The Black Market rates, Bureau De Change (BDC) rates, and Central Bank of Nigeria (CBN) rates are all included in the current official dollar-to-naira exchange rate in Nigeria.
The Central Bank of Nigeria (CBN) has advised those interested in forex to get in touch with their particular banks before proceeding because it does not recognize the parallel market (black market).
The black market (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.
Inflation overtakes the economy as the value of the Naira declines, which typically has an effect on the populace.
The Central Bank has called for Nigerians to work toward this objective, such as expanding exports, and has stated that the country’s economy needs a substantial turnaround.
How much is dollars to naira in black market today?
The black market exchange rate between the dollars and Naira today, July 29, 2023, the rate ranges from 840 to 864.
You can exchange your dollars for naira at these rates or at the most recent rate on the parallel or black market whenever you want to change your dollar.
But a brief look at peer-to-peer exchanges, where dollars are also traded using the cryptocurrency USDT, shows that as of Saturday night, values averaged N830/$1, with rates ranging from N829-N833.9/$1.
Pounds to naira black market exchange rate
The third-most traded currency on the FX market after the US dollar and the euro is the British pound to Nigerian naira exchange rate.
Pounds to Naira black market rate exchange between ₦840 and ₦980.
It is common knowledge that inflation has a direct impact on exchange rates on the black market.
The naira will gain if the Nigerian economy can be stabilized and inflation is kept under control; however, if the naira keeps falling, it might mean that food and other needs are getting more expensive on a daily basis.
Speculators frequently affect how much the naira is worth in dollars.
They accumulate funds in anticipation of a profit, which pushes the value of the naira further lower.
The naira will appreciate against the dollar if trade conditions are favorable, despite the fact that Nigeria is currently running a trade deficit.
China, India, and the majority of Asian nations are the source of everything.
