What is Dollar to Naira black market exchange rate today?

According to Fox Nigeria, Dollar to Naira black market exchange rate today is ₦735. The News platform stated that ₦735 is the rate Aboki/Bureau De Change (BDC) operators in Abuja, Kano, and Lagos are buying United States dollars (USD) at the parallel (unofficial) market.

Fox Nigeria also reported ₦740 as the rate of which Aboki/Bureau De Change (BDC) operators in Abuja, Kano, and Lagos for selling United States dollars (USD) at the parallel (unofficial) market as of 7th May 2023.

We learnt that Dollar to Naira black market rate above was derived automatically from Aboki Naira through API as stated by the online newspaper.

Please note that the Central Bank of Nigeria (CBN) doesn’t have approve the parallel market popularly known as black market as it tells individuals who want to engage in Forex or currency exchange to head to their respective banks.

The rates you buy or sell forex may be different from what is captured in this article because prices vary by Black Market operators and location as there is no law mandating a fix rate. It always varies with 1 naira to 50 naira difference.

Another factor affecting the price of exchange rates in parallel market (Black Market) is time. Exchange rate changes hourly depending on the volume of dollars available and the Demands. For instance, you can buy or sell 1 dollar at ₦800 and the price can change (high or low) within hours.

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