The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows:
Please be aware that the Central Bank of Nigeria (CBN) does not recognize the secondary market (black market) and has advised anybody interested in forex to first contact their local banks.
The black maarket (parallel) exchange rate is always different from the CBN rate. The Nigerian economy is greatly impacted by the exchange rate between the US dollar and the Nigerian naira.
How much is the exchange rate of Dollar to Naira in Black Market today?
In Lagos, Nigeria, on Friday, July 29, 2022, the local currency, often known as the black market, started at ₦705.00 per $1 after closing previous day at ₦710.00 per $1 on Thursday, July 28th, 2022.
The Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also known as the black market. As a result, the central bank advised anyone in need of foreign currency to contact their bank, reiterating that the I&E window is the only known exchange.
Dollar prices on the black market are usually higher than those set by the Central Bank of Nigeria (CBN). The rate at which you can buy or sell dollars for naira on the CBN’s website, cbn.gov.ng is known as the exchange rate.
Stechitegist reports, on Friday morning, July 29th, 2022, the participants purchase a dollar for ₦610 on the black market and sell it for ₦705
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