In this article, we\’d be seeing the exchange rate of the Naira to Dollar, including; the CBN official rate and the Black Market rate. According to data available online, the majority of Nigerians prefer exchanging their dollars from the black markets. Asides from the fact that they tend to get rates that are higher than the Central Bank of Nigeria (CBN) official rates, another factor that has also contributed to this is the scarcity of dollars being experienced in the different banks.
Whether you\’re looking for some dollars to make payments online, pay school fees, or even personal/business travel allowance, you can always get them from the parallel markets, irrespective of the amount.
Before we continue, I want you to understand that the CBN doesn\’t recognize the parallel market and has advised individuals interested in Forex to contact their respective banks before proceeding.
The parallel market (popularly called the black market in Nigeria) is defined as an unofficial market in goods or currencies, especially in a country with a controlled economy.
In this article, we\’d be stating the black market rates based on the information available on different websites, as made available by bureau de change operators.
In some cases, depending on different factors, including the number of dollars you\’re buying or selling, you could trade at prices slightly different from what\’s stated here.
Black Market rate[table “6” not found /]
Official CBN rate[table “7” not found /]
What\’s the Dollar to Naira exchange rate today in your area?