By Kayode Sanni-Arewa
After it closed at N1,530 per $1 on Sunday, 30 June 2024, the local currency opened at N1,550 per $1 at the parallel market otherwise known as the black market, today, Monday, 1st July 2024, in Lagos Nigeria.
Black Market Exchange Rate Today’s Buying Rate is $1 N1500 and Selling Rate at $1 N1,550
How does the black market dollar-to-naira exchange rate compare to the official rate?
Naira weakened further against the dollar on Wednesday, closing at N1,507.83/$1, based on the latest data from the FMDQ, which manages the NAFEM window where currencies are officially traded.
Throughout June, the exchange rate had been stable, fluctuating between N1,470/$1 and N1,480/$1. However, yesterday marked a significant shift as it breached the N1,500 threshold.
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.