Are you aware few minutes ago dollar rate increased? However, I will be showing you the Black-Market Dollar To Naira Exchange Rate Today from 25 of Oct to 27, 2023. However, you can swap your naira at this rate.

Black Market Dollar To Naira Exchange Rate Today
Black Market Dollar To Naira Exchange Rate Today

On Wednesday, October 25, 2023, at the Lagos Parallel Market (Black Market), participants purchase a dollar for N1290 and sell it for N1300, based on information from the Bureau De Change (BDC).

Please be aware that the Central Bank of Nigeria (CBN) has instructed anyone who wish to trade foreign exchange to contact their individual banks and does not recognize the parallel market, sometimes known as the black market.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1290
Selling Rate N1300

 

CBN Rate Today ON Dollar to Naira

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 802
Selling Rate 803

 

What Are The Factors Affecting The Black Market Exchange Rates In Nigeria?

The black market exchange rates in Nigeria have been a persistent concern due to the fluctuating value of the Nigerian Naira against foreign currencies. These unofficial exchange rates are shaped by factors like the demand and supply of foreign currencies, with Nigeria’s import-heavy nature contributing to increased demand, which drives up black market rates. Conversely, a surplus of foreign currencies can lower these rates.

Additionally, the state of Nigeria’s economy, closely tied to global oil prices, plays a crucial role. High oil prices lead to an influx of foreign currencies and reduced black market rates, while low oil prices result in a shortage of foreign currencies and higher black market rates.

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