As of September 7th, 2023, the black market exchange rate for the United States Dollar (USD) to the Nigerian Naira (NGN) in Lagos, Nigeria, is as follows:
- Buying Rate: ₦850 per $1
- Selling Rate: ₦855 per $1
This means that individuals in the black market can buy one US dollar for ₦850 and sell one US dollar for ₦855.
It’s important to note that the exchange rate in the black market can change rapidly throughout the day due to factors such as the volume of dollars available and the demand for them. The rates mentioned here are based on the opening rates for September 7th, 2023.
However, it’s crucial to mention that the Central Bank of Nigeria (CBN) does not recognize the parallel market, also known as the black market. The CBN has directed individuals in need of foreign exchange to approach their banks, emphasizing that the Investors and Exporters (I&E) window is the official and recognized exchange platform.
In the black market, currency traders typically buy the US dollar for around ₦910 and sell it for ₦925 as of September 7th, 2023.
Please keep in mind that black market exchange rates can fluctuate frequently, and it’s essential to stay updated if you plan to engage in currency exchange in this market.