Economy
Dollar To Naira Black Market Exchange Rate For Today Saturday 24 February 2024
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Dollar To Naira Black Market Exchange Rate For Today Saturday 24 February 2024 can be accessed below.
This online medium obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1750 and sell at N1800 as of the time of filing this report.
Exchange Rate of Dollar To Naira in Black Market Today Feb 24th 2024?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 1750
Selling Rate 1800
It is important to know that the black market, also known as the parallel market, is where foreign currencies are traded unofficially at rates that differ from the official exchange rate set by the Central Bank of Nigeria (CBN).
How much is a dollar to naira today in the black market?
The black market dollar to naira exchange rate today, 24th February 2024, is as follows:
Buying rate: ₦1,750.00 per US dollar
Selling rate: ₦1,800.00 per US dollar
This means that if you want to buy 1 US dollar in the black market today, you will need to pay 1,800.00 naira, and if you want to sell 1 US dollar, you will receive 1,750.00 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, 24th February 2024, is ₦1,492.67 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.
Factors Influencing Foreign Exchange Rates
Here are some of the causes of the dwindling dollar to naira exchange rate.
Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.
Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.
Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.
The Black Market Dollar-to-Naira Exchange Rate for 21st May 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 21st May 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦11399 and buy at ₦1386 on Thursday, 21st May, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1399
Buying Rate ₦1386
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1374
Lowest Rate ₦1372
Disclaimer:NEWSRAIN NIGERIA does not set or determine forex rates.
The official NAFEX rates are obtained from the FMDQOTC website. Parallel market rates (black market rates) are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.
The Central Bank of Nigeria (CBN) on Wednesday retained its benchmark interest rate at 26.5 percent following the conclusion of its two-day Monetary Policy Committee (MPC) meeting, a decision largely anticipated by analysts who expected policymakers to maintain the status quo.
CBN Governor Olayemi Cardoso said the committee decided to keep rates unchanged amid caution over global shocks, particularly uncertainties stemming from developments in the United States and the ongoing conflict in the Middle East.
The decision highlights the MPC’s cautious stance as policymakers seek to balance the need to rein in inflationary pressures and anchor market expectations while sustaining economic recovery.
Data from the National Bureau of Statistics (NBS) showed that Nigeria’s headline inflation rate continued its upward trend in April 2026, rising by 31 basis points to 15.69 percent year-on-year from 15.38 percent recorded in March.
The latest increase marks the second consecutive monthly rise in headline inflation, reversing the disinflationary trend that had persisted for 11 months and pushed inflation down from 34.8 percent in late 2024 to 15.06 percent in February 2026.
“While prevailing inflationary risks may justify a cautious policy posture by the MPC, the CPPE strongly urges the monetary authorities to avoid excessive reliance on monetary policy orthodoxy in managing what is fundamentally a structurally-driven inflation environment,” said Muda Yusuf, chief executive officer of the Centre for the Promotion of Private Enterprise.
Dollar To Naira Exchange Rate Today 27 January 2023(Black Market)
The Black Market Dollar-to-Naira Exchange Rate for 20th May 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 20th May 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦11400 and buy at ₦1385 on Wednesday, 20th May, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1385
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1374
Lowest Rate ₦1370
Disclaimer:NEWSRAIN NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the FMDQOTC website. Parallel market rates (black market rates) are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.
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