See the black market Dollar to Naira exchange rate for 10th June, below. You can swap your dollar for Naira at these rates.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1480 and sell at N1485 on Monday 10th June 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1480 |
| Selling Rate | N1485 |
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1447 |
| Selling Rate | N1448 |
The Central Bank of Nigeria (CBN) has disclosed that the value of Naira notes, the country’s currency currently in circulation, reached a record high of ₦3.97 trillion at the end of May, marking a 1.07% increase compared to the previous month.
This consistent rise in currency in circulation has been observed over the past few months, with the figures increasing to ₦3.92tn in April from ₦3.86tn in March, according to data released by the Central Bank of Nigeria.
Despite the tightening of the CBN’s monetary policy, which includes a benchmark interest rate of 26.65%, the currency in circulation has continued to grow month-on-month.
Naija News reports that currency in circulation refers to Naira notes and coins that have been produced and issued for use in the economy.
The apex bank reported that in March this year, the currency in circulation at ₦3.87tn represented a 4.76% increase from ₦3.69tn in February 2024.
Additionally, the amount of currency held outside of banks also increased during the first quarter, rising from ₦3.28tn in January to ₦3.41tn and ₦3.63tn in February and March, respectively.
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