Updated: Price Of Dollar To Naira Black Market Rate Today

This article provides information on the current exchange rate for converting dollars to naira or naira to dollars on the black market. The black market rate, also known as the parallel market rate, is the rate at which you can buy and sell dollars in the informal market. I will explain what you need to know about the dollar-to-naira exchange rate and provide the most recent black market rate for converting your currency. If you want to exchange dollars for naira or vice versa on the black market, this article will be helpful in understanding the current rate and how to convert your currency using the black market rate.

The black market price of the dollar in relation to the Nigerian naira refers to the rate at which the two currencies are exchanged in this informal market. The black market exchange rate can differ significantly from the government’s official exchange rate, and it is influenced by a number of factors, including demand for the dollar, supply of the dollar, and government policies and restrictions on currency exchange.

Factors Influencing the Dollar to Naira Black Market Price

There are several factors that can influence the black market price of the dollar in relation to the Nigerian naira. These are some examples:

Dollar demand: The greater the demand for the dollar in Nigeria, the higher the price on the black market. This demand can be driven by a number of factors, including the need to make international payments, the perceived stability of the dollar in relation to the naira, or speculation on the dollar’s future value.

Dollar supply: The supply of the dollar on the black market can also influence its price. When there is a limited supply of dollars available, the price tends to rise. In comparison, if there is an abundance of dollars, the price will be lower.

Government policies and currency exchange restrictions: The Nigerian government can influence the price of the dollar on the black market through its currency exchange policies and restrictions. For example, if the government imposes strict controls on the purchase and sale of foreign currency, the supply of dollars on the black market will be reduced, causing the price to rise. On the other hand, if the government relaxes these controls, the supply of dollars will increase, potentially lowering the price.

Dollar to Naira Black Market Rate For January 30, 2023

The dollar-to-naira black market rate provided by us is accurate and reflects the current pricing on the black market in real-time. The current exchange rate for January 30, 2023 is displayed below.

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today (January 30, 2023)

Buying Rate 730

Selling Rate 755

Note: Our rates are gotten from the real-time market through Geegpay Africa.