Black Market Dollar To Naira Exchange Rate Today.

​Researched By Araba, Olawale Enifenilanfe 

Very Important: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at ₦587 and the price can change (high or low) within hours.

According to report update; The players in the parallel market, famously known as the black market, bought a dollar at N582, and sold for N585 on Thursday evening, April 21, 2022, after they bought at N595 and sold for N600 on Easter Sunday evening.

The exchange rate between the naira to dollar, and dollar to naira on Thursday evening showed that the Nigerian official currency, the naira is still struggling to gain heavily against the United States dollar months after a steady rise which saw it gain over N25, since it fell to its lowest of N575, to a dollar on September 20, 2021.

Meanwhile, Newsone Nigeria reports that this is coming months after the Central Bank of Nigeria (CBN) had on July 27, 2021, suspended foreign exchange (forex) sales to BDC operators and directed all those with a genuine need for forex to revert to banks. The naira lost value at a whooping N85 to the dollar in less than two months from N490/$1 to N575/$1 on September 20, 2021.

Even though the dollar to naira opened at the parallel market (black market) at ₦585 per $1, Newsone reports that the Central Bank of Nigeria (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.