As of Friday, September 27, 2024, the black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) is approximately:
₦1,639.71 per $1 USD
This rate reflects the value at which the US Dollar was exchanged in the parallel market on that date. It’s important to note that black market rates can vary based on location and demand.
Exchange Rate Overview
On September 27, 2024, the exchange rate for the US Dollar to Nigerian Naira in the black market was:
Opening Rate: ₦1,653.59
Closing Rate: ₦1,660.78
These rates indicate a slight fluctuation during the day’s trading, influenced by market dynamics and currency demand.
Related Article: Dollar To Naira Black Market Exchange Rate Today, 25th September 2022
FAQs: Dollar to Naira Black Market Exchange Rate
What was the black market exchange rate for USD to NGN on September 27, 2024?
The black market exchange rate was approximately ₦1,639.71 per $1 USD on September 27, 2024. Exchange Rates
How does the black market rate compare to the official rate?
As of June 2024, the official exchange rate set by the Central Bank of Nigeria was approximately ₦767.54 per $1 USD, significantly lower than the black market rate, which was around ₦1,483 per $1 USD at that time. Wikipedia
Why is there a difference between the black market and official exchange rates?
The disparity arises due to factors such as limited access to foreign currency through official channels, leading individuals and businesses to seek alternative sources, thereby increasing demand and rates in the black market.
Are black market exchange rates legal?
While not officially sanctioned, black market exchanges operate in a legal gray area. Engaging in such transactions carries risks, including potential legal consequences and exposure to fraud.
How can I get the most accurate and up-to-date exchange rates?
For official rates, consult the Central Bank of Nigeria’s publications. For real-time black market rates, platforms like NgnRates.com provide user-submitted data, though accuracy may vary.