Naira
Newsonline Nigeria has obtained 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 ₦1,200 and sell it at ₦1,195 however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.
The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market) and Abuja (FCT Black Market Rates).
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 1,195 |
| Selling Rate | 1,200 |
The local currency opened at N1,200 per $1 at the parallel market otherwise known as the black market today Saturday, 16 December 2023, in Lagos Nigeria, after it closed at N1195 per $1 on Friday, 15 December 2023.
Even though the dollar to naira opened in the parallel market at ₦1200 per $1 today, Newsonline Nigeria 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.
NewsOnline Nigeria reports that in the black market, the players buy a dollar for N1195 and sell for N1,200 on Saturday, 16 December 2023.
Naira regained ground to appreciate massively against the dollar on Thursday, 7th December 2023 at the official market after it plunged to a new low the previous day.
The domestic currency appreciated 12.83% to close at N843.07 to a dollar at the close of business, data from the NAFEM where forex is officially traded, showed.
This represents an N108.15 gain or a 12.83% increase in the local currency compared to the N951.22 it closed on Wednesday.
The intraday high recorded was N1176/$1, while the intraday low was N700/$1, representing a wide spread of N476/$1.
According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $137.35 million, representing a 1.31% increase compared to the previous day.
Meanwhile, NewsOnline Nigeria reports that the USD started this week at ₦1,150 in Parallel Market also known as Black Market on Monday, 11 December 2023, in Lagos Nigeria, after it opened at ₦1200 last week Monday, 4 December 2023.
Disclaimer: NEWSONLINE NIGERIA 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 you buy or sell forex may be different from what is captured in this article.
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