Black Market Dollar to Naira Exchange Rate Today 5th March 2024

How much is 1 dollar to naira today in the black market rate?

The black market dollar to naira exchange rate today, 5th March 2024, is:

Buying rate: 1,550 naira per US dollar
Selling rate: 1,576 naira per US dollar

The black market exchange rate, also known as the parallel market exchange rate, is where foreign currencies are traded unofficially at rates that differ from the official exchange rate set by the Central Bank of Nigeria (CBN).

The black market exchange rate is often used by individuals and businesses who cannot access the official market due to scarcity, restrictions, or regulations.

The black market exchange rate of the US dollar to naira move up and down daily depending on the supply and demand of the currencies, as well as other factors such as inflation, political instability, and economic policies.

The black market exchange rate is usually higher than the official rate, meaning that the naira is lower in the black market.

How much is a dollar to naira today in the black market?

The black market dollar to naira exchange rate today, 5th March 2024, is as follows:

Buying rate: 1,550 naira per US dollar
Selling rate: 1,576 naira per US dollar

This means that if you want to buy 1 US dollar in the black market today, you will need to pay 1,550 naira, and if you want to sell 1 US dollar, you will receive 1,576 naira.

Take note

The rate of dollar vary depend on the vendor you are getting your dollar from or selling your dollar to. And also dollar operate with denomination, the rate of $100 and the exchange rate of $1 are not the same.