By Kayode Sanni-Arewa
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. As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.
What is the Dollar to Naira Exchange rate at the black market?
The local currency (abokiFx) opened at ₦1,610.00 per $1 at the parallel market otherwise known as the black market, today, Monday, 12 August 2024, in Lagos Nigeria, after it closed at ₦1,600.00 per $1 on Sunday, 11 August 2024.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦1,600
Selling Rate ₦1,610
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, 12 August 2024, is ₦ 1,560 per US dollar.
1 USD = 1560.2985 NGN
1 Dollars = 1560.2985 Nigerian Naira
The USDNGN rate as of 12 Aug 2024
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 confidence level in the naira and the CBN’s policies.
NOTE: We do not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may differ from what is captured in this article.