See the black market Dollar to Naira exchange rate for 14th May, below. You can swap your dollar for Naira at these rates. The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1520 and sell at N1530 on Tuesday 14th May 2024, according to sources at Bureau De Change (BDC). .....See Full Story>>.....See Full Story>>
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
|---|---|
| Buying Rate | N1520 |
| Selling Rate | N1530 |
| Dollar to Naira (USD to NGN) | CBN Rate Today |
|---|---|
| Buying Rate | N1406 |
| Selling Rate | N1407 |
The Nigerian currency, the naira, continued its downward trajectory on Monday as it faced further devaluation against the US dollar in the foreign exchange market.
Naija News reports that data sourced from both the parallel market and the FMDQ, disclosed that the naira experienced a significant depreciation.
At the parallel market, a Bureau De Change operator located in Wuse Zone 4, Mistila Dayyabu, told Dailypost that the naira had been traded as high as ₦1,517 per dollar earlier in the day but settled at ₦1,500 per dollar by evening due to speculations about an impending crackdown by the Economic and Financial Crimes Commission (EFCC).
“The dollar was initially sold at ₦1,517 per dollar on Monday morning. However, upon hearing rumours of EFCC operatives’ impending visit, we reduced the rate to ₦1,500 by the evening,” Dayyabu disclosed.
This marked an increase from the ₦1,450 per dollar rate observed over the weekend.
In the official market, according to data from the FMDQ, the naira fell to ₦1478.11 per dollar on Monday, down from ₦1466.31 the previous Friday. This drop represents a decline of ₦11.8.