Dollar To Naira Black Market Exchange Rate For Today Saturday 24 February 2024 can be accessed below.
This news online platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.
GoldenNewsNg understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1750 and sell at N1800 as of the time of filing this report.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 1750 |
| Selling Rate | 1800 |
It is important to know that the black market, also known as the parallel market, is where foreign currencies are traded unofficially at rates that differ from the official exchange rate set by the Central Bank of Nigeria (CBN).
How much is a dollar to naira today in the black market?
The black market dollar to naira exchange rate today, 24th February 2024, is as follows:
- Buying rate: ₦1,750.00 per US dollar
- Selling rate: ₦1,800.00 per US dollar
This means that if you want to buy 1 US dollar in the black market today, you will need to pay 1,800.00 naira, and if you want to sell 1 US dollar, you will receive 1,750.00 naira.
NB: These rates may vary slightly depending on the location and the dealer.
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, 24th February 2024, is ₦1,492.67 per US dollar.
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.
Factors Influencing Foreign Exchange Rates
Here are some of the causes of the dwindling dollar to naira exchange rate.
Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.
Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.
Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.
