What is Black Market Exchange Rate?
Black market exchange rate – also called parallel market – is an exchange rate for any currency that usually differs from the official exchange rate set by the Government of the country in question.
Dollar to naira exchange rate today black market
You can also check black market exchange rate Canadian dollar to naira using our currency converter.
Black Market Exchange Rate
Currency exchange rates in NGN on October 20, 2020
Naira recovers at the black market
As the Naira continues to appreciate against the dollar closing at N440/$1 on Tuesday, the dollar continues to experience a dump by speculators at the black market.
As the Federal government of Nigeria through the CBN, introduces some measures targeted at improving the supply of dollars in the foreign exchange market, the Naira has strengthened especially in the black market.
The federal government pushed against giving out dollars to importers of food and fertilizers.
You can read as the central bank plan towards exchange rate unification here.
The Naira appreciated against the dollar to close at N440/$1 on Tuesday at the black market. This translates to a N25 gain when compared to the N465/$1 exchange rate on Monday, August 31.