Black Market Exchange Rate: Dollar to Naira – Today

The foreign exchange market is an ever-evolving platform where currencies fluctuate, reflecting the dynamics of the global economy.

In Nigeria, the black market exchange rate for the US dollar to Naira is particularly significant for various financial transactions. Here’s an insightful look into today’s rates.

The black market, often referred to as the parallel market, is a segment of the foreign exchange market where currency trading occurs outside of official channels. The rates here can differ substantially from the official rates provided by the Central Bank of Nigeria (CBN).

How much is a dollar to naira today in the black market?

As of 1 April 2024, the black market exchange rate for the US dollar to Naira is as follows:

This means that if you want to buy 1 US dollar in the black market today, you will need to pay 1,290.00 naira, and if you want to sell 1 US dollar, you will receive 1,250.00 naira.

NB: These rates may vary slightly depending on the location and the dealer.

How does the black market dollar-to-naira exchange rate compare to the official rate?

The official exchange rate of the US dollar to the Nigerian naira, as of today, 1st April 2024, is ₦1,592.67 per US dollar.

This is the rate that the CBN uses for its transactions and interventions in the foreign exchange market. The official rate is also the basis for the exchange rates of other foreign currencies, such as the euro, the pound sterling, and the Chinese yuan.

The difference between the black market rate and the official rate is called the parallel market premium. The parallel market premium indicates the degree of divergence between the official and unofficial markets, and reflects the level of confidence in the naira and the CBN’s policies.