IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at ₦699 and the price can change (high or low) within hours.
The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).
LAGOS PARALLEL MARKET RATES August 27, 2022 (BLACK MARKET): dollar to naira exchange rate today black market
| Dollar to Naira (USD to NGN) | Black market dollar to naira |
| Buying Rate | 696 |
| Selling Rate | 699 |
The local currency opened at N699.00 per $1 at the parallel market otherwise known as the black market today Saturday, 27 August 2022, in Lagos Nigeria, after it closed at N695.00 per $1 on Friday, 26 August 2022.
Even though the dollar to naira opened in the parallel market at ₦699 per $1 today, Glamtush reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
Glamtush reports that on the black market, the players buy a dollar for N696 and sell for N699 on Saturday morning, August 27, 2022, after they bought N690 and sold for N695 on Friday, 26 August 2022.
Meanwhile, Glamtush reports that the USD started this week at ₦687 in Parallel Market also known as Black Market on Monday, 22 August 2022, in Lagos Nigeria, after it opened at ₦685 last week Monday, 15 August 2022.
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