Nigeria threatened its owner.
March 6th, 2023 dollar to naira black market exchange rate: $1 dollar to naira = ₦755
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N752 |
| Selling Rate | N755 |
The local currency opened at N755.00 per $1 at the parallel market otherwise known as the black market today Monday 6th March 2023 in Lagos Nigeria, after it closed at N756 per $1 on Sunday, March 5, 2023.
Even though the dollar to naira opened in the parallel market at N755 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 reports that in the black market, the players buy a dollar for N752 and sell for N755 on Monday 6th March 2023, after they purchased N753 and sold for N756 on Sunday, March 5, 2023.
Meanwhile, NEWS ONENIGERIA reports that the USD started this week at ₦755 in Parallel Market also known as Black Market on Monday, March 6, 2023, in Lagos Nigeria, after it opened at ₦765 last week Monday, February 27, 2023.
As of today, the exchange rate dollar to naira black market is different from the bank rate. According to Newsone research, one United States Dollar equals 460.00 Nigerian Naira.
Just recently, the Central Bank of Nigeria devalued the naira by 7.6% against the dollar. This has weakened Naira to a four-year low in the parallel market after the central bank’s efforts to coax banks to sell more dollars to customers failed to bridge the widening gap between the official and street rates. Dollar to Naira Today
| Date | Currency | Buying(NGN) | Central(NGN) | Selling(NGN) |
|---|---|---|---|---|
| 3/3/2023 | US DOLLAR | 459.96 | 460.46 | 460.96 |
| 3/3/2023 | POUNDS STERLING | 552.044 | 552.6441 | 553.2442 |
| 3/3/2023 | EURO | 488.2015 | 488.7322 | 489.2629 |
| 3/3/2023 | SWISS FRANC | 489.6317 | 490.1639 | 490.6962 |
| 3/3/2023 | YEN | 3.3781 | 3.3818 | 3.3854 |
| 3/3/2023 | CFA | 0.7245 | 0.7345 | 0.7445 |
| 3/3/2023 | WAUA | 610.9678 | 611.6319 | 612.2961 |
| 3/3/2023 | YUAN/RENMINBI | 66.5924 | 66.6653 | 66.7381 |
| 3/3/2023 | RIYAL | 122.5482 | 122.6814 | 122.8146 |
| 3/3/2023 | SOUTH AFRICAN RAND | 25.3459 | 25.3735 | 25.401 |
“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,” the CBN Governor said during a press briefing on September 17, 2021.
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.