What is the Dollar to Naira Exchange rate at the parallel market?
The Nigerian Naira and the US Dollar have long had a rollercoaster relationship. But surprisingly, June started off differently, with slight signs of stability. Hopefully, this might be a game-changer. Let’s see how long this change will last. Stay up to date with the most recent dollar to naira black market exchange rate today, June 3rd, 2024.
What is today’s Black Market US Dollar to Naira Exchange rate?
According to some Bureau De Change (BDC) sources, the Dollar to Naira exchange rate in the parallel market currently trades for ₦1,481 per dollar and is bought at ₦1,475 today, June 3rd, 2024.
It is important to note that the Central Bank of Nigeria has not completely acknowledged the black market and has, therefore, ordered individuals with an interest in foreign exchange to partake in it through their respective banks.
Please note that this article’s highlighted exchange rate might differ from the rates you buy or sell forex as the prices are highly unstable.
Black Market Rate Today
| Dollar (USD) to Naira (NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦1,475 |
| Selling Rate | ₦1,481 |
In Comparison to Yesterday’s Market Rate: The Nigerian naira showed slight signs of stability yesterday, and today has appreciated by 0.27% as it trades for ₦1,481 per US dollar against ₦1,485 it sold for yesterday.
Black Market US Dollar to Naira Exchange Rate for Different Denominations
The table below portrays a simple breakdown of the exchange rate to make understanding easier.
| Amount in Dollars ($) | Buying Rate (₦) | Selling Rate (₦) |
| 1 USD | ₦1,475 | ₦1,481 |
| 5 USD | ₦ 7,375 | ₦7,405 |
| 10 USD | ₦14,750 | ₦14,810 |
| 20 USD | ₦29,500 | ₦29,620 |
| 50 USD | ₦73,750 | ₦74,050 |
| 100 USD | ₦147,500 | ₦148,100 |
| 200 USD | ₦295,000 | ₦296,200 |
| 500 USD | ₦737,500 | ₦740,500 |
| 1000 USD | ₦1,475,000 | ₦1,481,000 |
| 5000 USD | ₦7,375,000 | ₦7,405,000 |
