The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at N460.3068 per dollar on Thursday, 9 March 2023, after it closed at N460.4028 per $1 on Wednesday, 8 March 2023.
Exchange Rate of Dollar To Naira in Black Market Today?
The Nigeria black market dollar exchange rate today to the Nigerian Naira is as follows:
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦745 |
| Selling Rate | ₦750 |
LAGOS PARALLEL MARKET RATES March 9, 2023 (BLACK MARKET)
Dollar to Naira exchange rate today
The local currency opened at N750.00 per $1 at the parallel market otherwise known as the black market, today, Thursday, 9 March 2023, in Lagos Nigeria, after it closed at N753.00 per $1 on Wednesday, 8 March 2023. This represents a change of N3 from the previous day.
Truetells Nigeria reports that the black market, the players buy a dollar for N745 and sell for N750 on Thursday, 9 March 2023.
Even though the dollar opened in the parallel market for ₦750 per $1, the 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.
“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” said the CBN Governor, Godwin Emefiele.
“I am sorry to say that I do not, and I do not intend to recognise any FX in the market.
“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. If you want to sell the dollar, go to your bank and sell it,” he said during a press briefing on September 17, 2021.
Meanwhile, Truetells NIGERIA reports that the USD started this week at ₦755 in Parallel Market also known as Black Market on Monday, March 6, 2023, in Lagos Nigeria, after it opened at ₦765 last week Monday, February 27, 2023.
Disclaimer: Truetells Nigeria does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel 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.