The black market exchange rate between the US dollar and the Nigerian naira continues to face volatility as the divergence between the official and parallel market rates persists.
According to the latest update, the black market rate for a 100 dollar to naira exchange today, 22 March 2024 is:
Selling rate: ₦1,485.00 per US dollar
This means that if you want to buy 100 US dollars on the black market today, you will need to pay 148,500 naira. On the other hand, exchanging 100 dollars in the parallel market currently fetches you 146,000 naira.
NB: These rates may vary slightly depending on the location and the dealer.
The rates at the black market are determined by traders based on prevailing demand and supply as well as other economic and political factors impacting the foreign exchange market.
Meanwhile, the official exchange rate set by the Central Bank of Nigeria (CBN) pegs the 100 dollars to naira exchange at ₦88,689. This official rate is what is applicable for CBN interventions and transactions.
Is there a Difference Between the Black Market and the Official Rate?
The black market rate is usually higher than the official rate due to factors such as:
- Supply and Demand: The availability of US dollars and the demand for it in the market.
- Inflation: Higher inflation rates can weaken the Naira and affect exchange rates.
- Economic Policies: Government regulations and economic policies can influence the exchange rate.
- Political Stability: Political events can have an impact on currency strength and exchange rates.
Is the Black Market Rate the Same Across Nigeria?
No, the black market rate may vary slightly depending on the location and the dealer. It’s important to note that these rates are subject to change and can fluctuate throughout the day based on market conditions.
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