The black market (parallel) exchange rate is always different from the CBN rate. The rate of exchange between the US dollar and the Nigerian naira has a big effect on the Nigerian economy.
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.
The black market rate for dollars is frequently higher than that of the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website, cbn.gov.ng.
The dollar-to-naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those available on the black/parallel market.
Get black market exchange rates below for 5th February, 2023
Dollars to Naira Black Market
Here is Today’s Dollar to Naira black market rate : this is the rate
Aboki/Bureau De Change (BDC) are selling and buying The United States dollar currently in Abuja, Kano, Lagos. There might be slight variation at different parallel (unofficial) market.
Dollars to Naira (USD to NGN) Exchange Rate Today
Buying Rate 753
Selling Rate 757
Euro to Naira Black Market
Here is Today’s Euro to Naira black market rate : this is the rate
Aboki/Bureau De Change (BDC) are selling and buying The European currency (Euro) currently in Abuja, Kano, Lagos. There might be slight variation at different parallel (unofficial) market.
Euro to Naira (EUR to NGN) Exchange Rate Today
Buying Rate 800
Selling Rate 810
Pounds to Naira Black Market
Here is Today’s Pounds to Naira black market rate : this is the rate
Aboki/Bureau De Change (BDC) are selling and buying The Great British Pounds currency (Pounds) currently in Abuja, Kano, Lagos. There might be slight variation at different parallel (unofficial) market.
Pounds to Naira (GBP to NGN) Exchange Rate Today
Buying Rate 940
Selling Rate 930
CAD to Naira Black Market
Here is Today’s CAD to Naira black market rate : this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Canadian Dollar currency (Euro) currently in Abuja, Kano, Lagos. There might be slight variation at different parallel (unofficial) market.
CAD to Naira (CAD to NGN) Exchange Rate Today
Buying Rate 560
Selling Rate 540
Factors that could Influence Foreign Exchange Rates in Nigeria
Conditions of Trade
Speculators
Government Debt
Interest Rates
Inflation Rates
Bureau De Change operators have cited a lack of FX and a surge in demand for the recent uncontrolled uptrend recorded in the market. In the same vein, some bank users who have FX in their domiciliary account told Nairametrics that they have not been able to withdraw their funds from the bank due to tightened liquidity.
Disclaimer: BizPoint does 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 at which you buy or sell forex may be different from what is captured in this article.
