The Message International 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 a certain rate now, however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.
What is the dollar to naira black market today?
The local currency (aboki BDC) opened at ₦1,445.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 8 May 2024, in Lagos Nigeria, after it closed at ₦1,435.00 per $1 on Tuesday, 7 May 2024.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦1,430 |
| Selling Rate | ₦1,445 |
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, 8 May 2024, is ₦ 1,382 per US dollar.
| Date | Currency | Buying(NGN) | Central(NGN) | Selling(NGN) |
|---|---|---|---|---|
| 5/6/2024 | US DOLLAR | 1381.66 | 1382.16 | 1382.66 |
| 5/6/2024 | POUNDS STERLING | 1738.9573 | 1739.5866 | 1740.2159 |
| 5/6/2024 | EURO | 1490.3966 | 1490.936 | 1491.4753 |
| 5/6/2024 | SWISS FRANC | 1526.8648 | 1527.4174 | 1527.9699 |
| 5/6/2024 | YEN | 8.9882 | 8.9914 | 8.9947 |
| 5/6/2024 | CFA | 2.3412 | 2.3512 | 2.3612 |
| 5/6/2024 | WAUA | 1904.1783 | 1904.8674 | 1905.5565 |
| 5/6/2024 | RIYAL | 368.3739 | 368.5072 | 368.6405 |
| 5/6/2024 | DANISH KRONA | 199.7918 | 199.8641 | 199.9364 |
| 5/6/2024 | SDR | 1826.2782 | 1826.9391 | 1827.6 |
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 level of confidence in the naira and the CBN’s policies.
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