The Nigerian naira has been under pressure in the black market, also known as the parallel market, where foreign currencies are traded unofficially and often at higher rates than the official ones.
The black market exchange rate reflects the demand and supply of foreign currencies in the country, as well as the economic and political situation.
What is the black market exchange rate today?
The following are the rates for today, January 3, 2024:
- Dollar to naira: Buying rate is 1210 NGN per USD, and selling rate is 1193 NGN per USD.
- Pound to naira: Buying rate is 1545 NGN per GBP, and selling rate is 1510 NGN per GBP.
- Euro to naira: Buying rate is 1307 NGN per EUR, and selling rate is 1270 NGN per EUR.
NB: These rates may vary slightly depending on the location and the dealer.
