HomeBusinessMoney TalksDollar to Naira Black Market Exchange Rate 16th March, 2023

Dollar to Naira Black Market Exchange Rate 16th March, 2023

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Today’s Dollar to Naira Black Market Rate

The Central Bank of Nigeria (CBN) has told people who want to buy or sell foreign currency to talk to their banks first because it does not recognize the parallel market (black market).

The black market (parallel) exchange rate is always different from the CBN rate. The rate of exchange between the US dollar and the Nigerian naira has a big effect on the Nigerian economy.

Inflation overtakes the economy as the value of the Naira declines, which typically has an effect on the populace. The Central Bank has called for Nigerians to work toward this objective, such as expanding exports, and has stated that the country’s economy needs a substantial turnaround.

The black market rate for dollars is frequently higher than that of the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website, cbn.gov.ng.

The dollar-to-naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those available on the black/parallel market.

Get black market exchange rates below for 16th March, 2023

Dollars to Naira Black Market

Here is today’s Dollar to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying The United States dollar currently in Abuja, Kano, Lagos. There might be slight variation at different parallel (unofficial) market.

Dollars to Naira (USD to NGN)Exchange Rate Today
Buying Rate745
Selling Rate750

Euro to Naira Black Market

Here is Today’s Euro to Naira black market rate : this is the rate Aboki/Bureau De Change (BDC) are selling and buying The European currency (Euro) currently in Abuja, Kano, Lagos. There might be slight variation at different parallel (unofficial) market.

Euro to Naira (EUR to NGN)Exchange Rate Today
Buying Rate775
Selling Rate786

Pounds to Naira Black Market

Here is Today’s Pounds to Naira black market rate : this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Great British Pounds currency (Pounds) currently in Abuja, Kano, Lagos. There might be slight variation at different parallel (unofficial) market.

Pounds to Naira (GBP to NGN)Exchange Rate Today
Buying Rate925
Selling Rate935

CAD to Naira Black Market

Here is Today’s CAD to Naira black market rate : this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Canadian Dollar currency (Euro) currently in Abuja, Kano, Lagos. There might be slight variation at different parallel (unofficial) market.

CAD to Naira (CAD to NGN)Exchange Rate Today
Buying Rate560
Selling Rate540

Factors that could Influence Foreign Exchange Rates in Nigeria

  • Conditions of Trade
  • Speculators
  • Government Debt
  • Interest Rates
  • Inflation Rates

Bureau De Change operators have cited a lack of FX and a surge in demand for the recent uncontrolled uptrend recorded in the market. In the same vein, some bank users who have FX in their domiciliary account told Nairametrics that they have not been able to withdraw their funds from the bank due to tightened liquidity.

Facts about USD paper money:

  • The First USD paper currency was printed in 1862 to solve the problem associated with shortage of coin
  • There are about $1.54 trillion in circulation: all over the world, there are about $1.54 trillion USD currency in circulation. It is on record that over 97% of this is federal reserve.
  • Million of Dollars are printed daily: its on record that over 38 million notes are being printed on daily basis, the worth of this is being pegged at 541 million Dollars.
  • Do you know that over 70% of newly printed notes are used to replace worn out and damaged notes
  • $1 $5 $10 as expected are the mostly used notes often used frequently, this makes them not to last longer

Fact about USD coin money:

  • The use coins are massively produced with cheap materials such as zinc, copper instead of gold and silver, this made them to have lower intrinsic value.
  • 1792 saw the first coin being minted
  • As expected Coin last longer and have a lifespan of 25 years. This information comes from the US Mint.
  • It seems Americans don’t like to hold on to their coins for long. It is estimated that over $62 million Coins are thrown away by Americans yearly.
  • More copper are being used to produce the coins as opposed copper.

Should there be a black market?

Most Nigerians have argued that the existence of black market has caused more harm than good this has made the government to suspended the sale of dollars to Bureau De Change (BDC).

But one thing we must understand is that the black market has been in existence for long and they played a significant role in sourcing and selling of dollars to the ordinary Nigerians. Without them it will be hard to get dollars from the bank.

To fix the problem, the government should make sure that they are properly regulated, that those who don’t follow the rules are taken off the market, and that, if possible, large amounts of money don’t move outside of the banking system. The government must also ensure that refineries are established, set up, or, better yet, privatized, as this will go a long way toward stopping the importation of petroleum products into the country, which has bled the economy for so long. Most of the help for farming should go to the north, and most importantly, farmers need to feel safe enough to go back to their farms.

Disclaimer: Daily News 24 does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources, including online media outlets.

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