As of today, May 23, 2024, the black market Dollar to Naira exchange rate is as follows:
According to information gathered from black market FX operators, traders buy FX from customers at an average of N1480/$1 and sell for N1500/$1. However, they noted that the rate could vary depending on the transaction, whether it’s cash or transfer form, with physical cash transactions likely fetching a higher rate.
The Nigeria parallel market (black market) exchange rate for the Nigerian Naira is detailed below for the Lagos market:
Lagos Parallel Market Rates Today:
- Buying Rate: N1480
- Selling Rate: N1500
The local currency opened at N1500 per $1 at the parallel market in Lagos, Nigeria. Despite this, it’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The CBN has directed anyone who requires forex to approach their bank, stating that the I&E window is the only recognized exchange platform.
In summary, today’s black market Dollar to Naira exchange rate in Lagos is N1480 for buying and N1500 for selling.