Economy And Business

BREAKING: Naira Massively Gains At Black Market, See New Exchange Rate

Naira has massively gained at the black market, see new exchange rate.

Newsonline reports that Nigeria’s official currency, Naira, gained at the parallel market also known as the black market on Wednesday, March 2, trading at ₦577 per a dollar.

Newsonline Nigeria understands that the massive gain is coming after the Naira closed at ₦580 per a dollar on Tuesday, March 1, 2022.

IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at ₦577 and the price can change (high or low) within hours.

A survey conducted by Newsonline Nigeria at the Bureau De Change (BDC) market in Ogba area of Lagos, Nigeria’s commercial city, on Wednesday Morning, March 2, 2022, shows that the naira to usd exchanged at N577/$1, gaining from the N580 position of 1 dollars to naira it opened March 2022 with, months after usd to naira exchanged for N530/$1.

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How much is exchange rate of Dollar to Naira in Black Market today?

The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).

Lagos parallel market (black market dollar exchange rate today)

The local currency opened at N577.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 2 March 2022, in Lagos Nigeria after it closed N580.00 per $1 on Monday, 1 March 2022.

Even though the dollar to naira opened in the parallel market at ₦577 per $1 today, Newsonline reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.