BREAKING: Naira Gains Significantly On The Black Market, See Exchange Rate

BREAKING: Naira Gains Significantly On The Black Market, See Exchange Rate

Today, March 2, 2022, the Naira has risen dramatically on the illicit market.

In Wednesday, March 2, Nigeria’s official currency, the Naira, surged on the parallel market, often known as the black market, trading at 577 per dollar.

Read More: Black Market Dollar To Naira Exchange Rate Today 2nd March 2022

The big rise is expected when the Naira ended at 580 per dollar on Tuesday, March 1, 2022, according to this online news platform.

IMPORTANT NOTE: The exchange rate fluctuates hourly, depending on the amount of dollars available and the Demands. What this means is that you can buy or sell a dollar for $577, and the price can fluctuate (high or low) in a few of hours.

The Bureau De Change (BDC) market in Ogba, Lagos, Nigeria’s commercial city, on Wednesday morning, March 2, 2022, the naira to US dollar exchanged at N577/$1, up from the N580 position of 1 dollar to naira it opened March 2022 with, months after the US dollar to naira exchanged for N530/$1.

How much is exchange rate of Dollar to Naira in Black Market today?

The current Nigerian Naira parallel market (black market dollar exchange rate) is as follows: For the market in Lagos (black market).

Lagos parallel market (black market dollar exchange rate today)

On the parallel market, sometimes known as the black market, the local currency opened at N577.00 per $1.

Read More: As FX demand Rises, the Naira Begins March 2022 With A Massive Drop

Despite the fact that the dollar to naira exchange rate opened in the parallel market at 577 per $1 today, the Central Bank of Nigeria (CBN) does not recognize the parallel market, also known as the black market. As a result, anyone in need of currency should contact their bank, with the I&E window being the sole known exchange, according to the apex bank.