Dollar to Naira Black Market Rate Today | Parallel Market Rate
If you are looking for the current Dollar to Naira black market rate for today then this page is your sure guide. Kindly check this page before you make that foreign currency transactions to know the curent rate for the Dollar against the Naira.
In Nigeria, the exchange rate between the US dollar and the local currency, the Naira, has been a topic of great interest and concern for both individuals and businesses. The black market, also known as the parallel market, plays a significant role in determining the exchange rate. In this blog post, we will provide an insight into the Dollar to Naira black market rate today.
The black market is an unofficial and illegal market where currencies are bought and sold outside of the official channels. In Nigeria, the black market has gained importance due to the limited availability of foreign exchange in the official market. This has created a significant gap between the official exchange rate and the black market rate.
Table of Contents
Factors Influencing the Dollar to Naira Black Market Rate
There are several factors influencing the Dollar to Naira parallel market rate, they include but not limited to:
Demand and Supply
The basic economic principle of demand and supply plays a critical role in determining the exchange rate on the black market. If the demand for the US dollar exceeds the supply, the Naira weakens against the dollar, resulting in an increase in the black market rate.
Economic Factors
The state of the Nigerian economy, including inflation, foreign investment, GDP growth rate, and government policies, can influence the Dollar to Naira exchange rate. Economic instability can lead to a depreciation of the Naira on the black market.
Political Environment
Political stability or instability can have a direct impact on the black market rate. Uncertainty or unrest in the political sphere can discourage foreign investors, affecting the demand for Naira and consequently the black market rate.
The Dollar to Naira Black Market Rate Today 24th October, 2023
Please note that the black market exchange rate is highly volatile and may vary from one region to another and even within cities.
| Currency | We Buy | We Sell |
|---|---|---|
| Dollar (USD) | N1225 | N1235 |
| Pound (GBP) | N1430 | N1450 |
| Euro (EUR) | N1230 | N1245 |
| Dollar (CAD) | N860 | N900 |
| Rand (ZAR) | N55 | N65 |
| Dirham (AED) | N275 | N290 |
| Yuan (CNY) | N120 | N125 |
| G. Cedi (GHS) | N85 | N95 |
The table above shows the current Dollar to Naira black market rate. We shall update this table when the rate changes. Kindly check back on this website for your current dollar rate in Nigeria.